电子元器件与设备：企业日要点-AI 需求增长势头持续-Electronic Components & Equipment_ Key Takeaways from Corporate Day - AI Demand Strength Continues to Build

Summary of Key Takeaways from Taiwan Corporate Day – AI Demand Strength Continues to Build Industry Overview - Industry: Taiwan Electronic Components & Equipment - Event: Taiwan Corporate Day held on November 24-25, 2025 - Focus: AI-server demand outlook, supply chain bottlenecks, margin trajectory, capacity expansion plans, and competitive dynamics Core Insights - Positive Outlook for 2026: Most companies expressed a constructive outlook for 2026, driven by GB300 ramp, ASIC servers, and AMD-based server solutions, while considering datacenter readiness [1][1] - Impact of Memory Supply: Memory supply tightness and pricing volatility are expected to persist, but the impact on servers is anticipated to be milder compared to PCs and smartphones [1][1] - Earnings Momentum: Companies expect dollar-profit growth to counterbalance margin-rate dilution, contributing to earnings momentum [1][1] - US Capacity Expansion: Efforts for capacity expansion in the US are progressing, with AI-driven secular tailwinds expected to be key catalysts for the sector [1][1] Company-Specific Highlights Hon Hai - AI Server Growth: Management is confident in strong AI server growth through Q4 2025 and 2026, with expected high double-digit growth (30%+ quarter-over-quarter) in AI server rack shipments as GB300 ramps [2][2] - Market Share Target: Hon Hai aims for a market share of approximately 40% in the AI server segment, with expectations of strengthening leadership as CSPs consolidate volumes [2][2] - Improved Output: Output has improved since Q3 2025 due to expanded testing capacity, with industry-wide AI rack shipments projected to reach 50-60k in 2026, with potential upside to 100k [2][2] Quanta - AI Server Revenue: AI servers are expected to exceed 80% of total server revenues in 2026, with triple-digit growth anticipated from new customer acquisitions [5][5] - Capacity Doubling: Management expects AI capacity to double by the end of 2026, supported by a solid demand outlook extending beyond 2027 [5][5] - Customer-Driven Strategy: Quanta remains customer-driven and platform-neutral, well-positioned as AI racks become more complex [5][5] Wistron - Solid Q4 2025 Results: Wistron anticipates strong results in Q4 2025 as AI systems ramp up, with growth driven by AI components and diversified AI system customers [6][6] - Component Shipments: AI component shipments to Nvidia are expected to increase sequentially from Q1 2026, with demand tracking ahead of GB300 [6][6] - Margin Improvement: Margins are expected to improve due to better yields and stable foreign exchange rates [6][6] Acer - Memory Shortage Management: Acer is managing a global memory shortage with inventory cover through Q1 2026, passing higher input costs to end prices [7][7] - PC Demand: PC demand remains steady, but growth in 2026 may moderate due to ongoing memory and CPU constraints [7][7] Additional Insights - Nvidia's Standardization Efforts: Nvidia's initiative to standardize L10 of AI-server manufacturing remains a focal point, although the timeline is currently undefined [1][1] - General Market Sentiment: Overall management commentary across companies was positive, indicating a strong belief in the growth potential driven by AI technologies [1][1]