· 供应链分析
涉及标的： $Shunsin$Foxconn$NVDA$FN$ASX
Shunsin（6451）。鸿海的光学封装/组装业务。 此前作为 OSAT 的毛利率只有 15-16%，但 CPO/1.6T 可能做到 30-35%，这会把整体利润率拉上去。 因为他们在 $NVDA 的 CPO 供应链里做更难的 FAU 光学对准。 和 $FN 或 $ASX 这些市值动辄几十亿美元的公司比呢？ 这家公司现在才 14 亿美元市值，我个人推演的 2028 年 forward P/E 可能会从很低的水平压缩到个位数，因为鸿海会把订单转给它。 鸿海体量巨大，而且还能帮这家公司去风险。 我对它很有信心，觉得很快就会翻倍。 只是我认为几乎没人知道这家公司。
Shunsin (6451). Foxconn’s optical packaging/assembly arm. Previously 15-16% gross margins as OSAT but CPO/1.6T could be 30-35%, which brings blended up. Since they’re doing harder FAU optical alignment in $NVDA CPO supply chains. Compared to $FN or $ASX that trades in the tens of billions? This trades at… $1.4B MC with, fwd 2028 p/e likely compresses to single digits from personal projections, as Foxconn passes orders to them. Foxconn is massive. And de-risks this company. Pretty high conviction this ends up doubling soon. Just nobody knows about this company imo.