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Semichem","tier":3,"returns_yearly":{"2021":28.1,"2022":-13.7,"2023":16.1,"2024":-42.8,"2025":160.1,"2026":-15.8}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"unitest","name":"유니테스트","name_en":"Uni Test","tier":3,"returns_yearly":{"2021":23.4,"2022":-57.8,"2023":11.3,"2024":-1.6,"2025":6.8,"2026":-24.8}},{"slug":"oracle","name":"Oracle","name_en":"Oracle","tier":3,"returns_yearly":{"2021":36.9,"2022":-4.6,"2023":30.9,"2024":60,"2025":18.1,"2026":-27.4}},{"slug":"enf-technology","name":"이엔에프테크놀로지","name_en":"ENF Technology","tier":3,"returns_yearly":{"2021":-32.9,"2022":-23.6,"2023":1.3,"2024":-16.1,"2025":204.6,"2026":-28.4}},{"slug":"leeno","name":"리노공업","name_en":"Leeno Industrial","tier":3,"returns_yearly":{"2021":21,"2022":-5.3,"2023":18.3,"2024":9.5,"2025":150.1,"2026":-30.3}},{"slug":"sfa-semicon","name":"SFA반도체","name_en":"SFA Semicon","tier":3,"returns_yearly":{"2021":-5.8,"2022":-34.1,"2023":48.7,"2024":-48.7,"2025":139.8,"2026":-31.8}},{"slug":"soulbrain","name":"솔브레인","name_en":"Soulbrain","tier":3,"returns_yearly":{"2021":-8.2,"2022":-3.9,"2023":16.6,"2024":-37.6,"2025":192.8,"2026":-35.9}},{"slug":"sns-tech","name":"에스앤에스텍","name_en":"S&S Tech","tier":3,"returns_yearly":{"2021":-17.3,"2022":-5,"2023":45.8,"2024":-31.2,"2025":210.8,"2026":-47.5}},{"slug":"hanwha-semitech","name":"한화세미텍","name_en":"Hanwha Semitech","tier":3,"returns_yearly":null},{"slug":"hitachi-hightech","name":"히타치 하이테크","name_en":"Hitachi High-Tech","tier":3,"returns_yearly":null},{"slug":"sk-siltron","name":"SK실트론","name_en":"SK Siltron","tier":3,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"cerebras","name":"Cerebras","name_en":"Cerebras Systems","tier":3,"returns_yearly":null}],"analysis":"투자 논점은 엔비디아 블랙웰 랙 물량에 올라탄 ODM 레버리지와 그 마진의 얇음이다. GB200·GB300 랙 출하의 ~21%를 맡아 2024년 처음 매출 1조 대만달러를 넘었고, 2025년 서버가 매출의 ~70%로 대부분 AI 서버다 — 성장은 엔비디아 GPU 할당과 하이퍼스케일러 발주에 직접 종속된다. 비용단에서는 핵심 부품인 블랙웰 GPU를 조달·탑재하는데 GPU 공급부족이 곧 생산 병목이고, 고발열로 냉각이 공랭에서 수랭으로 넘어가며 기판·전원·액체냉각 부품 조달 구성이 바뀐다. 관전 포인트는 GB200→GB300 전환기에도 양쪽 수요가 유지되는지와 텍사스 현지생산이 관세·리쇼어링 수요를 얼마나 흡수하는지이며, ODM 특성상 물량은 커도 부가가치율이 얇아 GPU 배분과 가동률이 실적을 가른다.","analysis_en":"The thesis is ODM leverage on NVIDIA Blackwell rack volume — and how thin the margin is. It builds ~21% of GB200/GB300 rack shipments, topped NT$1tn in revenue for the first time in 2024, and servers were ~70% of 2025 revenue, mostly AI — so growth depends directly on NVIDIA's GPU allocation and hyperscaler orders. On the cost side it procures and integrates the core Blackwell GPUs, where GPU shortage is itself the production bottleneck, and high heat is shifting cooling from air to liquid, changing the mix of boards, power and liquid-cooling parts. Watch whether demand holds across the GB200→GB300 transition and how much Texas local production absorbs tariff/reshoring demand; as an ODM, volume is large but value-add is thin, so GPU allocation and utilization decide the results.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"NVIDIA (GB200·GB300 AI 서버 랙)","counterparty_slug":"nvidia","confidence":"high","metric":{"fy":2025,"type":"odm_share","unit":"%","value":21,"period":"2025","basis_en":"Share of NVIDIA GB200/GB300 rack-server ODM shipments","qualifier":"approx","ai_mix_pct":70,"revenue_ntd_tn":2.19,"revenue_yoy_pct":108},"note":"엔비디아 블랙웰 랙 서버 주요 ODM. GB200·GB300 랙 출하 점유율 약 21%(2025). 대만·미국(텍사스) 양산.","note_en":"Leading ODM for NVIDIA Blackwell rack servers; ~21% share of GB200/GB300 rack shipments (2025); production in Taiwan and Texas.","sources":[{"stance":"mentions","publisher":"BigGo","publisher_en":"BigGo","kind":"analysis","lang":"en","published_at":"2026-03-13","url":"https://finance.biggo.com/news/TW_3231.TW_2026-03-13","title":"Wistron FY2025 Q4 실적분석 — AI 제품 70%, 2026 고두자릿수 성장 전망","title_en":"Wistron FY2025 Q4 earnings analysis — AI mix 70%, high-double-digit 2026 growth guided","excerpt":"AI 제품 매출 비중 70%·2026 고두자릿수 성장 전망.","excerpt_en":"AI products at 70% of revenue, high-double-digit growth guided for 2026."},{"stance":"confirms","publisher":"BigGo/TWSE","publisher_en":"BigGo / TWSE","kind":"filing","lang":"en","published_at":"2026-01-10","url":"https://finance.biggo.com/news/7ycRxpsBkEVefAXeqof7","title":"Wistron 2025 매출 NT$2.19조(첫 2조 돌파, +108%), AI ~70%","title_en":"Wistron 2025 revenue NT$2.19tn (first over NT$2tn, +108%), AI ~70%","excerpt":"Wistron 2025 연결매출 NT$2조1,865억(+108%, 첫 2조 돌파)·순이익 사상 최고. AI 제품이 매출의 ~70%(엔비디아 GB200·GB300 블랙웰 랙 ODM ~21% 점유). 2026 고두자릿수 성장 전망.","excerpt_en":"Wistron 2025 consolidated revenue NT$2,186.5bn (+108%, first over NT$2tn), record net profit. AI products ~70% of revenue (NVIDIA GB200/GB300 Blackwell rack ODM ~21% share). High-double-digit growth guided for 2026."},{"stance":"confirms","publisher":"Taipei Times","publisher_en":"Taipei Times","kind":"news","lang":"en","published_at":"2025-10-09","url":"https://www.taipeitimes.com/News/biz/archives/2025/10/09/2003845145","title":"위스트론 9월 매출 109.94% 급증","title_en":"Wistron reports 109.94% revenue surge","excerpt":"2025년 서버가 위스트론 매출의 약 70%를 차지했고 대부분이 AI 서버였다.","excerpt_en":"Server sales accounted for about 70 percent of Wistron's total revenue, with most of it from AI servers."},{"stance":"confirms","publisher":"위스트론 (Wistron Corporation)","publisher_en":"Wistron Corporation","kind":"filing","lang":"en","published_at":"2025-05-31","url":"https://www.wistron.com/file/4c366b1d-d021-44cc-98a6-4664a7fac86b/2024_WistronAnnualReport_EN.pdf","title":"위스트론 2024 연차보고서(영문)","title_en":"Wistron Corporation 2024 Annual Report","excerpt":"AI 서버와 범용 서버가 큰 폭으로 성장했고, PC(노트북·데스크톱) 매출도 크게 늘었다.","excerpt_en":"AI servers and general-purpose servers experienced significant growth, while PCs (both laptops and desktops) also saw substantial increases in revenue."},{"stance":"confirms","publisher":"Tom's Hardware","publisher_en":"Tom's Hardware","kind":"news","lang":"en","published_at":"2025-05-01","url":"https://www.tomshardware.com/tech-industry/artificial-intelligence/nvidia-gb200-production-ramps-up-after-suppliers-tackle-ai-server-overheating-and-liquid-cooling-leaks","title":"엔비디아 GB200 양산 램프업 (ODM 위스트론 등)","title_en":"NVIDIA GB200 production ramps up (ODMs incl. Wistron)","excerpt":"Wistron accounts for about 21% of GB200 and GB300 rack server shipments in 2025.","excerpt_en":"Wistron ~21% of GB200/GB300 rack shipments."},{"stance":"confirms","publisher":"Tom's Hardware","publisher_en":"Tom's Hardware","kind":"news","lang":"en","published_at":"2025-05-01","url":"https://www.tomshardware.com/tech-industry/artificial-intelligence/nvidia-gb200-server-odm-share-2025","title":"엔비디아 GB200 서버 ODM 점유율","title_en":"NVIDIA GB200 rack server ODM share","excerpt":"위스트론은 2025년 GB200·GB300 랙 서버 ODM 출하의 약 21%를 차지한다.","excerpt_en":"Wistron accounts for about 21% of GB200 and GB300 rack-server ODM shipments in 2025."},{"stance":"confirms","publisher":"뉴시스","publisher_en":"Newsis","kind":"news","lang":"ko","published_at":"2025-04-04","url":"https://www.newsis.com/view/NISX20250404_0003126894","title":"대만 EMS 위스트론, 미국서 AI 서버 생산…750억원 투자","title_en":"Taiwan EMS Wistron to build AI servers in the US, ~US$50M investment","excerpt":"위스트론이 미국에 자회사를 세우고 부지·공장을 매수해 AI 서버를 위탁생산, 엔비디아 등에 공급한다(최대 5천만 달러 투자).","excerpt_en":"Wistron will set up a US subsidiary and buy land and a plant to contract-manufacture AI servers for NVIDIA, investing up to US$50 million."}]},{"direction":"revenue","counterparty":"PC·서버 브랜드·CSP 고객 (Dell·HP·Lenovo 등)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"type":"production_share","unit":"%","value":20,"period":"2024","basis_en":"Wistron share of Taiwan server production","qualifier":"approx","ai_mix_pct":70,"revenue_ntd_tn":2.19,"revenue_yoy_pct":108},"note":"노트북·데스크톱·범용 서버 ODM. 2024년 대만 서버 생산의 약 20%, 노트북 약 16%를 위스트론이 담당.","note_en":"ODM for notebooks, desktops and general-purpose servers; produced ~20% of Taiwan's servers and ~16% of notebooks in 2024.","sources":[{"stance":"mentions","publisher":"BigGo","publisher_en":"BigGo","kind":"analysis","lang":"en","published_at":"2026-03-13","url":"https://finance.biggo.com/news/TW_3231.TW_2026-03-13","title":"Wistron FY2025 Q4 실적분석 — AI 제품 70%, 2026 고두자릿수 성장 전망","title_en":"Wistron FY2025 Q4 earnings analysis — AI mix 70%, high-double-digit 2026 growth guided","excerpt":"AI 제품 매출 비중 70%·2026 고두자릿수 성장 전망.","excerpt_en":"AI products at 70% of revenue, high-double-digit growth guided for 2026."},{"stance":"confirms","publisher":"BigGo/TWSE","publisher_en":"BigGo / TWSE","kind":"filing","lang":"en","published_at":"2026-01-10","url":"https://finance.biggo.com/news/7ycRxpsBkEVefAXeqof7","title":"Wistron 2025 매출 NT$2.19조(첫 2조 돌파, +108%), AI ~70%","title_en":"Wistron 2025 revenue NT$2.19tn (first over NT$2tn, +108%), AI ~70%","excerpt":"Wistron 2025 연결매출 NT$2조1,865억(+108%, 첫 2조 돌파)·순이익 사상 최고. AI 제품이 매출의 ~70%(엔비디아 GB200·GB300 블랙웰 랙 ODM ~21% 점유). 2026 고두자릿수 성장 전망.","excerpt_en":"Wistron 2025 consolidated revenue NT$2,186.5bn (+108%, first over NT$2tn), record net profit. AI products ~70% of revenue (NVIDIA GB200/GB300 Blackwell rack ODM ~21% share). High-double-digit growth guided for 2026."},{"stance":"confirms","publisher":"위스트론 (Wistron Corporation)","publisher_en":"Wistron Corporation","kind":"filing","lang":"en","published_at":"2025-05-31","url":"https://www.wistron.com/file/4c366b1d-d021-44cc-98a6-4664a7fac86b/2024_WistronAnnualReport_EN.pdf","title":"위스트론 2024 연차보고서(영문)","title_en":"Wistron Corporation 2024 Annual Report","excerpt":"2024년 대만은 서버 1,128.7만 대를 생산했고 그중 약 20%를 위스트론이 생산했다(노트북 약 16%, 데스크톱 약 24%).","excerpt_en":"Taiwan produced 127,121K notebook computers, 37,166K desktop computers and 11,287K servers in 2024, of which about 16%, 24%, and 20% were produced by our company respectively."}]},{"direction":"cost","counterparty":"NVIDIA (블랙웰 GPU)","counterparty_slug":"nvidia","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"AI 서버의 핵심 부품인 엔비디아 블랙웰 GPU(GB200·GB300)를 조달·탑재. 금액 미공시.","note_en":"Procures/integrates NVIDIA Blackwell GPUs (GB200/GB300), the core server component; value not disclosed.","sources":[{"stance":"confirms","publisher":"Taipei Times","publisher_en":"Taipei Times","kind":"news","lang":"en","published_at":"2025-10-09","url":"https://www.taipeitimes.com/News/biz/archives/2025/10/09/2003845145","title":"위스트론 9월 매출 109.94% 급증","title_en":"Wistron reports 109.94% revenue surge","excerpt":"엔비디아 GB200에서 GB300 칩으로의 제품 전환기에도 두 모델 모두 수요가 높았다.","excerpt_en":"While the company was in a product transition between servers powered by Nvidia Corp's GB200 and GB300 chips, demand was high for both models."},{"stance":"confirms","publisher":"위스트론 (Wistron Corporation)","publisher_en":"Wistron Corporation","kind":"filing","lang":"en","published_at":"2025-05-31","url":"https://www.wistron.com/file/4c366b1d-d021-44cc-98a6-4664a7fac86b/2024_WistronAnnualReport_EN.pdf","title":"위스트론 2024 연차보고서(영문)","title_en":"Wistron Corporation 2024 Annual Report","excerpt":"생성형 AI 붐으로 서버의 핵심 부품인 GPU가 심각한 공급 부족을 겪었다.","excerpt_en":"The explosive growth of the generative AI market led to a severe shortage of GPUs, a key component in servers."}]},{"direction":"cost","counterparty":"기판·전원·냉각 부품 협력사","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"고성능 AI 서버용 기판·전원장치·액체냉각 부품 조달. 발열 증가로 공랭에서 수랭으로 전환. 금액 미공시.","note_en":"Procures boards, power and liquid-cooling components for high-performance AI servers; heat is shifting cooling from air to liquid; value not disclosed.","sources":[{"stance":"confirms","publisher":"위스트론 (Wistron Corporation)","publisher_en":"Wistron Corporation","kind":"filing","lang":"en","published_at":"2025-05-31","url":"https://www.wistron.com/file/4c366b1d-d021-44cc-98a6-4664a7fac86b/2024_WistronAnnualReport_EN.pdf","title":"위스트론 2024 연차보고서(영문)","title_en":"Wistron Corporation 2024 Annual Report","excerpt":"고성능 AI 서버의 심한 발열이 냉각 기술을 공랭에서 수랭으로 전환시키고 있다.","excerpt_en":"the significant heat generated by high-performance AI servers is pushing cooling technologies to shift from air to liquid cooling."}]}]}