台湾 ODM 品牌 - 3 个月前瞻：苹果供应链势头持续强劲；人工智能服务器增长趋势喜忧参半-Taiwan ODM_Brands_ 3-month Preview_ Apple supply chain sustained strong momentum; AI server growth trend mixed

Summary of Conference Call Notes Industry Overview - The conference call focuses on the Taiwan ODM/Brands sector, particularly in the AI servers and PCs supply chain, with a specific emphasis on companies such as Hon Hai, Wistron, Quanta, Asus, AVC, and Wiwynn. Key Points and Arguments Revenue Growth Expectations - Month-over-Month (MoM) Growth: - Average revenue growth for the 10 companies is projected at 16% in September, -1% in October, and 0% in November 2025, with Hon Hai expected to see a 33% MoM increase in September due to new smartphone models [3][17]. - Compal and Asus are also expected to experience MoM growth of 28% and 17%, respectively, driven by customer demand at the end of the September quarter [3]. - Year-over-Year (YoY) Growth: - Average revenue growth is anticipated at 31% in September, 29% in October, and 32% in November 2025, primarily due to the ramp-up of rack-level AI servers and increased penetration of liquid cooling technology [4]. Company-Specific Insights - Hon Hai: - Expected to achieve NT$2.0 trillion in revenues for 3Q25, reflecting a 9% YoY and 13% QoQ growth, supported by AI server demand and new smartphone launches [17]. - September revenues are projected to grow 33% MoM and 10% YoY [18]. - Wistron: - Anticipated to see 53% YoY growth in September, driven by rising demand for ASIC AI servers [4]. - AVC: - Expected to grow 90% YoY and 22% QoQ in 3Q25, with September revenues projected at NT$36 billion [39]. - The company is benefiting from the increasing adoption of liquid cooling technology, which is expected to contribute significantly to its revenue [39]. - Wiwynn: - Projected to achieve 141% YoY growth in 3Q25, with September revenues expected to normalize to NT$69 billion, still reflecting a 100% YoY increase [48]. - Quanta: - Expected to see a 19% YoY growth in 3Q25, with revenues ramping up from September due to new AI server models [23][25]. Market Trends - The AI server market is experiencing mixed growth trends, with some companies like Hon Hai gaining market share while others may face challenges due to model transitions [3]. - The penetration rate of liquid cooling technology is rising, which is expected to drive growth in companies like AVC [39]. Risks and Challenges - Key risks identified include: - Slower-than-expected ramp-up of AI server business [21][47]. - Weaker-than-expected performance in electric vehicle (EV) solutions and competition in consumer electronics [22]. - Potential challenges in the recovery of general server demand and increased competition in the server ODM market [55]. Additional Important Information - The conference highlighted the importance of new product cycles and technological advancements in driving revenue growth across the sector. - Analysts maintain a positive outlook on companies like Hon Hai, AVC, and Wiwynn, with buy ratings reflecting confidence in their growth trajectories [2][39][54].