台达电分析师会后花旗维持买入，AI收入向上但二季度利润率低于预期

Delta Electronics (2308.TW): AI revenue continues in the upward trend
Delta hosted analyst meeting today. Despite 2Q26 GM/OPM below market expectations, the company remains constructive on AI infrastructure deployment. 2Q GM decline is mainly due to normalizing after one-off benefits in 1Q26; management believes ~35% GM is sustainable. Near-term risks are more related to component shortages, construction delays and product transitions rather than demand deterioration. Importantly, Delta continues to expand capacity globally, raises AI-related capex and invests more in RD, positioning itself to capture future AI power and infrastructure opportunities. Note that AI related revenue would contribute 25% for this year. We maintain Buy on the constructive outlook.
HVDC progresses gradually while Delta maintains technology leadership
Management reiterated that the transition toward HVDC remains on track but will be more gradual. Production of ±400V solutions will begin in 3Q26 and will be the mainstream architecture during the initial transition period. 800V adoption will ultimately depend on hyperscaler deployment decisions. Despite increasing competition from Chinese and international power suppliers, Delta believes its early customer engagement, engineering scale and ability to rapidly respond to evolving AI system architectures provide sustainable competitive advantages. Management also expects liquid-to-air cooling solutions to remain the dominant technology for longer than anticipated, with liquid-to-liquid cooling developing more gradually, supporting continued growth in both server power supplies and cooling solutions.
Aggressive capacity expansion reflects long-term constructive demand
Delta plans to invest NT$70 billion capex in 2026 and maintaining high level into next year across Thailand, Taiwan, China and the US. As the management stressed that capacity readiness takes 2-3 years, making current investment decisions is necessary to support expected demand well beyond existing customer orders.
Beyond AI servers, Delta sees rapidly expanding opportunities in energy infrastructure, microgrids, power distribution and system-level solutions that require significantly larger manufacturing footprints and different production capabilities. Note that Delta shortened depreciation period of all AI-related equipment from 5 years to 3 years beginning in April. Although these accounting changes may modestly pressure short-term earnings, management views them as prudent measures that strengthen long-term financial discipline while supporting continued investment in the next phase of AI and energy infrastructure growth.