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摩根士丹利：6 月 GB200 NVL72 机柜情况
2025-07-11 09:05

报告行业投资评级 - 行业评级为In-Line，分析师预计该行业未来12 - 18个月的表现与相关广泛市场基准一致 [6][36] 报告的核心观点 - 6月GB200机架产量略有增加，达到约2500个，二季度总产量约6000个，预计三季度出货量将继续增加至10000 - 11000个 [1] - 广达6月营收约新台币1900亿（环比+18%，同比+71%），GB200机架从5月约400个增至500 - 600个，二季度出货1200 - 1300个 [2][8] - 纬创6月营收新台币2091.82亿（环比持平，同比+136%），二季度营收新台币5513亿（环比+59%，同比+129%），高出预期和市场共识22%，6月相当于出货700 - 800个GB200计算托盘机架（较5月减少），二季度约1800 - 1900个 [2] - 鸿海二季度交付约3000个GB200服务器机架，云与网络业务环比略有增长 [3] - 实际交付给终端客户的机架数量低于报告数据，因包含了纬创计算托盘（L10）等效机架数量（未考虑L11的机架组装和测试时间） [4] - 6月笔记本电脑出货量达500万台（环比+32%），GB200机架产量增加 [8] - 笔记本电脑（环比+33%）和Wiwynn营收约新台币858亿（环比+21%），但L10计算托盘（环比下降约20%）和DT（环比下降36%）减少 [9] 相关目录总结 行业覆盖公司评级与价格 |公司（代码）|评级（截至日期）|价格（2025年7月8日）| | --- | --- | --- | |AAC Technologies Holdings (2018.HK)|O (01/29/2024)|HK40.40[63]∣∣AccelinkTechnologiesCo.Ltd.(002281.SZ)∣U(05/12/2022)∣Rmb47.23[63]∣∣BYDElectronics(0285.HK)∣O(04/28/2023)∣HK40.40 [63]| |Accelink Technologies Co. Ltd. (002281.SZ)|U (05/12/2022)|Rmb47.23 [63]| |BYD Electronics (0285.HK)|O (04/28/2023)|HK32.70 [63]| |China TransInfo Technology Co Ltd (002373.SZ)|E (07/18/2023)|Rmb9.33 [63]| |Dahua Technology Co. Ltd. (002236.SZ)|E (12/12/2024)|Rmb15.90 [63]| |Eoptolink Technology Inc Ltd (300502.SZ)|O (05/20/2025)|Rmb134.98 [63]| |Genius Electronic Optical Co. Ltd. (3406.TW)|E (04/23/2025)|NT410.00[63]∣∣GosuncnTechnologyGroupCoLtd(300098.SZ)∣U(11/07/2022)∣Rmb5.07[63]∣∣HIKVisionDigitalTechnology(002415.SZ)∣E(12/12/2024)∣Rmb27.62[63]∣∣LarganPrecision(3008.TW)∣O(03/31/2025)∣NT410.00 [63]| |Gosuncn Technology Group Co Ltd (300098.SZ)|U (11/07/2022)|Rmb5.07 [63]| |HIKVision Digital Technology (002415.SZ)|E (12/12/2024)|Rmb27.62 [63]| |Largan Precision (3008.TW)|O (03/31/2025)|NT2,160.00 [63]| |LianChuang Electronic Technology Co Ltd (002036.SZ)|U (06/12/2024)|Rmb10.43 [63]| |OFILM Group Co Ltd (002456.SZ)|U (06/12/2024)|Rmb11.49 [63]| |Q Technology (Group) Company Ltd (1478.HK)|E (11/10/2023)|HK8.78[63]∣∣QuectelWirelessSolutionsCoLtd(603236.SS)∣E(10/09/2024)∣Rmb86.61[63]∣∣ShenzhenTranssionHoldingsCoLtd(688036.SS)∣O(10/24/2023)∣Rmb77.07[63]∣∣SunnyOptical(2382.HK)∣E(03/31/2025)∣HK8.78 [63]| |Quectel Wireless Solutions Co Ltd (603236.SS)|E (10/09/2024)|Rmb86.61 [63]| |Shenzhen Transsion Holdings Co Ltd (688036.SS)|O (10/24/2023)|Rmb77.07 [63]| |Sunny Optical (2382.HK)|E (03/31/2025)|HK71.20 [66]| |Suzhou TFC Optical Communication Co Ltd. (300394.SZ)|E (10/09/2024)|Rmb82.33 [66]| |Wingtech Technology Co Ltd (600745.SS)|E (11/10/2023)|Rmb34.11 [66]| |Xiaomi Corp (1810.HK)|O (04/14/2021)|HK58.65[66]∣∣YangtzeOpticalFibreandCableJSCLtd(601869.SS)∣U(10/13/2021)∣Rmb39.36[66]∣∣YangtzeOpticalFibreandCableJSCLtd(6869.HK)∣E(04/20/2023)∣HK58.65 [66]| |Yangtze Optical Fibre and Cable JSC Ltd (601869.SS)|U (10/13/2021)|Rmb39.36 [66]| |Yangtze Optical Fibre and Cable JSC Ltd (6869.HK)|E (04/20/2023)|HK20.10 [66]| |Yongxin Optics Co Ltd (603297.SS)|E (11/15/2022)|Rmb83.87 [66]| |Zhejiang Crystal - Optech Co Ltd (002273.SZ)|O (11/15/2022)|Rmb20.00 [66]| |Zhongji Innolight Co Ltd (300308.SZ)|O (11/06/2023)|Rmb144.88 [66]| |ZTE Corporation (0763.HK)|E (03/11/2024)|HK24.40[66]∣∣ZTECorporation(000063.SZ)∣U(07/02/2021)∣Rmb32.72[66]∣∣AcctonTechnologyCorporation(2345.TW)∣O(06/06/2024)∣NT24.40 [66]| |ZTE Corporation (000063.SZ)|U (07/02/2021)|Rmb32.72 [66]| |Accton Technology Corporation (2345.TW)|O (06/06/2024)|NT760.00 [66]| |Advantech (2395.TW)|O (01/20/2021)|NT340.50[66]∣∣AirTACInternational(1590.TW)∣O(04/16/2025)∣NT340.50 [66]| |AirTAC International (1590.TW)|O (04/16/2025)|NT836.00 [66]| |AU Optronics (2409.TW)|E (09/15/2024)|NT12.40[66]∣∣Bizlink(3665.TW)∣O(03/10/2025)∣NT12.40 [66]| |Bizlink (3665.TW)|O (03/10/2025)|NT879.00 [66]| |BOE Technology (000725.SZ)|O (09/06/2019)|Rmb4.00 [66]| |BOE Varitronix Ltd (0710.HK)|O (06/20/2023)|HK6.20[66]∣∣ChromaAteInc.(2360.TW)∣O(10/05/2021)∣NT6.20 [66]| |Chroma Ate Inc. (2360.TW)|O (10/05/2021)|NT428.00 [66]| |E Ink Holdings Inc. (8069.TWO)|E (05/08/2025)|NT228.00[66]∣∣EnnostarInc(3714.TW)∣U(09/23/2022)∣NT228.00 [66]| |Ennostar Inc (3714.TW)|U (09/23/2022)|NT35.15 [66]| |Hiwin Technologies Corp. (2049.TW)|U (05/12/2025)|NT201.50[66]∣∣Innolux(3481.TW)∣E(04/07/2025)∣NT201.50 [66]| |Innolux (3481.TW)|E (04/07/2025)|NT11.50 [66]| |King Slide Works Co. Ltd. (2059.TW)|O (11/08/2023)|NT2,145.00[66]∣∣LensTechnology(300433.SZ)∣E(07/22/2020)∣Rmb23.33[66]∣∣RadiantOpto−ElectronicsCorporation(6176.TW)∣E(03/01/2024)∣NT2,145.00 [66]| |Lens Technology (300433.SZ)|E (07/22/2020)|Rmb23.33 [66]| |Radiant Opto - Electronics Corporation (6176.TW)|E (03/01/2024)|NT136.00 [66]| |Sanan Optoelectronics (600703.SS)|U (08/21/2023)|Rmb12.44 [66]| |TCL Corp. (000100.SZ)|E (04/07/2025)|Rmb4.39 [66]| |Tianma Microelectronics (000050.SZ)|U (01/24/2018)|Rmb8.61 [66]| |Wuhan Jingce Electronic Group Co Ltd (300567.SZ)|E (11/26/2021)|Rmb60.16 [66]| |Acer Inc. (2353.TW)|U (04/23/2025)|NT29.30[66]∣∣AsustekComputerInc.(2357.TW)∣E(04/23/2025)∣NT29.30 [66]| |Asustek Computer Inc. (2357.TW)|E (04/23/2025)|NT633.00 [66]| |Compal Electronics (2324.TW)|U (04/23/2025)|NT28.60[66]∣∣Giga−ByteTechnologyCo.Ltd.(2376.TW)∣O(12/15/2022)∣NT28.60 [66]| |Giga - Byte Technology Co. Ltd. (2376.TW)|O (12/15/2022)|NT274.00 [66]| |Gold Circuit Electronics Ltd. (2368.TW)|O (10/06/2022)|NT315.50[66]∣∣InspurElectronicInformation(000977.SZ)∣E(08/28/2023)∣Rmb51.88[66]∣∣Lenovo(0992.HK)∣O(02/05/2025)∣HK315.50 [66]| |Inspur Electronic Information (000977.SZ)|E (08/28/2023)|Rmb51.88 [66]| |Lenovo (0992.HK)|O (02/05/2025)|HK9.72 [66]| |Lotes Co. Ltd. (3533.TW)|E (05/12/2025)|NT1,395.00[66]∣∣NanYaPCB(8046.TW)∣U(12/21/2022)∣NT1,395.00 [66]| |Nan Ya PCB (8046.TW)|U (12/21/2022)|NT126.50 [66]| |Pegatron Corporation (4938.TW)|E (03/07/2022)|NT77.80[66]∣∣QuantaComputerInc.(2382.TW)∣O(05/01/2023)∣NT77.80 [66]| |Quanta Computer Inc. (2382.TW)|O (05/01/2023)|NT272.00 [66]| |Shengyi Technology Co Ltd. (600183.SS)|E (05/26/2022)|Rmb32.05 [66]| |Shennan Circuits Co Ltd (002916.SZ)|E (08/24/2023)|Rmb118.98 [66]| |Unimicron (3037.TW)|E (04/15/2025)|NT116.00[66]∣∣WistronCorporation(3231.TW)∣O(07/12/2023)∣NT116.00 [66]| |Wistron Corporation (3231.TW)|O (07/12/2023)|NT118.50 [66]| |Wiwynn Corp (6669.TW)|O (07/29/2024)|NT2,420.00[66]∣∣YageoCorp.(2327.TW)∣++∣NT2,420.00 [66]| |Yageo Corp. (2327.TW)|++|NT481.50 [66]| |Zhen Ding (4958.TW)|E (08/02/2022)|NT109.50[66]∣∣AsiaVitalComponentsCo.Ltd.(3017.TW)∣O(07/30/2024)∣NT109.50 [66]| |Asia Vital Components Co. Ltd. (3017.TW)|O (07/30/2024)|NT795.00 [66]| |Auras Technology Co Ltd (3324.TWO)|E (05/04/2023)|NT638.00[66]∣∣CatcherTechnology(2474.TW)∣E(05/22/2024)∣NT638.00 [66]| |Catcher Technology (2474.TW)|E (05/22/2024)|NT205.50 [66]| |Delta Electronics Inc. (2308.TW)|O (07/13/2017)|NT451.50[66]∣∣FositekCorp(6805.TW)∣O(06/25/2025)∣NT451.50 [66]| |Fositek Corp (6805.TW)|O (06/25/2025)|NT792.00 [68]| |Foxconn Industrial Internet Co. Ltd. (601138.SS)|O (07/10/2019)|Rmb26.38 [68]| |Foxconn Technology (2354.TW)|U (04/23/2025)|NT63.80[68]∣∣GoerTekInc(002241.SZ)∣U(04/23/2025)∣Rmb22.64[68]∣∣HonHaiPrecision(2317.TW)∣O(03/15/2024)∣NT63.80 [68]| |GoerTek Inc (002241.SZ)|U (04/23/2025)|Rmb22.64 [68]| |Hon Hai Precision (2317.TW)|O (03/15/2024)|NT159.00 [68]| |LandMark Optoelectronics Corporation (3081.TWO)|E (01/09/2025)|NT316.50[68]∣∣LingyiItechGuangdongCo(002600.SZ)∣U(04/23/2025)∣Rmb8.98[68]∣∣Lite−OnTechnology(2301.TW)∣E(01/15/2025)∣NT316.50 [68]| |Lingyi Itech Guangdong Co (002600.SZ)|U (04/23/2025)|Rmb8.98 [68]| |Lite - On Technology (2301.TW)|E (01/15/2025)|NT114.50 [68]| |Luxshare Precision Industry Co., Ltd. (002475.SZ)|O (10/24/2016)|Rmb35.36 [68]| |Sunonwealth Electric Machine Industry Co (2421.TW)|E (02/23/2024)|NT100.00[68]∣∣TongHsing(6271.TW)∣E(03/18/2019)∣NT100.00 [68]| |Tong Hsing (6271.TW)|E (03/18/2019)|NT103.00 [68]| |Visual Photonics Epitaxy Co Ltd (2455.TW)|E (09/11/2023)|NT$127.50 [68]|