260602_gs_HH

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Hon Hai (2317.TW): Computex 2026: AI servers platform capabilities showcased; New AI infrastructure projects in Europe; Buy (on CL)

We visited the Hon Hai booth at Computex on June 2, where the company showcased its AI servers and high-speed interconnect solution in various architecture, optical products (e.g. ELSFP for CPO switch, 1.6T optical modules), Space data center solution, and AI models/ Agents system. The company demonstrated its comprehensive product o ff erings, manufacturing, and system integration capabilities for AI infrastructure, and also highlighted its AI server deployment through local partnerships (for example, new AI data center projects in Europe). We remain positive on Hon Hai, given its strong R&D capabilities, global supply chain with scale advantages, and migration to the full AI ecosystem integration. Maintain Buy (on CL).

Key takeaways

1. AI server and high-speed interconnect solution: Hon Hai showcased its AI servers and interconnect solution in various architecture, including Vera Rubin NVL72 rack-level AI servers, HGX Rubin NVL8 AI severs, Groq 3 LPX AI servers, and the Spectrum-X SN6600 Ethernet switch, demonstrating the company's manufacturing and system integration capabilities. Management is positive on the AI servers ramp up on the growing Gen-AI penetration and rising AI inferencing demand. Besides the full system, the company also demonstrated the AI server components including thermal components (3D VC, manifold), optical components (ELSFP, optical modules) etc., re fl ecting its vertical integration.
2. AI Infrastructure solution in Europe: Hon Hai announced a strategic partnership with leading AI computing supplier Bull to build the AI and Cloud infrastructure from Europe to the global market. The AI deployment in France is expected to cost over EUR 120m initially. We are positive on company's global manufacturing scale and supply chain capabilities to support Sovereign AI projects. Meanwhile, Hon Hai has also partnered with Radiall and Thales on a plan to produce 'made in Europe' components with large scale (Link).

Allen Chang

+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.

Verena Jeng

+852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C.

Ting Song

+852-2978-6466 | ting.song@gs.com Goldman Sachs (Asia) L.L.C.

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Al Factor

MANNER

H Foxconn

Exhibit 1: Hon Hai AI server solution in various architecture

Source: Company data

Exhibit 3: Hon Hai rack-level cooling solution

Source: Company data

Exhibit 5: Hon Hai Embodied AI and Humanoid Robots

Source: Company data

lot Al laclories with AMb platiorm

Silicon Photonics

CPO ELSFP & Optical Transceiver

Engrasys components

AMDEI

Exhibit 2: Hon Hai showcased SiPh and CPO optical components MISSSX Series CPUs

Source: Company data

Exhibit 4: The company demonstrated its collaboration with AMD platform

Source: Company data

Exhibit 6: In-house Omniverse Digital Twins and MoMClaw for AI factories

Source: Company data

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Price Target Risks and Methodology - Hon Hai

Valuation methodology: We are Buy rated on Hon Hai. Our 12-month target price of NT$400 is based on a 21.0x 2026E P/E multiple, which is set in line with peers' PEG&M ratio (i.e. P/E vs. forward year earnings growth and OPM).

Key risks: (1) Slower-than-expected ramp-up of AI servers business; (2) weaker-than-expected EV total solution performance across EV assembly, design, software and semis; (3) slower-than-expected ramp-up of capacity globally; and (4) fi ercer-than-expected competition in consumer electronics EMS business.

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 2 Jun 2026 close.

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圖片清單（已驗證 2026-07-02）

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