{"slug":"delta-electronics","name":"Delta Electronics","name_en":"Delta Electronics","ticker":"2308.TW","updated_at":"2026-07-12T08:21:13.64616+00:00","canonical":"https://valuechain.wiki/delta-electronics","same_as":["https://finance.yahoo.com/quote/2308.TW"],"citable":"밸류체인 그래프 기준 Delta Electronics의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 38곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Delta Electronics is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 38 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"TWSE · AI 서버 전력·냉각 · 서버 전원 점유 ~50%","kicker_en":"TWSE · AI server power & cooling · ~50% of AI-server power","lead":"대만의 전력·열관리 1위. AI 서버 전원(최대 5,500W+ PSU)·DC-DC·CDU 액체냉각을 공급하며 AI 서버 전원 시장 점유 약 50%. 엔비디아 GTC에서 800VDC AI 팩토리 전력·냉각 아키텍처를 함께 선보였다. 2024년 AI 관련이 전체 매출의 23%. 버티브와 함께 전력·냉각 레이어의 핵심 축.","lead_en":"Taiwan’s leader in power and thermal management. It supplies AI-server power (5,500W+ PSUs), DC-DC and liquid-cooling CDUs, with ~50% of the AI-server power market. At NVIDIA GTC it co-presented an 800 VDC AI-factory power/cooling architecture. AI was 23% of 2024 revenue. With Vertiv, a core pillar of the power/cooling layer.","segments":{"fy":2025,"parts":[{"desc":"AI 서버 전원(최대 5,500W+ PSU) 세계 점유 ~50%. AI 서버 랙 출하에 직접 연동되는 성장축.","name":"AI 서버 전원(PSU)"},{"desc":"고발열 GPU 랙용 액체냉각 분배장치(CDU). 800VDC 아키텍처를 엔비디아와 공동 설계.","name":"액체냉각 CDU"},{"desc":"전력·열관리 수직통합의 기반이 되는 산업·EV 전장 부문.","name":"산업·전기차"}],"total":"NT$5,549억 ($175.3억, 2025, +31.8%, 역대 최대)","source":"Delta FY2025 실적","concentration":"AI 서버 전원·액체냉각 수요가 성장 견인 — 2025년 매출이 처음 NT$5,500억 돌파. 전원·열관리·자동화·전기차 포트폴리오."},"segments_en":{"fy":2025,"parts":[{"desc":"~50% global share of AI-server power (up to 5,500W+ PSUs); a growth axis tied directly to AI rack shipments.","name":"AI server power (PSU)"},{"desc":"Liquid-cooling distribution units (CDUs) for high-heat GPU racks; co-designs the 800 VDC architecture with NVIDIA.","name":"Liquid-cooling CDU"},{"desc":"The industrial/EV power-electronics base underpinning its vertically integrated power/thermal manufacturing.","name":"Industrial/EV"}],"total":"NT$554.9bn ($17.53B, 2025, +31.8%, record)","concentration":"~50% AI-server power; NVIDIA 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AI 서버 전원(PSU)에서 세계 ~50%를 쥐고, 고발열 블랙웰 랙이 액체냉각으로 넘어가며 CDU 수요를 함께 흡수한다 — 전원과 냉각을 한 벤더가 묶어 파는 구조가 진입장벽이다. 엔비디아와 800VDC AI 팩토리 전력·냉각 아키텍처를 공동 설계하고, 폭스콘 등 서버 ODM에 PSU·CDU를 대며 랙 레벨 표준의 앞단에 선다. AI가 2024년 매출의 23%에 불과해 믹스 전환 초입이라는 점이 성장 여지이자, 뒤집으면 아직 산업·EV 레거시 사이클에 절반 이상 노출돼 있다는 위험이다.","analysis_en":"The thesis is Delta's dual position in the AI rack's power and cooling bottleneck. It holds ~50% of the AI-server power (PSU) market, and as high-heat Blackwell racks move to liquid cooling it also absorbs CDU demand — bundling power and cooling from one vendor is the moat. It co-designs the 800 VDC AI-factory power/cooling architecture with NVIDIA and supplies PSUs and CDUs to server ODMs like Foxconn, sitting at the front of rack-level standards. AI was only 23% of 2024 revenue — early in the mix shift, which is both the growth runway and the risk that more than half of revenue is still tied to the industrial/EV legacy cycle.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":{"type":"amount","unit":"TWD","value":554885000000,"period":"Delta FY2025 매출(+31.8%)","qualifier":"company_scale"},"note":"엔비디아 AI 팩토리용 800VDC 전력·냉각 아키텍처를 공동 개발·공급. 차세대 랙 전력 표준의 공동 설계자 지위로, 단순 벤더가 아닌 레퍼런스 파트너다.","note_en":"Co-develops and supplies the 800 VDC power/cooling architecture for NVIDIA AI factories — a co-designer of the next-gen rack power standard, a reference partner rather than a mere vendor.","sources":[{"stance":"confirms","publisher":"투데이에너지","publisher_en":"Today Energy","kind":"news","lang":"ko","published_at":"2026-04-20","url":"https://www.todayenergy.kr/news/articleView.html?idxno=295300","title":"델타, 800VDC AI 팩토리 전력·열관리 통합 솔루션 공개","title_en":"Delta unveils 800VDC AI-factory power/thermal solution","excerpt":"엔비디아 AI 팩토리 800VDC 전력·냉각 아키텍처 공동개발·공급.","excerpt_en":"Co-develops/supplies 800VDC power and cooling for NVIDIA AI factories."},{"stance":"confirms","publisher":"PR Newswire","publisher_en":"PR Newswire","kind":"news","lang":"en","published_at":"2026-03-16","url":"https://www.prnewswire.com/news-releases/deltas-power-cooling-and-microgrid-solutions-showcased-at-nvidia-gtc-to-bolster-the-800-vdc-architecture-of-next-gen-ai-factories-302714372.html","title":"Delta, 엔비디아 GTC서 800VDC 전력·냉각 솔루션","title_en":"Delta power/cooling at NVIDIA GTC for 800VDC AI factories","excerpt":"엔비디아 AI 팩토리 800VDC 전력·냉각 아키텍처 공동개발·공급.","excerpt_en":"Co-develops/supplies 800VDC power and cooling for NVIDIA AI factories."}]},{"direction":"revenue","counterparty":"하이퍼스케일러·데이터센터 (전력·냉각)","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"TWD","value":554885000000,"period":"Delta FY2025 매출(+31.8%)","qualifier":"company_scale"},"note":"하이퍼스케일러·데이터센터에 전력·액체냉각·모듈형 인프라 공급(구축기간 60% 단축). AI 데이터센터 전력밀도 상승의 직접 수혜 채널.","note_en":"Supplies power, liquid cooling and modular infrastructure (cutting build time ~60%) to hyperscalers and data centers — a direct beneficiary channel of rising AI power density.","sources":[{"stance":"confirms","publisher":"투데이에너지","publisher_en":"Today Energy","kind":"news","lang":"ko","published_at":"2026-04-20","url":"https://www.todayenergy.kr/news/articleView.html?idxno=295300","title":"델타, 800VDC AI 팩토리 전력·열관리 통합 솔루션 공개","title_en":"Delta unveils 800VDC AI-factory power/thermal solution","excerpt":"구축기간 60% 단축 모듈형 인프라.","excerpt_en":"Modular infra cutting build time 60%."}]},{"direction":"revenue","counterparty":"Foxconn","counterparty_slug":"foxconn","confidence":"mid","metric":{"type":"amount","unit":"TWD","value":554885000000,"period":"Delta FY2025 매출(+31.8%)","qualifier":"company_scale"},"note":"서버 ODM 폭스콘에 AI 서버 전원(PSU)·CDU 공급. 완성 랙이 폭스콘을 거쳐도 전원·냉각 핵심부품은 델타에 의존하는 구조.","note_en":"Supplies AI-server PSUs and CDUs to server ODM Foxconn; even when racks ship through Foxconn, the power/cooling core parts depend on Delta.","sources":[{"stance":"confirms","publisher":"투데이에너지","publisher_en":"Today Energy","kind":"news","lang":"ko","published_at":"2026-04-20","url":"https://www.todayenergy.kr/news/articleView.html?idxno=295300","title":"델타, 800VDC AI 팩토리 전력·열관리 통합 솔루션 공개","title_en":"Delta unveils 800VDC AI-factory power/thermal solution","excerpt":"서버 ODM에 AI 서버 전원(PSU)·CDU 공급.","excerpt_en":"Supplies AI-server PSUs and CDUs to server ODMs."},{"stance":"confirms","publisher":"Delta/TWSE","publisher_en":"Delta/TWSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.deltaww.com/en-US/Investors","title":"Delta Electronics 회사·IR(TWSE)","title_en":"Delta Electronics company/IR (TWSE)","excerpt":"서버 ODM에 AI 서버 전원(PSU)·CDU 공급.","excerpt_en":"Supplies AI-server PSUs and CDUs to server ODMs."},{"stance":"confirms","publisher":"증권가(BigGo 인용)","publisher_en":"Analyst (via BigGo)","kind":"research","lang":"en","published_at":"2026-01-10","url":"https://finance.biggo.com/news/iCm6tpsBpPlmmn5l92N4","title":"델타 2025 매출 NT$5,549억 역대 최대(AI 서버 전원·액체냉각); 외국계 목표가 NT$1,288","title_en":"Delta 2025 record revenue NT$554.9bn (AI server power, liquid cooling); foreign broker target NT$1,288","excerpt":"델타 2025 매출 NT$5,549억(+31.8%, 역대 최대), AI 서버 전원·액체냉각 견인; 목표가 NT$1,288","excerpt_en":"Delta 2025 revenue NT$554.9bn (+31.8%, record) on AI server power and liquid cooling; target NT$1,288"}]},{"direction":"cost","counterparty":"제조·증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"amount","unit":"TWD","value":554885000000,"period":"Delta FY2025 매출(+31.8%)","qualifier":"company_scale"},"note":"전력·냉각 장비 제조·증설.","note_en":"Power/cooling manufacturing and capacity.","sources":[{"stance":"confirms","publisher":"Delta","publisher_en":"Delta","kind":"ir","lang":"en","published_at":"2026-01-01","url":"https://www.deltaww.com/en-US/index","title":"Delta Electronics 회사 개요","title_en":"Delta Electronics overview","excerpt":"전력·열관리 수직통합 제조.","excerpt_en":"Vertically integrated power/thermal manufacturing."}]},{"direction":"cost","counterparty":"전력반도체·부품 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"amount","unit":"TWD","value":554885000000,"period":"Delta FY2025 매출(+31.8%)","qualifier":"company_scale"},"note":"전력반도체·자성부품·제조.","note_en":"Power semis, magnetics and manufacturing.","sources":[{"stance":"confirms","publisher":"Delta/TWSE","publisher_en":"Delta/TWSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.deltaww.com/en-US/Investors","title":"Delta Electronics 회사·IR(TWSE)","title_en":"Delta Electronics company/IR (TWSE)","excerpt":"전력·열관리 부품 수직통합.","excerpt_en":"Vertically integrated power/thermal parts."}]}]}