北京时间 2026-06-20 11:52:23 · 供应链分析

分析多只AI供应链股票的NAV折价、控股结构及增长潜力，偏好独立增长标的。

中文翻译

个人笔记如下： 1. Priortech 持有 $CAMT 21% 的股份，市值约为其 1.35 倍，看起来更像是一家控股公司。 2. Bit Digital 的人一直在喊单，但 $WYFI 的净资产值(NAV)折价并不纯粹，存在大量稀释且并非 AI 母公司。 3. 纬创(3231)是我自 $SIVE 以来见过的最佳标的，加上 Ayar 和纬颖(Wiwynn)是我最喜欢的“三剑客”。市值约 162 亿美元，第一季度收入增长惊人，同比增长 144%。持有纬颖 35.46% 的股份，约为其市值的 0.66 倍。我预计纬颖将继续增长。 4. 中美硅科技(5483)持有全球晶圆(6488) 46.64% 的股份。市值 35 亿美元，持股价值约 79 亿美元，但独立增长并不快，尽管其交易价格大幅低于净资产值(NAV)。 5. 一真控股(Iljin Holdings)持有一真电气(Iljin Electric) 42.99% 的股份，市值约 2.2 亿美元，而净资产值(NAV)持股约 11.3 亿美元。这与变压器/电缆直流相关。但我不确定是否相信韩国股票能实现 NAV 解锁，可能更适合激进投资者(Activist Investors)。 6. Simmtech Holdings 市值约 1.7 亿美元，而母公司约 10 亿美元，看起来也很离谱。即 6 倍以上的 NAV。这是 PCB 基板相关的名字。同样，另一个可能不信任韩国治理类型的名字。我认为 $ACMR 和沪硅产业(WUS) 很快都会有 H 股子公司上市，且这两者拥有最大的 NAV 折价和独立增长能力。此外，有一位非常成功的激进投资者正在针对沪硅产业，所以我预计那里会达成某种中间立场。所以也许周一我会在此基础上增加这些股票的持仓集中度，我们拭目以待。纬创独立增长非常快。我仍在进行研究，通常这些是“淋浴时的想法”，因为我尚未正式得出结论，但觉得其他人可能感兴趣。

英文原文

In terms of personal notes: 1. Priortech owns 21% of $CAMT , ~1.35x their MC, seems more like holding co. 2. Bit Digital people kept shouting, but NAV discount is not clean $WYFI , lot of dilution + not AI parent. 3. Wistron (3231) is the best one I've seen since $SIVE + Ayar + Wiwynn are one of my favorite trio. ~$16.2B MC, Q1 revenue up a ridiculous amount with 144% Y/Y growth. Owns 35.46% of Wiwynn, which is ~0.66x of MC. I'd expect Wiwynn to keep on growing. 4. Sin-American Silicon 5483 does own 46.64% of GlobalWafers (6488). MC is $3.5B, stake value is ~$7.9B, but not exactly growing too fast independently, though it's heavily trading heavily discount to NAV. 5. Iljin Holdings owns 42.99% of Iljin Electric, it's ~$0.22B MC vs. ~$1.13B NAV holding. This was transformer/cable DC related. But again idk if I trust korean stocks for NAV unlock, probably better for activist investors. 6. Simmtech Holdings was ~$0.17B MC vs. ~$1.0B of parent, which also looks ridiculous. So 6x+ NAV. PCB substrate related name. Also another prob don't trust korean governance type name. I think both $ACMR and WUS have H-Share subsidiary listing soon, and those were the biggest NAV discounts with independent growth. Then you have a highly successful activist going after WUS so I'd expect some middle ground there. So maybe I'll put more concentration into those on top of what I already own Monday, we'll see. And Wistron was growing very fast independently. I'm still doing research, normally this goes in shower thoughts since I haven't formally made a conclusion, but thought others might be interested.

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