Vertiv的数据中心电源和冷却设备TAM

Industrial Logic Compute is all you need Research Analyst+33-1-4495-6562JohnKim Justaswewere (anecdotally)startingto see someprofittaking inAlwinnersearly lastweek,Nvidia'sresults onWednesdayservedasausefulreminderofthestillhealthyopportunityaheadforAlcompute.Nvidia'srevenuesforitsfiscalQ1endingin April grew by 85%YoYto s82bn (3% ahead of consensus), while the mid-pointof theFQ2guidance impliedrevenueswouldalmostdoubleYoYto$91bn(5%ahead of consensus). CEo Jensen Huang noted growing demand fromhyperscalers,butalsofromAl native cloud providers,aswell as enterpriseandsovereign customers.Agentic Al applications are accelerating,while physical Alremainsalargefutureopportunity.USdatacenterpowerandcoolingequipmentpeerVertivhostedaninvestordaylastweekandechoedsimilarsentimentsonthedemandenvironment.VertivsizesupitsdatacenterTAMatnearly$5Obn,whichitexpectstogrowatan18-20%CAGRthrough2030,drivenbycloud&colocationat23-25%. Research Analyst+44-20-754-18699Nabil Najeeb Research Analyst +44-20-754-17410 Research Analyst+49-69-910-13526 Seetharaman RamakrishnaResearch Associate ElectricalEquipmentIndustrial Logic years(upfrom100GWpreviously),with20-35GW addedannually,limitedbyfactors such as power availability,permitting and labour.It also expects its datacenter content opportunity to continue to grow, at $3.25-3.75m per MW,up 10-15%versus the prior range.Overall,the company now targets 20-22%organicrevenueCAGRover2025-2030(upfrom12-14%over2024-2029previously)withamarginof27%in2030 (versusatargetof25%for2029previouslyand its2026guidanceofaround23.3%).Theread-acrossispositiveforEUdata centerexposednames such as Schneider, Siemens Energy,ABB, Legrand, Siemens AG,andPrysmian. Prysmian's Japanese optical fiberpeer Fujikura's shares were down 17%on Tuesdayafter having announced new mid-term targets.Thecompany istargetingoperatingprofitsofJPY315bnforFY28vs.consensusJPY455bn.Notably,Fujikuradoes nothavemeaningfuldomesticbarefibercapacityintheUs,and had recentlyannounced plans to expand its optical fiber footprint in the US, which only rampsup from 2030.In addition to Fujikura,Furukawa announcedFY28 targets andpresented a 2030 plan. Furukawa sees sales in its optical solutions businessgrowing at a 15%CAGR (FY25-FY28).But optical fibercapacity investments areseen benefiting the group only gradually from FY28 onwards, while the companyleans conservative on pricing sustainability in the short term. Importantly,Furukawa has not yet announced fiber capacity investments. The company isprimarily expanding downstream cable capacity and reallocating existing fiberinternally,while considering,but notyet committingtofuture fiberexpansion. OnThursday,wehostedaroadshowwithMariaFerraro,CFOof Siemens EnergypossiblepeakinGasGWordersignoretheexpectedstep-upinaftermarketrevenuefrom FY30 onwards and the structural growth dynamics of the Grid business.Following the group investor meeting organized with the Weir management, wefind that while the structural drivers for mining growth remain intact withsupportivecommodityprices inkeyhard-rock exposures,ordergrowthat Weirhasfallenbehindthatofpeercompaniesrecently. Onthemacro side,the provisional MaymanufacturingPMIforthe Eurozone camein at51.4 (vs.51.8consensus)from52.2in April.Germany's PMIl was 49.9 (vs.51.0consensus)from51.4,and France's was 48.9(vs.52.1 consensus)from52.8.Germany's IFO business expectations index for May increased to 83.8 (vs.83.5consensus) from 83.3 in April, and its PPI for April increased +1.7% YoY (vs.consensus:+1.5%,March:-0.2%).France's manufacturing confidence index forMay improved to 102 (vs. consensus: 99) from 100 in April. For April, US housingstarts declinedto1.465million (vs.1.410millionconsensus)from1.502million inMarch,while the provisional Building permits data increasedto 1.442 million (vs.1.384millionconsensus)from1.363millioninMarch.China'sindustrialproductiongrowth decelerated to +4.1% YoY in April (vs.+6.0% consensus, March: +5.7%). This week Onthemacrofront,keyreleasesthisweek include US-Dallas Fed ManufacturingActivity (May)onTuesday,US-Richmond Fed ManufacturingIndex (May),ItalyIndustrial Sales (Mar),and China-Industrial Profits (Apr) on Wednesday,France -PPI (Apr), Italy-PPI (Apr),and Italy-Manufacturing Confidence (May)on Thursday,followed byUS-WholesaleInventories (AprP),and US-Building Permits (AprF)onFriday. A full schedule is shown below. Electrical EquipmentIndustrial Logic vent and down 2.7%vs.the STOXX Europe 600.As of Thursday,the sector traded on amedian2026EP/E of 21.9x and EV/EBITAof 15.8x.For detailed valuation and risksections,pleaseseereferenced reports. Electrical EquipmentIndustrial Logic We read in the new.....European EV/EBITA Mutiple......10European Share Price Performance....US Share Price Performance.......13Asia Share Price Performance.......14Valuation table......15 Electrical EquipmentIndustrial Logic SiemensEnergy:FeedbackfromroadshowwithCFo:Wehostedaroadshowin Paris with Maria Ferraro,CFO of Siemens Energy an