FII(SH:601138)2026-01-07 03:05Summary of Datacenter Market Insights – Overall Servers Industry Overview - The report focuses on the datacenter market, specifically the server segment within the Asia Pacific region, highlighting trends and insights for the third quarter of 2025 (3Q25) [1][8]. Key Insights - Total Server Shipments: There was a 14% year-over-year (y/y) growth in total server shipments in 3Q25, primarily driven by demand from the cloud sector for both AI and general servers [1][2]. - Global Shipments: Global server shipments reached 4.2 million units in 3Q25, remaining flat quarter-over-quarter (q/q) but showing a 14% y/y increase. The growth was largely attributed to cloud demand, despite some impacts from tariff pull-ins [2][11]. - AI Server Demand: AI servers continue to be a strong growth area, with expectations for robust demand throughout 2026. The report notes that AI server yields are improving as original design manufacturers (ODMs) and original equipment manufacturers (OEMs) enhance testing capacities [3][5][15]. Vendor Performance - Dell: Experienced a 1% decline in total server shipments q/q, but its average selling price (ASP) increased by 11% [3]. - Lenovo: Reported a 14% increase in total server shipments, attributed to strong performance from Microsoft's general servers, although its ASP declined by 17% [3]. - Super Micro: Saw a 20% decline in total server shipments q/q, but its ASP increased by 9% [3]. - Aggregate ODM Shipments: Totaled 1,827k units, down 4% q/q but up 37% y/y. The market share for ODMs decreased by 1.8 percentage points to 43.5% [4][15]. Segment Performance - High-End Servers: Shipments grew 384% y/y and 3% q/q in 3Q25, indicating strong demand for AI servers [12]. - Mid-Range Servers: Increased by 32% y/y and 6% q/q [12]. - Entry-Level Servers: Grew by 10% y/y but saw a 1% decline q/q [12]. Regional Insights - The US market outperformed others with a 18% y/y increase in shipments, followed by APxJ at 17%. Other regions like Western Europe, Japan, and Rest of World (RoW) experienced declines [11]. Future Outlook - The report anticipates continued growth in AI server shipments through 2026, with general compute servers expected to grow in the 5-10% range [15]. - Preferred Picks: The report highlights several companies as preferred investment picks, including Wistron, Hon Hai, FII, Wiwynn, and Quanta [6]. Additional Notes - The report emphasizes the ongoing transition in server technology, particularly the shift from traditional GPU servers to more advanced rack-scale systems [3]. - The ASP for ODM direct servers increased by 7% q/q to approximately US$36.5k, reflecting a higher contribution from AI servers [14]. This summary encapsulates the key findings and insights from the datacenter market report, providing a comprehensive overview of the current state and future expectations within the server segment.