King Slide Works: Latest thoughts on recent strength and Vera Rubin ramp

研报英文原文证据摘录

King Slide Works: Latest thoughts on recent strength and Vera Rubin ramp

TAM

12/27E 179.33 231.71 29 221.08

We estimate server rail kit content value may increase from cUS$1,400 per rack for HGX

to US$2,500+ for GB300 and US$3,000+ for Vera Rubin, boosted by the required higher Diana Chang

computing density and additional power and capacitor shelves. Meanwhile, Nvidia's Analyst

diana.chang@ubs.comVera Rubin POD-scale AI platform introduced other purpose-built rack-scale systems,

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where multiple configurations and design complexity may call for additional server rail

kit content. We estimate Vera CPU racks and Groq 3 LPX may require rail kit content of Randy Abrams

up to US$1,000-3,000 per rack, while the Spectrum-6 SPX networking rack and the Analyst

randy.abrams@ubs.com

BlueField-4 STX storage rack could increase adoption of specialized sliding rails. Overall,

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we estimate rail kit value between US$35-100k+ for a single AI POD. Apart from the

currently strong pull-ins from CSPs and enterprises, we expect rail kit TAM to expand

further as demand broadens from rack scale to the POD level.

Valuation: Lift price target to NT$8,950; maintain Buy

We remain positive on stronger AI spending and rising rail kit content/requirements,

raising our 2026E/2027E/2028E EPS 19%/29%/35% and lifting our PT to NT

$8,950 (from 30x 2027E PE to 33x 2028E PE), in line with global/Asian peers' re-ratings

to 30-40x and similar to other AI component leaders, such as Delta/Jentech (31x/31x

consensus 2027 PE). We still view King Slide as a strong proxy for server growth.

Highlights (NT$m) 12/22 12/23 12/24 12/25E 12/26E 12/27E 12/28E 12/29E

Revenues 7,799 5,763 10,129 17,501 29,729 39,049 45,043 49,439

EBIT (UBS) 3,753 2,888 6,101 12,089 20,291 26,802 31,104 33,653