亚太会议要点_人工智能前景乐观；苹果供应链内容业务有上行空间-AP Conf takeaways_ bullish AI outlook; content upside for Apple supply chain

Summary of Key Points from Conference Call Industry Overview - Industry Focus: Technology, specifically AI and Apple supply chain - Event: Asia Pacific Conference held in Hong Kong (Sep 8-10) and Greater China AI/Tech Virtual Tour (Sep 11-12) [1] Core Insights - AI Investment Outlook: Positive sentiment among investors regarding global AI capital expenditure and investment [1][2] - AI Server Development: Anticipated growth in GPU and ASIC AI server development, benefiting the supply chain [2] - Apple Product Cycle: Supply chain expects better-than-expected stocking for Apple products, particularly Air and foldable models, driven by an iPhone spec upgrade cycle [3] Company-Specific Insights Delta Electronics Inc. (DLTEF) - Sales Growth: Expected sales growth of over 20% YoY in 2025, with server power accounting for 23-24% of total sales in 2H25 [2][17] - Product Transition: Anticipates a transition in GB300 products, viewing it as an allocation shift rather than a production challenge [17] Asia Vital Components (AVC) - Sales Guidance: 3Q25 sales expected to rise 15-20% QoQ, driven by ongoing Nvidia GB200 server shipment ramps [2][11] - AI Server Contribution: 36% of 2Q25 sales from AI servers, with 70% of those being Nvidia GPU servers [11] Lite-On Technology Corporation (LOTZF) - Sales Target: Aiming for 50% YoY sales growth from cloud and computing in 2025 [2][25] - Market Share: Holds over 30% share in the global server power supply market [25] Gold Circuit Electronics Ltd. (GOCCF) - Production Value: Monthly production value guidance for 3Q25 at NT$1.6bn for Taiwan site, NT$2.6bn for Suzhou site [17][20] - AI Market Outlook: Positive outlook for AI market demand over the next 3-5 years [20] Lens Tech (XLTVF) - Apple Product Upside: Positive on Apple product upcycle, with material content value growth expected from slim/foldable models [20] - New Product Launches: Plans to start shipments of laminated auto glasses for Xiaomi's YU7 in 2H25 [20] Xiaomi Corporation (XIACF) - Smartphone Business: Facing margin/shipment pressure in 3Q, but expected to rebound in 4Q with new product launches [35] - IoT Growth: Confident in growing the IoT business, particularly in white goods [35] Additional Insights - AI Server Demand: Continued aggressive capital expenditure by cloud service providers (CSPs) expected to maintain a strong AI moat [2] - Versatility in AI Semiconductors: Increased versatility in AI semiconductors and PCB/CCL supply chains noted, with a focus on cost vs. performance [4] - Market Dynamics: No concerns about oversupply in the PCB market, with rising AI applications driving demand [16] Risks and Considerations - Market Risks: Potential risks include softer-than-expected demand in AI servers and macroeconomic uncertainties affecting overall market demand [44][54] - Technological Advancements: Adoption of new technologies like micro channel lids in AI servers may have limited implications due to component-level advancements [17] This summary encapsulates the key takeaways from the conference call, highlighting the positive outlook for AI investments, the anticipated growth in the Apple supply chain, and specific company insights that could present investment opportunities.