大中华区科技硬件 - 宣布 800 伏直流生态系统，助力下一代高效千兆瓦级人工智能工厂-Greater China Technology Hardware-800 VDC Ecosystem Announced to Drive Next-Gen Efficient Gigawatt AI Factories

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the Greater China Technology Hardware industry, particularly the advancements in 800 VDC (800-volt direct current) infrastructure for data centers and AI factories [1][5][78]. Core Insights and Arguments - 800 VDC Infrastructure Announcement: NVIDIA announced its partner list for the 800 VDC ecosystem, which is expected to enhance power transmission efficiency by over 150% without the need for additional copper busbars [1][2]. - Cost and Weight Savings: The implementation of 800 VDC technology will save costs and reduce the weight of server racks, making data centers more efficient [2]. - Market Growth: The 800 VDC technology is projected to contribute to the total addressable market (TAM) for data center power and cooling, with an estimated 30% CAGR from 2026 to 2030 [3]. - Key Players: Notable companies involved in the 800 VDC ecosystem include Hon Hai (Foxconn), which is leading the way in building data centers with this technology [3][2]. Important but Overlooked Content - Ecosystem Partners: The 800 VDC ecosystem comprises various partners, including infrastructure providers, power and cooling partners, and silicon manufacturers. Key partners include CoreWeave, Oracle Cloud Infrastructure, and Analog Devices [3]. - Company Ratings: Morgan Stanley has an Overweight (OW) rating on Delta Electronics (2308.TW) and BizLink (3665.TW), while maintaining an Equal-weight (EW) rating on Lite-On Technology (2301.TW) [3]. - Valuation Methodologies: The report outlines the valuation methodologies for several companies, including Lite-On Technology with a cost of equity of 9% and a medium-term growth rate of 12% [8]. Risks and Opportunities - Upside Risks: Potential for stronger growth in optical business, data center demand, and improvements in margins due to falling raw material prices [12][13]. - Downside Risks: Risks include macroeconomic demand weakness, geopolitical developments, and potential slowdowns in data center/server demand [12][17]. Conclusion - The advancements in 800 VDC technology represent a significant opportunity for growth in the Greater China Technology Hardware sector, with key players positioned to benefit from the expected market expansion. The insights provided in the conference call highlight both the potential and the risks associated with this evolving landscape.