PDF 原檔：報告_MS_鴻海2317_科技日_20261102_original.pdf
圖片清單（已驗證 2026-11-03）
Step 2.5 眼見為憑索引，是 lib/ 嵌圖的唯一真相來源。
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
報告_MS_鴻海2317_科技日_20261102_001.png |
196KB | 真資料圖 | Foxconn 與 NVIDIA 標示的貨櫃式 NVIDIA DSX POD 實體展示照，櫃內可見多座機櫃與兩側電力／冷卻設備 |
報告_MS_鴻海2317_科技日_20261102_002.png |
217KB | 真資料圖 | 鴻海全球布局地圖：241 個園區與辦公據點、24 個國家／地區；美洲 56、歐洲 12、印度 13、北非 1、亞洲 159 處；圖示分智慧消費電子、雲端網通、運算產品、元件、電動車 |
報告_MS_鴻海2317_科技日_20261102_003.png |
50KB | 文字卡 | MS 揭露頁：鴻海股價與目標價歷史折線（2023-11 至 2026-11），目標價階梯 115→155→210→255→270→232→175→200→220→250→317→290→310 |
校正紀錄（2026-11-03）
PyMuPDF 重抽 PDF 文字層核對 OCR 缺字：Exhibit 1 標題『DSX OD』應為『DSX POD』、『Rac』應為『Rack』；Revenue 列『8,103.1／9,712.0／11,098.8／12,314.3』（OCR 黏連）；多處 A／k／w 等字母遺失屬 OCR 缺字，以 PDF 文字層為準。
原始內容
M Update November 2, 2026 06:52 AM GMT
Hon Hai Precision | Asia Pacific
Hon Hai Technology Day 2026 (HHTD 2026)
Key Takeaways
- DSX OD could increase ODMs' value added by expanding their role in factory integration and testing, even when components are sourced externally.
- We believe Hon Hai could gain share for Vera Rubin racks in 2027, supported by increased capacity and automation, as we highlighted here.
- Hon Hai said it can supply up to 50% of an AI rack's non-semiconductor component value, helping differentiate it from other ODMs.
- Hon Hai said its diversified manufacturing footprint supports customers' regional requirements and helps win business.
DSX POD accelerates AI infrastructure deployment: Unveiled at GTC Berlin and displayed at HHTD26, NVIDIA's DSX OD packages 7x VR200 NVL72 racks, 3x Spectrum-6 S X racks, up to ~25 exaFLO S of NVF 4 performance, and over 10M components per container (Exhibit 1). Hon Hai said factory integration can shorten deployment at prepared sites from six months to as little as 14 days, with initial deliveries expected in early 2027.
Rac capacity and automation support Rubin ramp: HH has doubled AI rack assembly capacity over the past year to ~2K racks/week. It said its cableless Vera Rubin compute-tray design cuts assembly time from over two hours to ~20 minutes, with a further target of five minutes. Greater automation should improve throughput and consistency while reducing labor intensity, according to HH management, supporting the Rubin ramp.
Three new EV models expand the CDMS portfolio: HH unveiled a MODEL A+, a premium B-segment SUV; MODEL K+, an affordable lifestyle SUV for younger buyers; and MODEL K, a compact truck targeting Japan's kei segment and last-mile logistics. The launches expand its EV reference portfolio to 12, broadening its contract design and manufacturing service offering across passenger and commercial vehicles.
Exhibit 1: Nvidia DSX POD
Source: Hon Hai.
Morgan Stanley Ta wan L m ted+
Howard Kao
Equity Analyst
+886 2 2730-2989
Irene Yen
Equity Analyst Irene.Yen@morganstanley.com
Morgan Stanley As a L m ted+
Andy Meng, CFA
Equity Analyst
+886 2 2730-2869
+852 2239-7689
Morgan Stanley appreciates your support in the 2027 Extel Asia Research Survey. Voting opens 10 Novem er 2026.
Hon Hai Precision (2317.TW, 2317 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry iew | In-Line |
| Price target | NT$310.00 |
| Up/downside to price target (%) | 24 |
| S r price, close (Nov 2, 2026) | NT$251.00 |
| 52-Week Range | NT$314.00-187.50 |
| S out, dil, curr (mn) | 13,863 |
| Mkt cap, curr (mn) | NT$3,479,611 |
| EV, curr (mn) | NT$3,100,323 |
| Avg daily trading value (mn) | NT$14,742 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 13.61 | 16.38 | 19.90 | 23.03 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 14.77 | 18.71 | 23.64 | 28.05 |
| Revenue, net (NT$ bn) | 8,103.1 | 9,712.011,098.812,314.3 | ||
| EBITDA (NT$ bn) | 357.0 | 463.8 | 555.5 | 650.1 |
| ModelWare net inc (NT | 189.4 | 229.7 | 279.0 | 322.9 |
| $ bn) | ||||
| P/E | 16.9 | 15.3 | 12.6 | 10.9 |
| P/BV | 1.6 | 1.7 | 1.6 | 1.5 |
| RNOA (%) | 13.6 | 16.5 | 16.7 | 17.5 |
| ROE (%) | 10.2 | 11.7 | 13.3 | 14.4 |
| EV/EBITDA | 7.9 | 7.0 | 6.0 | 5.2 |
| Div yld (%) | 3.1 | 3.8 | 4.7 | 5.4 |
Unless ot erwise noted, all metrics are based on Morgan Stanley ModelWare framework
- ** = Based on consensus met odology
- § = Consensus data is provided by Refinitiv Estimates
- e = Morgan Stanley Researc estimates
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
M Update
Exhibit 2: Hon Hai's Global Footprint
Source: Hon Hai.
M Update
Valuation Methodology and Risks
Hon Hai Precision (2317.TW)
Base case scenario value, derived from a residual income valuation model. Our key assumptions include a cost of equity of 8.5%, a medium-term growth rate of 13%, and a terminal growth rate of 3%.
Risks to Upside
- n Better-than-expected i hone sell-through
- n Faster progress in AI server business
- n Faster EV business development progress
- n Any new M&A activity that could improve sentiment
Risks to Downside
- n Lower i hone sell-through
- n Smaller profit contribution from AI business
- n Slower EV business development progress
- n Geopolitical developments that could negatively affect foreign investment
M Update