LUXSHARE-ICT(SZ:002475)2025-11-27 02:17Summary of Greater China Technology Hardware: AI Tech Conference Call Industry Overview - The conference focused on the Greater China Technology Hardware sector, particularly in AI technology hardware, indicating a positive outlook for the industry as a whole [1][4] Key Insights - Opportunities in AI GPU and ASIC Server Design: There are significant opportunities in upgrading designs for AI GPU and ASIC servers, with major projects like GB300, Vera Rubin platform, and Kyber architecture showing promise [8] - AMD Helios Server Rack Project: The AMD Helios server rack project is gaining traction, indicating a shift towards more advanced server solutions [8] - Enhanced Computing Power: AI ASIC servers are expected to enhance computing power and increase rack density, which is crucial for data centers [8] - Power Solution Upgrades: The industry is moving towards an 800V HVDC power architecture, with liquid cooling adoption on the rise, which will improve efficiency [8] - PCB/Substrate Capacity Expansion: There is a wave of capacity expansion in PCB/substrate to support ongoing design upgrades, which is essential for meeting increased demand [8] - Data Network Improvements: Upgrades in data and power interconnects are expected to enhance data network transmission speed and capacity [8] - Consumer Electronics Demand: The demand for consumer electronics is being impacted by rising memory costs, with Android smartphones being more vulnerable compared to iPhones [8] - Upcoming Foldable iPhone Models: Anticipation for upcoming foldable iPhone models in the second half of 2026 is noted, which may influence market dynamics [8] Stock Recommendations - Key Stock Ideas: - AI Server Hardware: Wistron, FII, Wiwynn, Delta Electronics, AVC, BizLink, King Slide, Accton, Chenbro, Gold Circuits, Innolight, FIT, and Fositek are highlighted as potential investment opportunities [8] - Edge AI: Companies like Xiaomi and Luxshare are also recommended for investment in the edge AI segment [8] Valuation Comparison - A detailed valuation comparison of various companies within the Greater China Technology Hardware sector was provided, including metrics such as closing price, price target, market cap, EPS, P/E ratio, P/B ratio, and EV/EBITDA [10] - Notable companies included: - Lite-On Tech: Closing price of 154.50 with a price target of 150.00 [10] - Delta Electronics: Closing price of 910.00 with a price target of 1288.00 [10] - Foxconn Tech: Closing price of 63.10 with a price target of 54.00 [10] - Luxshare: Closing price of 55.70 with a price target of 77.00 [10] Additional Considerations - The report emphasizes the potential conflicts of interest due to Morgan Stanley's business relationships with covered companies, urging investors to consider this when making investment decisions [4][5] This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the Greater China Technology Hardware sector, particularly in AI technology hardware.