Industrial Logic: Compute is all you need

研报英文原文证据摘录

Industrial Logic: Compute is all you need

24 May 2026

Electrical Equipment

Industrial Logic

Vertiv projects 140GW of new data center capacity will be added over the next 5

years (up from 100GW previously), with 20-35GW added annually, limited by

factors such as power availability, permitting and labour. It also expects its data

center 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% organic

revenue CAGR over 2025-2030 (up from 12-14% over 2024-2029 previously) with

a margin of 27% in 2030 (versus a target of 25% for 2029 previously and its 2026

guidance of around 23.3%). The read-across is positive for EU data center exposed

names such as Schneider, Siemens Energy, ABB, Legrand, Siemens AG, and

Prysmian.

Last week

Prysmian's Japanese optical fiber peer Fujikura's shares were down 17% on

Tuesday after having announced new mid-term targets. The company is targeting

operating profits of JPY315bn for FY28 vs. consensus JPY455bn. Notably, Fujikura

does not have meaningful domestic bare fiber capacity in the US, and had recently

announced plans to expand its optical fiber footprint in the US, which only ramps

up from 2030. In addition to Fujikura, Furukawa announced FY28 targets and

presented a 2030 plan. Furukawa sees sales in its optical solutions business

growing at a 15% CAGR (FY25-FY28). But optical fiber capacity investments are

seen benefiting the group only gradually from FY28 onwards, while the company

leans conservative on pricing sustainability in the short term. Importantly,

Furukawa has not yet announced fiber capacity investments. The company is

primarily expanding downstream cable capacity and reallocating existing fiber