資料中心Part 4：伺服器五虎將大PK

廣達伺服器營收占比 ... 甚至聯手樂天電信跨入難以進入的電信設備市場，建立首個雲端資料中心電信設備，也開創未來更多可能性，相較於其他競爭對手，廣達雲端事業客戶 ...  ​informationCenterYearofwriting:2021​Author:TonyRelatedstocks:Quanta(2382),Wivy(6669),Inventec(2356),Mitac(3706),HonHai(2317)Viewdetailedstockprice​DataCenterDataCenter Part4Theworld'sfivelargestserverfoundriesPKinthesamefield​Ihaveintroducedmanyserversupplychains.Thisarticlewillfocusonfoundries.Thefoundriesproduceadazzlingarrayofproducts.FromthelargestiPhonefoundryHonHaitothelargestlaptopfoundryQuanta,manyhardwareproductsinthetechnologyindustryarenowlookingforOEMsassistinproduction,andserversareofcoursenoexception.However,eachOEMspecializesindifferentareas.Forexample,Inventecisgoodatbrandedservers,Quantaisgoodatwhite-brandedservers,andWiviinisgoodatwhite-brandedservers.Born.White-brandserversaccountfordifferentproportionsofthecompanyasawhole.Inanerawhenwhite-brandserversaregrowingandbrand-nameserversareshrinking,oneneedstopayattentiontotherapidgrowthofwhite-brandservers.Theproportionofoverallrevenue,otherwise,otherproductssuchaslaptops,mobilephones,smartwearabledevices,smartaudioandevenfutureelectricvehicleswilldominatethecompany’sfutureevenmore.BelowaretheproportionsandcomparisonchartsofseveralmajorEMSfactories,andIwillintroducethemonebyone.​​1.QuantaQuanta(2382)​Quantaistheworld’slargestnotebookfoundry,andithasamarketshareofmorethan70%ofChromebookfoundries.However,theseQuanta’smainsourcesofrevenuearethereasonforthelowgrossprofitmarginofthethirdtofourthgross,sothedevelopmentishighMaoriwhite-labelservershavealsobecomeoneofQuanta'simportantstrategies.Inthecompany,"BU9"and"Yunda"areresponsibleforthewhite-labelserverbusiness,producinganddesigningdatacenterswithpowerfulcomputingperformanceforglobalcustomers.Itscustomersincludefirst-tiermanufacturersFacebook,Microsoft,Google,Amazonandmanysecond-tiercustomersWithunicorncompanies,theyhavewonmorethanhalfoftheordersfromGoogleandFacebookamongthefirst-tierfactories,andevenjoinedwithLotteTelecomtoenterthedifficult-to-entertelecomequipmentmarket,establishthefirstclouddatacentertelecomequipment,andcreatemorepossibilitiesinthefutureComparedwithothercompetitors,Quanta'scloudbusinesscustomersaremorescattered,soitcanalsoeffectivelyreducetheimpactofindustrycyclefluctuations,anditcanberegardedasawhite-brandserverindexcompany.QuantaChairmanLinBailidescribeditasanairplaneinhisspeech.5Gistheengineandthekeytodrivingtheoperationoftheentireindustry;AIisdrivingandmasteringtheoveralldirection;thecloudistheaircraftitself,becauseallthiswillhappenonthecloud,Theserviceiscarriedbythecloud;IoTisthepassengerandthemainsourceofpayment.TheInternetofThingswillbecomethemainapplication.Theseinnovativeapplicationswillbringconsiderablerevenuetotheoverallindustry.ThepicturebelowsimplylinksthisInthepastfewyears,therelationshipbetweenthemostcompactedindustries.​​Quanta5G+AIOT+Cloudstrategy(takenfromspeechfragment)​2.Wiwynn (6669)​Wivy,asasubsidiaryofWistronGroup,enjoystheparentcompany'shugeproductionandorder-takingcapabilities.IthascapturedthethreelargestcloudcustomersincludingFacebook,Microsoft,andAmazon,whichhasgraduallyincreaseditsshipmentratio.However,thedistributionofcustomersisrelativelyconcentrated.ItisveryimportantforYingtograbothercustomers.Despitethis,Wisdomisstillthesecondlargestservermanufacturerintheworld,withamarketshareofapproximately30%ofthewhite-brandservershipments,anditisalsotheonlysourceof100%ofitsrevenue.Datacentercompaniescanberegardedaspuredatacenterequipmentvendors.Intheeraofrapidgrowthofclouddatacenters,Wisdomwillbeabletogrowatasynchronizedorevenfasterrate.Fromafinancialpointofview,Wivy’sgrossprofitmarginisabout7-9%,whichisalreadyhigherthanotherfoundriesbyabout3percentagesandnearlyhalfhigher.Thisshowsthehighgrossprofitofwhite-brandservers,andWivy’sremainingfinancialperformanceisalsoextremelyhigh.ExcellentTheROEin2019isashighas40%,anditisaveryprofitablecompany.​​3.Inventec (2356)​Mainlyfocusingonbrandservers,itisthefoundryforHPandDell.Itisalsotheworld'slargestbrandserverfoundry.Itsshipmentsarealsoamongthebest.65%ofthecompany'sserverbusinessisbrandedservers.Unfortunately,itisthebrandinrecentyears.TheweakeningofserverdemandhascausedInventec’sserverbusinesstogrowlessthanothercompetitors.White-labelserversaccountforonly12.3%ofthecompany’soverallcompany.Recently,ithasgraduallymovedtowardswhite-labelservers.Transferringthehoneddesignabilitytothewhite-labelservershouldspeedupthedevelopmenttime,andthecompanyshouldspeedupthepaceofenteringthewhite-labelserver,otherwisethegapwiththecompetitionwillgraduallywiden.​​4.MiTAC (3706)​MiTAC’sShenyunTechnologyfocusesonserver-relatedbusinesses,andalsoallowsMiTACtohaveaveryhighproportionofitsrevenuefromservers.Currently,about75%ofitsrevenueisexpectedtoincreaseto80%inthenextoneortwoyears,ofwhich50%willcomefromwhite-brandedservers.Theother50%comesfrombrandedservers.Intermsofbrandedservers,MitachasalargecustomerforthewaveofChina’slargestserverbrand,whichhasalsoallowedMitactobecomeafirst-lineserverfoundryinrecentyears;,MitaconlymanagescompaniessuchasMicrosoftandOraclethatalsoshipfirst-tierproducts,butbecausethescaleisnotaslargeasthatofothercompetitors,thewhite-labelserverstillmainlyaimstoobtainordersfromsecond-tiercloudsuppliersintheshortterm.​​Five,HonHaiFoxconn (2317)​HonHai’scustomerscomefromalldirections,andtheproductsareevenmoredazzling.Themainfoundryproductsincludeiphone,Sonygameconsolesandfutureautomotiveelectronics.AlthoughHonHaiwithalargebusinesshasarelativelylowserverrevenue,itismoreexpensiveifyoulookattheamount.Itshouldnotbeunderestimated.Amongtheservers,brandedserversarestillthemainones.CustomersincludeDell,HP,etc.,andrecently,thebusinessofclouddatacentershasgraduallyexpanded.CustomersincludeMicrosoft,Amazon,etc.Withahugesupplychainecosystem,HonHaihasestablishedastrongconnectionwithservers,includingitsownIndustrialFortuneUnionandHongBai’sindependentresearchanddevelopmentofcloudservers.ThesewillstrengthenHonHai’sfuturetoolsforimprovingdatacenterbusiness,butitisapitythatitcontinuestodivideThedemolitioncausedtheparentcompany'ssharepricetoberelativelyweak.​TheabovefivecompanieshaveformedastrongserverclusterinTaiwan,allowingperipheralcomponentstoflourish.Thesecompanieshaveaccountedformorethan40%ofglobalserverorders,andhaveobtainedmorethan80%ofthecloudfromAmazon,Microsoft,Google,andFacebook.TheserverorderalsoformsanothersacredmountainforTaiwantoprotectthecountry.​​​relatedarticles​DataCenterPart3:UnderstandingtheConceptStockofDataCenterDataCenterPart5:FactorsAffectingtheServerIndustry​Datacenterrelatedstocks