亚洲科技硬件-2025 年的 10 条观点，2026 年仍具参考价值-Asia Tech Hardware_ 10 notes from 2025...that are still relevant for 2026

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the Asia Tech Hardware industry, highlighting trends and insights relevant for 2026 based on observations from 2025 [1] Core Insights and Arguments 1. Investment Ratings: - Delta Electronics: Rated Outperform with a price target (PT) of NT$1190, indicating strong growth potential [3] - Chroma ATE: Rated Outperform with a PT of NT$830, reflecting positive market sentiment [4] - Quanta Computer: Rated Underperform with a PT of NT$250, suggesting challenges ahead [5] - Unimicron Technology: Rated Outperform with a PT of NT$220, indicating favorable prospects [6] - Luxshare Precision: Rated Outperform with a PT of RMB74, highlighting its competitive position [7] - Sunny Optical: Rated Outperform with a PT of HK$110, suggesting strong market performance [8] - Largan Precision: Rated Market-Perform with a PT of NT$2,400, indicating stable performance [9] 2. Market Trends: - The AI server market is a significant focus, with discussions on how companies are adapting to AI advancements [2] - Insights from a 15-year balance sheet and cash flow analysis in the AI server and Apple supply chain were shared, emphasizing the importance of financial health in tech hardware companies [2] 3. Pricing Dynamics: - Historical analysis of memory pricing impacts on the smartphone sector was discussed, indicating potential volatility in pricing strategies [2] 4. Technological Innovations: - The potential for a foldable iPhone was explored, drawing lessons from the Android foldable phone market, which could influence future product designs [2] 5. Sector Performance: - The semiconductor sector remains a driving force in the Asia Tech Hardware industry, with Taiwan's semiconductor industry highlighted for its critical role [2] Additional Important Information - The conference call included a review of 2025 performance, summarizing hits, misses, and lessons learned, which are expected to inform strategies for 2026 [2] - The investment implications for various companies were discussed, providing a comprehensive outlook for investors [2] This summary encapsulates the key points discussed during the conference call, focusing on the Asia Tech Hardware industry and its major players, along with insights into market trends and investment opportunities.