高盛：台湾科技9只个股3个月展望,服务器和PC将在68月实现环比及新品周期

Investment Rating - The report maintains a "Buy" rating on companies such as AVC, Quanta, Wistron, Gigabyte, and ASUS, while being neutral on Pegatron, Inventec, and Compal [2][28][37]. Core Insights - The Taiwan PC and server supply chain is expected to experience revenue growth in the upcoming three months, driven by the ramp-up of next-generation AI PCs and servers, improved GPU supply, and a new product cycle in the second half of 2024 [2][28]. - Companies like Gigabyte, Wiwynn, and Quanta are anticipated to see stronger revenue growth, while Compal is expected to grow at a slower pace due to its limited exposure to servers [2][28]. - The report highlights a recovery in global server shipments and an overall positive outlook for the PC market, with specific companies benefiting from the AI server demand and the replacement cycle following the end of Windows 10 support [2][28][43]. Summary by Company ASUS - ASUS is projected to achieve a revenue growth of 16% YoY in Q2 2024, with expectations of NT$48 billion in June, driven by AI server demand and traditional PC recovery [12][18]. - The company has seen a strong revenue performance in the first half of 2024, exceeding estimates by 4% to 30% [12][18]. AVC - AVC's revenues are expected to grow by 9% YoY in Q2 2024, with June revenues projected at NT$5.7 billion, supported by demand for server thermal components [21][22]. - The company is ramping up production of GPU 3D VCs, which is anticipated to further boost revenues in the second half of the year [21][22]. Quanta - Quanta is expected to see a sequential revenue increase of 15% in June, reaching NT$117 billion, driven by AI server ramp-up and improved general server demand [28][29]. - The company’s notebook shipments are also showing improvement, with a significant increase in units shipped [28][29]. Wiwynn - Wiwynn's revenue growth is projected to accelerate to +46% YoY in Q2 2024, with expectations of NT$36 billion in June, supported by a recovery in general servers and AI server demand [37][40]. - The company has experienced high revenue volatility but is expected to benefit from new GPU server projects [37][40]. Wistron - Wistron is anticipated to grow revenues by 17% YoY in Q2 2024, with June revenues expected to reach NT$90 billion, benefiting from increased demand for AI PCs and servers [43][44]. - The company has shown strong momentum in notebook shipments, indicating a positive outlook for the commercial market [43][44].