Taiwan ODM/EMS Firms See 56% YoY Surge in September AI Server Revenue, First Nine Months Already Surpass Full-Year 2023
nashnova research
Six major Taiwan server ODMs posted combined September revenue of NT$2.18 trillion (~US$67.3 billion), up 55.9% YoY; nine-month cumulative revenue already exceeds the group's 2025 full-year total, locking in the growth story early.
How strong are the aggregate numbers?
Combined September revenue hit NT$2.18 trillion (~US$67.3 bn), up 55.9% YoY and 4.9% MoM.
Nine-month cumulative revenue reached NT$15.5 trillion, surpassing the NT$14.3 trillion the group booked in all of 2025.
This means → full-year growth is already secured; Q4 only determines how much extra upside there is.
Who is setting records?
Foxconn posted September revenue of NT$1.2 trillion, up 25.7% MoM and 38.4% YoY — the highest single month since at least January 2019 — accounting for 53.2% of the group total.
Wiwynn (緯穎) hit NT$172.6 billion, exactly double its year-ago figure, rising for a third consecutive month to a new all-time high.
In plain terms = Foxconn captured the largest-scale contract manufacturing orders, while Wiwynn rode the fastest-growing AI whole-server demand.
Why did Quanta and Wistron dip month-on-month?
Quanta reported September revenue of NT$325.3 billion, down 23.3% from August's NT$424 billion, which the company attributed to product-mix changes; YoY growth was still 76.7%, with nine-month cumulative growth of 99.4% — the highest in the group.
Wistron reported NT$380.8 billion, down 17.2% MoM but up 87.2% YoY; FactSet data show 19 analysts have raised their 2026 earnings estimates.
This means → the MoM pullbacks look like monthly rhythm shifts, not a trend break — the YoY near-doubling trajectory holds.
How did Inventec and Accton perform?
Inventec posted September revenue of NT$98.6 billion, up 18.5% MoM and 62.9% YoY, citing rising customer demand; its board recently approved equipment purchases for a Thai subsidiary.
Accton (智邦) reported NT$40.4 billion, up 66.1% YoY but down 1.2% MoM.
A U.S. brokerage noted that Accton's shift to a consignment model — goods sit in the customer's warehouse and revenue is booked only upon sale — may cap reported revenue growth but should improve gross margins.
What is the market watching next?
Full-year growth is essentially locked in; the focus now shifts to whether Q4 revenue can keep rising sequentially.
Foxconn flagged gross margin as a key challenge at its Q4 investor briefing, targeting a 40% share of ASIC custom products — chips designed to a specific customer's specifications — in its product mix.
Analysts' concern on Quanta: if gross margin stays below roughly 5% and earnings estimates keep falling, the revenue-without-profit risk grows.
This reflects a broader market pivot — from "how many AI servers shipped" to "how much profit each server actually earns."
市场有风险，内容仅供研究参考，不构成投资建议。