Robust Demand for Servers and Liquid Cooling: Inventec Invests NT$2.3 Billion for Further Expansion in Thailand

Source：TPCA　Updated Time：2026/09/23

Inventec continues to expand its server production capacity. On September 22, its board of directors approved a plan to acquire manufacturing equipment and factory facility engineering, with a total budgeted amount of 2.438 billion Thai baht (approximately NT$2.324 billion). In addition to boosting upcoming server capacity, the investment is designed to meet the growing demand for liquid-cooling equipment, with operations expected to commence between the end of the first quarter and the beginning of the second quarter next year at the earliest.

This year, Inventec has incrementally expanded production capacity across its manufacturing bases in Taiwan, Thailand, the United States, and Mexico, pushing its full-year capital expenditure plan past NT$10 billion. The newly expanded capacity at home and abroad is scheduled to come online sequentially between late this year and next year. Institutional investors estimate that Inventec's total server capacity will achieve double-digit growth by the end of this year, followed by another double-digit expansion next year.

Inventec enjoys clear order visibility from its Cloud Service Provider (CSP) and hyperscaler clients. Shipping momentum in the second half of the year is expected to grow quarter-over-quarter, outperforming the first half. Although varying proportions of shipped product types will exert different impacts on the gross margin structure, the overall absolute value of gross margin is anticipated to maintain steady growth.

Institutional investors are optimistic as Inventec’s U.S.-based CSP clients have revised up their second-half shipment forecasts for general-purpose servers, driving quarter-over-quarter momentum. Additionally, shipments of proprietary ASIC project products for various CSP customers—mostly in L6 form factors—are expected to positively support the gross margin structure in the fourth quarter.

Regarding AI servers built on next-generation AI GPU platforms, Inventec will begin mass production and deliveries starting in the fourth quarter in line with chipmakers' shipment schedules and client pull-in plans, with volumes ramping up further in the first half of next year. Inventec remains optimistic about its overall server business outlook for the second half of the year, continuing its push toward a full-year growth target of over 30% year-over-year.

Inventec’s revenue and profits grew quarter-over-quarter in the first half of the year. Cumulative net profit after tax reached NT$6.323 billion—a year-over-year increase of 62.43%—setting a record high for the period and significantly surpassing its historical average annual profit, yielding an earnings per share (EPS) of NT$1.75. Cumulative consolidated revenue for the first eight months reached NT$643.626 billion, up over 40% year-over-year, also marking a record high for the same period. (Source: Economic Daily News)

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