2024年第三季度，安费诺实现销售额40.4亿美元，超出上季度指引37-38亿美元区间上限，同比增长26%，有机增长15%。当季调整后摊薄EPS达到0.5美元，超出上季度指引0.43-0.45美元区间上限，同比增长28%。公司在业绩后电话会中表示，与AI相关的任何产品其表现都非常强劲，销售给AI的产品占整体同比增长50%以上，环比增长亦基本相同。具体到订单环节来看，受益于IT数据通信市场的强劲增长，24Q3订单额达到40亿美元，同比增长39%，环比增长9%。展望未来，公司指引第四季度销售额将达到39.5-40.5亿美元之间，同比增长19%-22%，调整后EPS将达到0.48-0.5美元，同比增长17%-22%。2024年全年公司销售额将达到148.5-149.5亿美元，同比增长18%-19%，调整后EPS将达到1.82-1.84美元，同比增长21%-22%。In the third quarter of 2024, Amphenol achieved sales of USD 4.04 billion, exceeding the upper limit of the previous quarter's guidance range of USD 3.7-3.8 billion, with a year-on-year growth of 26% and organic growth of 15%.
Smart Financial APP learned that Huafu Securities released research reports stating that in the third quarter of 2024, Amphenol (APH.US) achieved sales of USD 4.04 billion, exceeding the upper limit of the previous quarter's guidance range of USD 3.7-3.8 billion. During the post-earnings call, the company mentioned that the performance of any AI-related products was very strong, with products sold to AI accounting for over 50% of the overall year-on-year growth, with a similar sequential growth rate. In addition, with the demand for approximately 4755 meters of 224GDAC copper cable for each GB200NVL72 server, against the backdrop of nearly USD 7 billion high-speed communication copper cable market opened by GB200, related products are expected to accelerate penetration in data center network interconnection applications. Faced with a broad market space, domestic related suppliers will benefit significantly.
Significant contribution of AI in sales growth drives Amphenol's 24Q3 performance beyond expectations.
In the third quarter of 2024, Amphenol achieved sales of USD 4.04 billion, which exceeded the upper limit of the guidance range of USD 3.7-3.8 billion from the previous quarter, with a year-on-year growth of 26% and organic growth of 15%. The quarter's adjusted diluted EPS reached USD 0.5, exceeding the upper limit of the previous quarter's range of USD 0.43-0.45, with a year-on-year growth of 28%. During the post-earnings call, the company mentioned that the performance of any AI-related products was very strong, with products sold to AI accounting for over 50% of the overall year-on-year growth, and the sequential growth being quite similar. Specifically in terms of orders, benefiting from the strong growth in IT data communication market, the 24Q3 order amount reached USD 4 billion, a year-on-year increase of 39% and a sequential increase of 9%. Looking ahead, the company guided that the fourth-quarter sales will range between USD 3.95-4.05 billion, with a year-on-year growth of 19%-22%, and the adjusted EPS will range between USD 0.48-0.5, with a year-on-year growth of 17%-22%. The full-year 2024 company's sales are expected to reach USD 14.85-14.95 billion, with a year-on-year growth of 18%-19%, and the adjusted EPS is projected to reach USD 1.82-1.84, with a year-on-year growth of 21%-22%.
The market space for GB200 high-speed copper cables is expected to reach USD 7 billion, greatly benefiting domestic suppliers.
Previously in our report "ScaleOut & ScaleUp Dual Discussion, Investment Opportunities in Data Center Hardware under Ethernet and Super Node", we calculated that the demand for 4755 meters of 224GDAC copper cable for each GB200NVL72 server, with reference to the price of Arista 800G passive direct attach copper cables provided by FS Fast, which was approximately 1195 Chinese Yuan, equivalent to USD 168. The 800GOSFP passive copper cable module consists of 8 pairs of 224G differential copper cables. Based on this, we calculated that the unit value of 224Gb differential copper cable, including connectors, other components, and 800G cable assembly gross margin, will reach USD 21 per meter. Correspondingly, the value of a single 224G differential copper cable of GB200NVL72 is approximately USD 0.1 million. Trendforce reported that Nvidia estimates the shipment volume of GB200AI servers to reach 0.06-0.07 million units, hence we calculate that the market space for GB200 high-speed communication cables can reach USD 6-7 billion.
As of now, Woer Heat-Shrinkable Materials has received demand for single-channel 224G high-speed communication line products, which are being delivered gradually, and 1.6T high-speed communication line products are also being sampled in cooperation with customers. Faced with broad market space, the company is fully prepared in production capacity, currently having nearly 300 winding machines, over 20 core-wire machines, and still having hundreds of winding machines and dozens of core-wire machines to be ordered. In addition, Shenyu Communication Technology Inc. has also made certain progress in high-speed data line products, with multiple product series successfully applied in big data storage, cloud data storage, and AI server data transmission fields. The company has cooperated with multiple clients, and some clients have entered mass production and supply status. Considering the backdrop of nearly USD 7 billion high-speed communication copper cable market opened by GB200, this product is expected to accelerate penetration in data center network interconnection applications, benefiting domestic related suppliers significantly.
Recommend paying attention to,
Shenzhen Woer Heat-shrinkable Material (002130.SZ), Shenyu Communication Technology Inc. (300592.SZ), Dongguan Dingtong Precision Metal Co.,Ltd. (688668.SH), Huafeng Technology (688629.SH).
Risk warning
AI application progress falling short of expectations, industry competition intensifying, global trade friction risks.
