海达尔20251029

Summary of Haidar Company Conference Call Company Overview - Company: Haidar Company - Industry: Server Rail and Home Appliance Manufacturing Key Points and Arguments Financial Performance - Haidar Company reported third-quarter revenue for 2025 remained flat compared to the same period last year, with a slight decline in home appliance business due to subsidy policy impacts, while server rail business saw significant growth [2][4] - Non-GAAP profit increased due to strict cost and quality control measures [2][4] - Server business revenue share increased from 10% last year to 15% in Q3 2025, with expectations for continued growth [4][20] Product Development and Market Position - The company is developing various server rails including R-type (small batch trial production completed), liquid cooling type (currently in customer testing), L-type, and tray type (testing nearly complete), with sales expected in 2026 [2][6] - L-type rails dominate the market with a 70% share, while ball rails account for 30%, primarily used in high-end servers [2][7] - Haidar holds approximately 50% market share among its downstream clients, including major players like Sugon, H3C, and Super Fusion [2][10] Collaborations and Future Sales - Collaborations with Huawei and Tencent for liquid cooling rails are underway, with sales expected to begin in Q1 2026 [2][12] - New supplier relationship with Inspur is anticipated to contribute to revenue starting in Q1 2026, although initial contributions will be limited due to the need for product certification and adjustment periods [4][15][16] Market Dynamics and Competition - The server rail market is competitive, with key competitors including Taiwan's Chuanhu and Wuxi's Pana. Chuanhu has a higher gross margin of around 70% due to its strong presence in the US market [17] - Haidar's gross margin is approximately 30%, with effective cost control strategies [17] Production Capacity and Future Outlook - The Wood Project is expected to be completed by April 2026, with a projected annual production capacity increase of 50% to 30 million rails [4][25][26] - The company aims to increase its market share among domestic server manufacturers to over 50% [18] Home Appliance Business - The home appliance segment experienced a slight decline of less than 5% compared to last year, with stable demand expected in Q4 2025 and Q1 2026 [22] - New product developments in home appliance rails are in small batch production, focusing on enhancing product lines and R&D capabilities [23] International Market and Tariffs - The overseas market demand has been affected by tariffs, with a slight decrease in export proportion compared to last year. Future export performance will depend on US policy changes [27] Additional Important Insights - The company is focusing on enhancing its R&D capabilities through partnerships and expanding its product line to optimize existing offerings [23] - The liquid cooling project is still in the early stages, with production not yet commenced, but initial tests show promising results for the AI storage project with a yield rate of 98% [13]