鸿海- 管理层电话会：AI 服务器业务稳健，市场份额有望提升；尽管 AI 机柜业务稀释利润，仍将维持营业利润率；买入

Summary of Hon Hai Management Call Company Overview - Company: Hon Hai Precision Industry Co., Ltd. (2317.TW) - Industry: Technology, specifically focusing on AI servers and computing power Key Points AI Server Business Outlook - Management is optimistic about the AI server business, projecting a production capacity increase of 1.5x to 2x by 2026 [2] - Solid demand is anticipated from Cloud Service Providers (CSPs), Neocloud, and sovereign customers [2] - Hon Hai plans to add two more CSP customers for AI server racks in 2026 and is diversifying into ASIC servers [2] Profitability and Operating Profit Margin (OPM) - The company aims to maintain stable OPM despite potential fluctuations in gross margin (GM) due to the increasing revenue mix from GPU server racks, which are margin dilutive [3] - Management is implementing design standardization, modulation, and greater integration of in-house components to enhance profitability [3] Impact of Rising Memory Prices - Management believes the impact of rising memory prices on end demand will be manageable, as the company's clients are industry leaders with strong bargaining power [4] - Concerns regarding memory price increases are acknowledged, but the company expects limited effects on working capital due to its procurement strategies [4] Financial Projections - The target price for Hon Hai is set at NT$400, reflecting a 70.6% upside from the current price of NT$234.50 [17] - Revenue projections for 2026 are estimated at NT$13.7 billion, with EBITDA expected to reach NT$521.5 million [17] Risks - Key risks include slower-than-expected ramp-up of the AI server business, weaker performance in electric vehicle (EV) solutions, and increased competition in the consumer electronics EMS sector [16] Additional Insights - The increasing computing power of AI chips is expected to benefit Hon Hai, necessitating stronger server design capabilities [8] - The company's in-house cooling components provide a competitive edge in enhancing profitability [10] Conclusion Hon Hai is positioned to capitalize on the growing demand for AI servers, with a focus on maintaining profitability amidst challenges such as rising memory prices and market competition. The company's strategic initiatives and strong client relationships are expected to support its growth trajectory through 2026 and beyond.