{"slug":"asustek","name":"에이수스(ASUS)","name_en":"ASUSTeK Computer","ticker":"2357.TW","updated_at":"2026-07-12T08:25:19.560746+00:00","canonical":"https://valuechain.wiki/asustek","citable":"밸류체인 그래프 기준 에이수스(ASUS)의 직접 연결 기업은 3곳(관계 기준 공급 3·매출 0)이고, 사슬을 2차까지 넓히면 41곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, ASUSTeK Computer is directly linked to 3 companies (3 supply, 0 revenue relationships) and reaches 41 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"TWSE · PC·AI서버 · ROG 게이밍·엔비디아 AI POD 대표공급","kicker_en":"TWSE · PCs & AI servers · ROG gaming, premier NVIDIA AI-POD provider","lead":"세계 3위권 PC 브랜드(노트북·마더보드·그래픽카드·ROG 게이밍)이자 엔비디아 GB300 NVL72 기반 AI POD의 대표 공급사로, AI 서버에 올라탄 대만 기업이다. FY2024 매출 NT$5,871억(+22%)·순이익 +91%로 회복했지만 진짜 축은 믹스 전환 — AI 서버 매출이 2025년 세 자릿수 성장(연 100%+ 전망, 매출 비중 20%대 진입)하며 저성장 PC 브랜드를 고성장 인프라 사업으로 재편하는 중이다. 다만 부품 원가(엔비디아 GPU·인텔/AMD CPU)에 마진이 눌리고 PC 수요가 순환적이라, AI 서버 성장이 브랜드 사업의 변동성을 상쇄하느냐가 관건이다(모건스탠리는 밸류·마진 우려로 비중축소 NT$500).","lead_en":"A top-tier global PC brand (notebooks, motherboards, graphics cards, ROG gaming) that has ridden into AI servers as a premier provider of NVIDIA GB300 NVL72-based AI PODs. FY2024 revenue rebounded to NT$587.1bn (+22%) with net profit +91%, but the real axis is a mix shift — AI-server revenue is growing triple digits in 2025 (guided ≥100%, nearing ~20% of sales), reshaping a low-growth PC brand into a high-growth infrastructure business. The question is whether AI-server growth offsets cyclical PC demand and the margin pressure from component costs (NVIDIA GPUs, Intel/AMD CPUs) — Morgan Stanley stays Underweight at NT$500 on valuation and margins.","segments":{"fy":2025,"parts":[{"desc":"엔비디아 GB200/GB300 NVL72 기반 ESC AI POD·B300 서버로 CSP·기업 AI 인프라 수요를 잡는 최고 성장축 — 2025년 매출 세 자릿수 성장(연 100%+ 전망)으로 매출 비중이 20%대에 진입하며 그룹 성장의 재평가 엔진이 됐다. 관건은 GPU 원가 전가와 시스템 통합 마진.","name":"AI 서버 (AI POD)"},{"desc":"제품 매출의 60%가 컴퓨터, 40%가 컴포넌트(마더보드·그래픽카드 등). AI PC·ROG 게이밍이 프리미엄·성장 축이지만 전체 PC 수요는 순환적이며, 이 브랜드 사업의 안정적 현금흐름이 AI 서버 투자를 뒷받침한다 — 지역은 아시아태평양 51%·미주 28%·유럽 21%로 분산.","name":"PC·노트북·컴포넌트"}],"total":"NT$7,389억 (FY2025 연결, +26%; 순이익 NT$446억 역대 최대)","source":"ASUS FY2025 실적"},"segments_en":{"fy":2025,"parts":[{"desc":"ESC AI PODs and B300 servers on NVIDIA GB200/GB300 NVL72 capture CSP and enterprise AI-infrastructure demand — the top growth axis, growing triple digits in 2025 (guided ≥100%) toward ~20% of sales, the group's re-rating engine. 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FY2024 매출 NT$5,871억(+22%)·순이익 +91% 회복 위에, AI 서버 매출이 2025년 세 자릿수 성장(연 100%+ 전망)하며 매출 비중이 20%대에 진입해 그룹 성장의 재평가 엔진이 됐다. 브랜드 PC 사업(제품 매출의 60% 컴퓨터·40% 컴포넌트)은 순환적이지만 안정적 현금흐름으로 AI 서버 투자를 뒷받침하고, ROG 게이밍·AI PC 프리미엄 믹스와 지역 분산(아태 51%)이 변동성을 눌러준다. 다만 AI POD 사업이 사실상 엔비디아 GPU 원가에 좌우되고 CPU를 인텔·AMD 이원 조달하는 구조라, 부품 원가 전가와 시스템 통합 마진이 관건이다. 재평가 트리거는 AI 서버 매출 비중 상승, 부품 원가·GPU 할당, 그리고 PC 사이클의 방향이다.","analysis_en":"ASUS's thesis is a world top-3 PC brand riding onto NVIDIA GB300 NVL72 AI PODs as a premier provider, reshaping a low-growth PC business into high-growth infrastructure. On a FY2024 recovery of NT$587.1bn revenue (+22%) and net income +91%, AI-server revenue grew triple digits in 2025 (100%+ annually) to enter 20%+ of revenue, becoming the group's re-rating engine. The branded PC business (product revenue 60% computers, 40% components) is cyclical but its stable cash flow funds AI-server investment, while the ROG gaming/AI-PC premium mix and geographic diversification (Asia-Pacific 51%) dampen volatility. But because the AI-POD business is effectively driven by NVIDIA GPU cost and it dual-sources CPUs from Intel and AMD, passing through component cost and system-integration margin is the swing factor. Re-rating triggers are the rising AI-server revenue share, component cost and GPU allocation, and the direction of the PC cycle.","analysis_asof":"2026-07-09"},"edges":[{"direction":"cost","counterparty":"NVIDIA (GPU·GB200/GB300)","counterparty_slug":"nvidia","confidence":"high","metric":{"platform":"GB200/GB300_NVL72","gpus_per_pod":72},"note":"AI 서버·게이밍 GPU의 핵심 공급사 — ESC AI POD에는 GB200/GB300 NVL72(블랙웰 GPU 72개), 지포스/ROG에는 RTX GPU를 조달한다. AI POD 사업이 사실상 엔비디아 플랫폼 위에 서 있어, GPU 물량 배정·가격이 ASUS AI 서버 성장과 마진을 좌우하는 최대 의존 축이다.","note_en":"The core supplier of GPUs for AI servers and gaming — GB200/GB300 NVL72 (72 Blackwell GPUs) for ESC AI PODs and RTX for GeForce/ROG. The AI-POD business effectively stands on NVIDIA's platform, so GPU allocation and pricing are the single largest dependency shaping ASUS's AI-server growth and margin.","sources":[{"stance":"confirms","publisher":"ASUSTeK Computer","publisher_en":"ASUSTeK Computer","kind":"filing","lang":"en","published_at":"2025-03-30","url":"https://www.asus.com/EVENT/Investor/Content/attachment_en/2024_Annual_Report.pdf","title":"ASUS 2024 연차보고서(공식 IR)","title_en":"ASUSTeK Computer — 2024 Annual Report (official IR)","excerpt":"ASUS develops graphics cards and highly scalable AI servers; adopts NVIDIA GPUs (e.g., NVIDIA G-SYNC), building AI PODs on NVIDIA platforms.","excerpt_en":"ASUS builds graphics cards and scalable AI servers on NVIDIA GPUs/platforms."},{"stance":"confirms","publisher":"씨넷코리아","publisher_en":"CNET Korea","kind":"news","lang":"ko","published_at":"2025-03-21","url":"https://www.cnet.co.kr/view/?no=20250321103832","title":"에이수스, GTC서 엔비디아 GB300 NVL72 기반 AI POD 공개","title_en":"ASUS unveils NVIDIA GB300 NVL72-based AI POD at GTC","excerpt":"에이수스가 GTC 2025에서 엔비디아 GB300 NVL72 기반 AI POD를 공개하고 상당한 주문을 확보했다.","excerpt_en":"ASUS unveiled an NVIDIA GB300 NVL72-based AI POD at GTC 2025 with significant orders secured."},{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2025-02-24","url":"https://www.digitimes.com/news/a20250224PD212/nvidia-asus-gigabyte-ai-server-supply.html","title":"에이수스·기가바이트, 엔비디아 AI 서버 대량 수주","title_en":"Asus and Gigabyte secure major AI server orders from NVIDIA","excerpt":"ASUS is the premier provider of NVIDIA GB200 NVL72; the AI POD contains 72 Blackwell GPUs; secured GB300 orders at GTC 2025.","excerpt_en":"ASUS premier GB200/GB300 NVL72 AI POD provider."}]},{"direction":"investment","counterparty":"ASUS 그룹 전략투자(AAEON 엣지AI·Askey·ASUS Cloud)","counterparty_slug":null,"confidence":"high","metric":{"holdings":"AAEON,Askey,ASUS Cloud"},"note":"AAEON(엣지AI·산업용 컴퓨팅, 상장)·Askey(네트워킹)·ASUS Cloud 등 그룹사에 대한 전략 투자로 AI 디바이스 논지를 엣지·산업·클라우드로 확장한다 — 브랜드 PC를 넘어 AI 인프라 전반으로 사업 경계를 넓히는 자본 배치다.","note_en":"Strategic investments in group companies — AAEON (edge AI/industrial computing, listed), Askey (networking), ASUS Cloud — extend the AI-device thesis into edge, industrial and cloud, a capital allocation that widens the business boundary beyond branded PCs into AI infrastructure broadly.","sources":[{"stance":"confirms","publisher":"ASUSTeK Computer","publisher_en":"ASUSTeK Computer","kind":"filing","lang":"en","published_at":"2025-03-30","url":"https://www.asus.com/EVENT/Investor/Content/attachment_en/2024_Annual_Report.pdf","title":"ASUS 2024 연차보고서(공식 IR)","title_en":"ASUSTeK Computer — 2024 Annual Report (official IR)","excerpt":"ASUS directors serve as directors/chairmen of group companies including ASKEY, AAEON TECHNOLOGY INC., ASUS CLOUD CORPORATION and ASUS TECHNOLOGY INCORPORATION.","excerpt_en":"ASUS holds/controls group companies incl. Askey, AAEON, ASUS Cloud."}]},{"direction":"cost","counterparty":"Intel (x86 CPU·칩셋)","counterparty_slug":"intel","confidence":"high","metric":{"input":"x86_cpu_chipset"},"note":"PC·노트북·마더보드의 x86 CPU·칩셋 주 공급원 — 2025년형 ROG G16 등 플래그십에 코어 울트라 CPU를 채택한다. CPU 세대·공급이 PC 제품 경쟁력과 출시 타이밍을 좌우하는 상류 의존 축이다.","note_en":"A primary source of x86 CPUs and chipsets for PCs, notebooks and motherboards — flagship models such as the 2025 ROG G16 use Core Ultra CPUs. CPU generations and supply drive PC-product competitiveness and launch timing, an upstream dependency.","sources":[{"stance":"confirms","publisher":"ASUSTeK Computer","publisher_en":"ASUSTeK Computer","kind":"filing","lang":"en","published_at":"2025-03-30","url":"https://www.asus.com/EVENT/Investor/Content/attachment_en/2024_Annual_Report.pdf","title":"ASUS 2024 연차보고서(공식 IR)","title_en":"ASUSTeK Computer — 2024 Annual Report (official IR)","excerpt":"ASUS's motherboards, notebooks and PCs form a supply chain along with CPU and chips; ASUS maintains long-standing relationships with these component businesses.","excerpt_en":"ASUS PCs/motherboards depend on an upstream CPU-and-chip supply chain."}]},{"direction":"cost","counterparty":"AMD (Ryzen/EPYC CPU·Radeon)","counterparty_slug":"amd","confidence":"high","metric":{"input":"ryzen_epyc_cpu_radeon_gpu"},"note":"인텔과 함께 CPU·GPU를 이원 조달하는 상류 공급사 — ROG 게이밍에 Ryzen CPU·Radeon, 서버에 EPYC를 채택해 인텔 단일 의존을 낮춘다. CPU 이원화는 원가 협상력과 제품 라인업 유연성의 축이다.","note_en":"An upstream supplier dual-sourced with Intel for CPUs/GPUs — Ryzen CPUs and Radeon in ROG gaming, EPYC in servers, reducing sole reliance on Intel. CPU dual-sourcing is a lever for procurement leverage and lineup flexibility.","sources":[{"stance":"confirms","publisher":"ASUSTeK Computer","publisher_en":"ASUSTeK Computer","kind":"filing","lang":"en","published_at":"2025-03-30","url":"https://www.asus.com/EVENT/Investor/Content/attachment_en/2024_Annual_Report.pdf","title":"ASUS 2024 연차보고서(공식 IR)","title_en":"ASUSTeK Computer — 2024 Annual Report (official IR)","excerpt":"ASUS's PC and server products depend on an upstream CPU/chip supply chain; ASUS dual-sources processors across vendors.","excerpt_en":"ASUS PCs/servers depend on upstream CPUs, dual-sourced across vendors."}]},{"direction":"revenue","counterparty":"PC·노트북·컴포넌트 최종수요(글로벌 소비자·기업, 익명)","counterparty_slug":null,"confidence":"high","metric":{"fy":2024,"computer_pct":60,"component_pct":40,"region_europe_pct":21,"region_asiapac_pct":51,"region_americas_pct":28},"note":"노트북·PC·컴포넌트의 최종수요는 글로벌 소비자·기업으로 특정 고객 편중이 없다(단일 고객 매출 10% 미만) — 순환적 PC 수요에 노출되지만, ROG 게이밍·AI PC 프리미엄 믹스와 지역 분산(아태 51%·미주 28%·유럽 21%)이 변동성을 완충한다.","note_en":"The end market for notebooks, PCs and components is global consumers and enterprises with no customer concentration (no single customer >10% of sales) — exposed to cyclical PC demand, but the ROG-gaming and AI-PC premium mix plus geographic diversification (Asia-Pac 51%, Americas 28%, Europe 21%) cushion the volatility.","sources":[{"stance":"confirms","publisher":"ASUSTeK Computer","publisher_en":"ASUSTeK Computer","kind":"filing","lang":"en","published_at":"2025-03-30","url":"https://www.asus.com/EVENT/Investor/Content/attachment_en/2024_Annual_Report.pdf","title":"ASUS 2024 연차보고서(공식 IR)","title_en":"ASUSTeK Computer — 2024 Annual Report (official IR)","excerpt":"2024 product revenue: 60% computer-related, 40% components/other. No single customer reached 10% of consolidated net operating income. Regional net sales: Asia Pacific/Oceania NT$277.3bn, America NT$150.0bn, Europe NT$115.0bn.","excerpt_en":"Product mix 60% computers / 40% components; no customer >10%; regions Asia-Pac 51%, Americas 28%, Europe 21%."}]},{"direction":"revenue","counterparty":"AI 서버 고객(CSP·기업, 익명)","counterparty_slug":null,"confidence":"high","metric":{"growth":"triple_digit_2025","server_rev_share_pct":20},"note":"AI POD·B300 서버의 고객은 CSP·기업(공시상 익명) — 2025년 매출 세 자릿수 성장으로 그룹 성장의 재평가 엔진이 됐다. 엔비디아 플랫폼을 시스템으로 통합·인도하는 역량이 경쟁축이며, GPU 원가 전가와 대형 수주 지속성이 마진·성장의 관건이다.","note_en":"Customers for AI PODs and B300 servers are CSPs and enterprises (undisclosed) — growing triple digits in 2025, the group's re-rating growth engine. The competitive edge is integrating and delivering NVIDIA's platform as full systems, with GPU cost pass-through and the durability of large orders the swing factors for margin and growth.","sources":[{"stance":"mentions","publisher":"Morgan Stanley","publisher_en":"Morgan Stanley","kind":"research","lang":"en","published_at":"2026-04-01","url":"https://www.investing.com/equities/asustek-consensus-estimates","title":"ASUS 애널리스트 컨센서스(모건스탠리 비중축소 NT$500, 11곳 보유)","title_en":"ASUS analyst consensus (Morgan Stanley Underweight NT$500; 11 analysts Hold)","excerpt":"애널리스트 11곳 컨센서스 '보유'(평균 목표가 ~NT$604) — AI 서버 매출은 2025년 연 100%+ 성장 전망이나, 모건스탠리는 밸류·마진 우려로 비중축소 NT$500. 성장 대 마진 논쟁.","excerpt_en":"11-analyst consensus Hold (avg TP ~NT$604); AI-server revenue guided +100% for 2025, but Morgan Stanley Underweight NT$500 on valuation/margin — a growth-vs-margin debate."},{"stance":"confirms","publisher":"ASUS IR","publisher_en":"ASUS IR","kind":"filing","lang":"en","published_at":"2026-03-10","url":"https://www.asus.com/event/Investor/Content/attachment_en/2025Q4%20IR.pdf","title":"에이수스 FY2025 실적(매출 NT$7,389억 +26%, 순이익 NT$446억 역대최대·AI 서버 확대)","title_en":"ASUS FY2025 results (revenue NT$738.9bn +26%, record net profit NT$44.6bn, server ramp)","excerpt":"에이수스 FY2025 매출 NT$7,389억(+26%)·순이익 NT$446억 역대최대; 서버 매출 1Q26 2배 전망","excerpt_en":"ASUS FY2025 revenue NT$738.9bn (+26%), record net profit NT$44.6bn; server revenue to double in 1Q26"},{"stance":"confirms","publisher":"씨넷코리아","publisher_en":"CNET Korea","kind":"news","lang":"ko","published_at":"2025-03-21","url":"https://www.cnet.co.kr/view/?no=20250321103832","title":"에이수스, GTC서 엔비디아 GB300 NVL72 기반 AI POD 공개","title_en":"ASUS unveils NVIDIA GB300 NVL72-based AI POD at GTC","excerpt":"에이수스 AI 서버 사업이 2025년 급성장, GB300 AI POD 대량 수주로 매출 비중이 확대됐다.","excerpt_en":"ASUS's AI-server business surged in 2025 with large GB300 AI-POD orders lifting its revenue share."}]},{"direction":"cost","counterparty":"부품·소재 공급군(메모리·패널·PCB, 익명)","counterparty_slug":null,"confidence":"mid","metric":{"fy":2024,"top1_supplier_pct":24,"top2_supplier_pct":14},"note":"메모리·패널·PCB 등 부품과 채널 대리점을 통해 조달하며, 상위 2개 공급군이 매입의 24%·14%(공시상 익명)로 집중도가 있다. 부품 가격·공급이 브랜드 사업 마진의 핵심 변수라 다변화·재고 관리가 관건이다.","note_en":"Sources memory, panels, PCBs and other parts through channel distributors, with the top two supplier groups at 24% and 14% of purchases (anonymized in the filing). Component prices and supply are the key swing factor for brand-business margin, making diversification and inventory management central.","sources":[{"stance":"confirms","publisher":"ASUSTeK Computer","publisher_en":"ASUSTeK Computer","kind":"filing","lang":"en","published_at":"2025-03-30","url":"https://www.asus.com/EVENT/Investor/Content/attachment_en/2024_Annual_Report.pdf","title":"ASUS 2024 연차보고서(공식 IR)","title_en":"ASUSTeK Computer — 2024 Annual Report (official IR)","excerpt":"Major suppliers over 10% of purchases: 'AV Suppliers' 24% and 'F Suppliers' 14% of net annual purchases in 2024 (relation with issuer: none; names withheld).","excerpt_en":"Top supplier groups 24% and 14% of 2024 purchases (unnamed)."}]}]}