鸿海精密（2317.TW）：通过垂直整合与效率提升拓展AI基础设施

Hon Hai Precision (2317.TW) HonHadeliveredanotherrecordquarter,with2Q26revenueofNT$2.53tn,(up 19%QoQ,41%YoY)andOPMat3.75%(vs3.6%in1Q26,beatconsensusof3.3%).Management expects YoY OPM expansionfor theyear whilecloud/networking exceeded 50%of revenue for the first time in 2Q26.3QrevenueisguidedtogrowsignificantlyQoQ/YoY,drivenbycontinuedAlgrowthplus thetraditional peak season.Whilethe GBsystemremains strongand isexpected to continue into next year,the new-generation VR Al racks arescheduledtoentermassproductionin3Q,withshipmentsaccelerating in4Qandbecomingmainstream in2027.Longerterm,HonHai isextendingtowardcompleteAlinfrastructure,includingracks,networking,modulardatacenters,supercomputing centers and sovereign-Al infrastructure. With multiplecatalystsahead,wereiterateBuywithTPofNT$400 months ago, Hon Haimentioned that its visibility has improvedfurther, supportedbycontinuedCsPcapexincreasesandstrongAl-serverdemand.3Q26Alrackshipments are expected to grow high-double-digits QoQ,while full-year Al rackshipmentsremainon trackformultipleYoYgrowth.Hon Haiisalso seeingincreasingAl ASiC programs exposure as it is expected to accountfor40% of its Al servershipment in the longer term.Networking is emerging as another important growthvector:revenue from 800G+ switches is still targeted to double in 2026, while thecompany's new optical/high-speed switch products are scheduled for massproductionin3Q. Vertical Integration Expands Al Contentand Profitability-Hon Hai participatesfrom components through GPU modules, motherboards, Switch Trays, ComputeTrays and full rack integration, including rack-to-rack connectivity.Managementsaid the internal content ratio within Al racks exceeds 50%, covering liquidcooling,powermanagement,connectors,busbars,mechanicalcomponentsandhigh-speed interconnects. Beyond servers, Hon Hai is expanding internalcapabilitiesintoopticalmodules,optoelectronicintegration,cablesandnetworkingcomponents.Combined with nearly 100% automation in key processes,managementbelievesvertical integration will supporthighermarket share,strongeroperatingleverageandbetterprofitabilityparticularlyasnext-generationGPUandASiCsystemsbecomemorecomplex. Laura (Chia Yi) Chen AC+886-2-8726-9090laura.cy.chen@citi.com Michael Hung+886-2-8726-9092michael.hung@citi.com JackChen+886-2-8726-9091jack1.chen@citi.com Nicholas Lai+886-2-8726-9093nicholas.lai@citi.com Keyhighlightsofthe2Q26earningscall 19%QoQ,41%YoY)andOPMat3.75% (vs3.6%in1Q26,beatconsensusof3.3%).Management expects YoY OPM expansion for the year while cloud/networkingexceeded 50% of revenue for the first time in 2Q26. 3Q revenue is guided to growsignificantly QoQ/YoY, driven by continued Al growth plus the traditional peakseason. Al RacktheKeyIncremental Driver SmartConsumerElectronicsshouldgrowsignificantlyQoQandYoY,whileComputing Productsare expectedto decline slightlyQoQasthenew-product peakpasses and memory supply remains tight, but still grow significantlyYoY.Components&Others should alsopost significantYoYgrowth.Overall, AlRack'sto grow high-double-digits QoQ as existing platforms continue ramping and next-generation productsbegin production. NetworkingBecomestheNextAlGrowthEngine Hon Hai sees networking and optical connectivity as the next major growth pillar afterAlcompute.Networkingrevenue deliveredstronggrowth in1H26,driven by risingAlcluster scale and continued upgrades in switchbandwidth.Its higher-end switchproductsremainonschedule,withnew-generationswitchesalreadyshippingprimarilyforscale-outconnectivitybetweenAlracks,whiletheproductroadmapshouldexpandalongsidefuture systemarchitectures.More importantly,Hon Haiismoving beyondswitchassemblyintoaverticallyintegratednetworkingplatformencompassingopticaltransceivers,cables,connectors,high-speedinterconnects,powermodulesandadvancedpackaging.Management believesoptical communications couldeventuallyrepresentaUss10Obn+addressablemarket,makingnetworkinganincreasingly meaningful contributortoboth revenue and profitability.As Al clustersrise structurallyfasterthanserverunitgrowth. ASiCExpandsRapidly-RevenueUnderstatestheRealBusinessScale ASiC Al servers are emerging as a second majorgrowthengine alongside Hon Hai'sdominantGPUfranchise.ManagementsaidthecompanyhassecurednewASICcustomers and projects in 2026,and expects its ASIC market share to increasesignificantly,with a longer-term target of40%+.Hon Hai's differentiation is itsabilitytoparticipateacrossmultiplelayers-frommodules and cooling systemstoComputeTrays,rackintegrationandcompletesystemarchitecture,particularlyforincreasingly complexliquid-cooled and high-powerASIC systems.ASICrepresentedroughly10%ofAl-serverrevenuein2025,withthe1H26contribution slightlyhigher.With new products ramping in 2H26,Hon Haiexpectsboth ASiC shipment scaleand profit contribution to continue increasing. Strong Al demand driving growththroughout the year Strong outlook for Al servers: ■3Q26A/rackshipmentsQoQincreasehighdoubledigits ■3Q26AlserverrevenueincreaseQoQ