云半导体：非 GPU 服务器推动进一步上行-Greater China Semiconductors-Cloud Semis Non-GPU servers driving further upside

Summary of Conference Call on Greater China Semiconductors Company and Industry Overview - Company: Aspeed Technology (5274.TWO) - Industry: Greater China Semiconductors, specifically focusing on cloud semiconductors and non-GPU servers Key Points and Arguments 1. General Server Demand: General server shipments are projected to exceed a teens percentage year-over-year (Y/Y) growth, driven by strong demand from US hyperscalers. The forecast for 2025 indicates a 14% Y/Y growth, with similar or stronger demand expected in 2026 [2][4][5] 2. TPU Adoption: The next-generation Tensor Processing Unit (TPU) is expected to adopt Aspeed's baseboard management controller (BMC), which could open a new total addressable market (TAM) for the company [4][5] 3. E-glass Utilization: Aspeed is qualifying E-glass as a second source to mitigate the shortage of T-glass, which is critical for BMC production. This is expected to unlock BMC supply in the first half of 2026, with potential monthly shipments exceeding 2 million units [3][5] 4. Backlog and Revenue Growth: Aspeed's backlog extends into 2027, indicating strong demand. The company is expected to maintain a significant market share in AI servers, with revenue contributions from AI ASIC servers projected to increase by 11% in 2027 [4][12] 5. Price Target Increase: The price target for Aspeed has been raised to NT$9,999, reflecting a bullish outlook on cloud semiconductors and peripherals. The stock is currently trading at 43 times the estimated earnings per share (EPS) for 2026, with an expected EPS growth of 67% [5][49] 6. Financial Projections: Revenue estimates for Aspeed have been increased by 8% for 2026 and 15% for 2027, driven by higher BMC and BIC shipment forecasts due to strong server demand [46][49] Additional Important Insights 1. Market Dynamics: The demand for compute and storage servers is expected to support AI workload off-loading, with a potential for another teens percentage increase in shipments in 2026 [2][5] 2. Competitive Landscape: Aspeed maintains a strong position in AI servers, with significant partnerships with major players like NVIDIA and Google. The introduction of new architectures by NVIDIA is anticipated to expand the TAM for Aspeed's BMC [4][12] 3. Long-term Growth: The company is well-positioned for growth from 2026 to 2028, as it gradually secures more substrate supply and expands its product offerings [5][49] This summary encapsulates the critical insights from the conference call, highlighting the growth potential and strategic positioning of Aspeed Technology within the semiconductor industry.