亚洲科技硬件：台北国际电脑展的关键要点

We joined Taipei Computex from 20 May to 23 May, including guided tours of Foxconn (2317TT), Auras (3324 TT) and Lite-on (2301 TT), and IR meetings with Lotes (3533 TT), Winway(6515 TT), AVC (3017 TT) and Zhending (4958 TT) (all not covered).GB300/B300 display took the spotlight across OEM/ODM booths.Notably, all displaysretained computing trays with Cordelia interfaces featuring 20 sets of quick disconnect(NVQD), while GB300 is likely to continue adopting the Bianca design. Socket and NVQDsuppliers involved in Cordelia, such as Lotes, will continue collaborating with Nvidia to resolveissues in the new compute tray design planned for 2026. We expect the component shipmentfor GB300 servers will start in 3Q, followed by limited rack shipments in 4Q25. Regarding theGB200, consistent message from the supply chain indicates that downstream bottlenecks,including board yield and cooper connector issues have largely been resolved. Consequently,GB200 rack shipment (NVL72-equivlent) could increase substantially to 7-8K in 2Q andreach 10K in 3Q25, according to our estimates. Despite preparations for GB300 in 2H25,there have been no recent updates regarding demand cannibalization for GB200, as itsbottleneck are only now being addressed. (Exhibit 2 - Exhibit 4)Nvidia showcased a wall of components from various suppliers, but does all ofthem have secured orders?Many Computex investors expressed confusion regardingsimilar products (cold plates, cables, etc.) from different suppliers. We have emphasized thatinclusion in the Nvidia verified list (NVL) is the 1ststep towards securing orders. Supplierswould also need to qualify their products with CSPs and server ODM/OEMs to pursue orders.CSPs ultimately determine key component suppliers, while server ODM/OEMs sometimeshave the power to select component suppliers. Taking cold plate, for example, AVC and CoolerMaster captured dominant share in servers with Blackwell GPUs (GB rack and HGX), whileAuras lags. Meanwhile, liquid cooling solution providers like Delta have gained significantclient traction among hyperscalers, which will elevate their liquid cooling revenue (includingcold plate, sidecar, etc.) to NT$20B+ this year (Delta deep dive note). Despite numeroussuppliers attempting to enter this market, the technology remains in its early stage, allowingearly entrants like AVC and Delta to maintain healthy profitability. Among Chinese supplierson NVL, Luxshare has started shipping cable/connectors for GB200, though total contentand market share is small. Lead Wealth (under BYD Electronics, 258 HK), Envicool (002837CH) and Megmeet (002851 CH) (all not covered) haven't started the mass production for theNvidia AI server yet. (Exhibit 5 - Exhibit 7)Liquid-to-liquid (L2L) cooling and 800V HVDC represent the future of datacentercooling and power solutions.For existing datacenter deploying GB200/GB300 rack,CSPs tend to use liquid-to-air cooling solutions with fan wall sidecars to dissipate heat. Incontrast, new datacenters are increasingly adopting L2L solutions, exemplified by Delta’s1500kW CDU rack that is capable of handling multiple high-end AI server racks (Exhibit8). Compared to liquid-to-air systems, CDUs and software will play a more critical role incooling. In contrast to the GB200/GB300 power solutions, Nvidia is working with suppliers(Delta, Vertiv, Infineon, etc.) for 800V HVDC to support 1MW server rack in 2027 (Kyber rackwith 576 Rubin Ultra GPU). This advanced solution addresses space constraints for powershelves, reduces copper busbar requirements, and enhances energy efficiency by reductionof AC/DC conversion steps.www.bernsteinresearch.com BERNSTEIN TICKER TABLETickerRating2382.TT (Quanta)U2360.TT (Chroma ATE)O2308.TT (Delta)O3037.TT (Unimicron)O002475.CH ( Luxshare )OASIAXO - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage Suspended2382.TT, 2360.TT base year is 2023;Source: Bloomberg, Bernstein estimates and analysis.INVESTMENT IMPLICATIONSWe rate Quanta Underperform, PT=NT$240.We rate Chroma Outperform, PT=NT$480.We rate Delta Outperform, PT=NT$490.We rate Unimicron Outperform, PT=NT$165.We rate Luxshare Outperform, PT = RMB47ASIA TECH HARDWARE DETAILSEXHIBIT 1:Computex remained popular throughout the weekTaipei Nangang Exhibition Hall 1Visitor # limit:Current visitor #:Photo taken at 2:51PM, Tue, 20 MaySource: Bernstein photoEXHIBIT 2:Foxconn’s GB300 NV72 computer tray, switch tray and rack sampleFoxconn's GB300 NV72Compute Tray (Cordelia)Note: GB300 is likely to use Bianca design, instead of Cordelia designSource: Bernstein photoASIA TECH HARDWARE EXHIBIT 5:Many interconnection and liquid cooling components suppliers are in Nvidia’s verified supplier list,though not all of them have secured ordersUQD:NVQD:High Speed CableMGX Cold Plate12V BusbarAurasAurasAmphenolInner ManifoldAmphenolFoistekFoistekFoxconnAurasBizlinkDanfossBeeheJPCAVCInterplexEvicoolCooler MasterLuxshareBoydJPCFoxconnDanfossCooler MasterLotesLead WealthEvicoo