·电子制造服务 ·内部研究
Inventec: An AI-Server Manufacturer Still Earning Assembly Margins
Inventec is a Taiwan ODM/EMS maker that has shifted from a notebook-led business to a server-led one, with servers above half of sales on the AI build-out. Q1 2026 revenue rose 28% to NT$200.3 billion, yet gross margin slipped to 5.1% and operating cash flow has converted only about 0.8x of net income over 2021-2025, so AI growth is still monetized through thin, working-capital-heavy assembly economics. Rating Hold: a better business than its old notebook-ODM image, but at NT$67.7 the stock already prices in much of the transition, with a wide margin of safety only opening in the low-to-mid NT$40s.
Hold