At a glance. The missing Taiwan name on NVIDIA's power-component list. Data-center mix is 36%, Hi-Amp leads are the growth SKU, and when asked about 800 V HVDC management said the projects exist and stopped there.
What changed this quarter
Data center became the mix story. From 24% of 2024 sales to 36% in the first ten months of 2025, which is also why Q3 gross margin reached 30.1%.
Thailand is now the Hi-Amp plant. Utilisation 70–80%, still adding lines, with new land for another factory. 70–80% of high-current leads already ship from Thailand, mainly to the United States, on customers' out-of-China rules. An India plant is in the same plan.
Nine-month EPS had already matched a full year. NT$6.20 through Q3, against NT$6.41 for all of 2024.
The numbers
| 9M 2025 | Value | Change |
|---|---|---|
| Revenue | NT$7.48bn (~US$238m) | — |
| EPS | NT$6.20 (~US$0.20) | near FY 2024's NT$6.41 |
Q3 2025: revenue NT$2.53bn (~US$80m); gross margin 30.1%; net margin 16.4%; EPS NT$2.57. Q2 net margin had dropped to 6.6% on a TWD-up FX loss.
The 2024 dividend payout was 78%, inside a run of years above 60%.
No full-year 2025 or 2026 number was guided. Growth is described as a function of CSP capex.
NVIDIA 800V read-through
Lead Wealth is on NVIDIA's published 800 VDC ecosystem list, under power system components, with Delta, Lite-On and BizLink. That listing is the reason this note exists.
The call does not give a rack date. Two answers are the whole file:
- NVIDIA / GB300. Under NDA. "Proceeding very smoothly." No ship week.
- 800 V HVDC product line. "Related projects are underway." No customer, no current, no qualification calendar.
What is shipping is the Hi-Amp AC power cord, 30 A to 100 A, into AI-server racks and PDUs. That is the high-current mains lead, not yet the touch-safe 800 VDC connector NVIDIA's whitepaper draws, and not the liquid-cooled 1500 A cable. Inside-the-server DC signal cable is a stated weakness; the company is hunting a partner rather than tooling it itself.
"Bridge to chip" — more silicon, less copper inside the box — was waved off for the power-cord line. AI is described as a power hog: thicker leads, higher current, higher ASP. Any hit would be on internal wiring, which is the line Lead Wealth does not own.
CSP qualification is staged: some accounts in volume, some in sample, some still in talks. Data-center high-current connectors are not sole-sourced; the competitors named are other Taiwanese makers plus international houses. Chinese suppliers are out on security grounds. The main Hi-Amp rival is "another large domestic name"; Amphenol was described as weaker on price and delivery flexibility.
Segments that moved
Power-cord assemblies remain the company, fifty-plus years, approvals in 33 major countries covering 200-plus markets. Hi-Amp is the profit engine because it is custom and hard to copy quickly.
Connectors and internal cables are the shrinking piece. Duckheads and signal wires face more competition. Server-internal DC is the expansion they want via partnership.
Copper wire is more than 90% captive, used to keep development speed and flexibility.
EV — charging guns, harnesses, pile internals — is explicitly not the 2026 growth plan. China localisation leaves little room for a Taiwanese cord maker.
Consumer electronics was the reason November sales dipped: tariffs and inflation, not data center.
Guidance
None in figures. Capex is for line adds in Thailand, Guangxi and India. Near-term materials follow a 12-week rolling customer forecast; the new plants follow annual CSP plans and out-of-China policy.
Copper is a small cost share in Hi-Amp, so the mix shift is the hedge. FX remains the swing factor, as Q2 showed.
Management Q&A
Q: What is the NVIDIA progress, and when does GB300 supply start?
A: Because of NDAs, management would not give a date or a bill of materials. It would only say that everything is proceeding very smoothly.
Q: Are data-center high-power connectors sole-sourced, and will there be shortages?
A: First-tier customers will not use a single supplier, so there are always competitors. Lead Wealth's rivals are mainly other Taiwanese firms and international houses; CSPs will not take a mainland-Chinese supplier on security grounds. Share then depends on price, manufacturing flexibility and delivery — competitors exist, but not many in this niche, and no shortage call was made.
Q: How much does the copper-price rise hit profits versus October?
A: The effect is described as not large. Copper weighs more on traditional consumer power cords, where gross margin has been hit, but in high-current product copper is a small share of cost, and that mix keeps rising. LME copper has gone from about US$6,000–7,000 earlier this year to about US$10,000, yet gross margin has still been climbing.
Q: What is the CSP qualification progress?
A: Details were declined. All of the world's major CSPs are in some stage of work with Lead Wealth — some already in volume, some in sampling and qualification, some still in discussion.
Q: Has the company entered 800 V HVDC product?
A: Related programmes are underway. Customer names and progress details were not disclosed.
Q: When will the company start on internal server interconnect cable?
A: This is an area Lead Wealth has wanted to enter: it is strong in AC power cords and weaker in DC signal cable. It is actively looking for industry partners so it can move faster and offer customers a fuller mix; that is a multi-year goal.
Q: Will the automotive-electronics mix recover next year?
A: Management's personal view is not optimistic. Chinese EV makers now dominate that market and are unlikely to use a non-mainland supply chain, so the Taiwanese opportunity looks small, and EV is not being built into the growth case. Future growth is meant to come from data center.
Q: What is next year's revenue growth rate, and what is the capex estimate?
A: The company does not publish a financial forecast. Growth follows how fast CSP customers expand data-center capex. Capex is mainly for new lines and plants in Thailand, Guangxi and India.
Q: Why did November revenue fall?
A: The dip was in consumer electronics, on tariffs and inflation, especially after the US tariff increase. Month-to-month noise was described as within a normal error range — other large electronics names also dipped in November — while quarterly revenue was still well up.
Q: What is utilisation at the old and new Thailand plants, what share of 2026 sales will Thailand be, and is there another expansion?
A: Thailand utilisation is already about 70–80%, and lines are still being added: the existing site has gone from one plant to two, and new land has been bought for a greenfield factory now in design. About 70–80% of high-current power cord is already made in Thailand, mainly for the US; traditional cords are a lower Thailand share because customers push that shift less hard.
Q: How does the bridge-to-chip trend affect the company?
A: It does not affect power cords. Management read bridge-to-chip as more relevant to internal server wiring; AI power draw only rises, so cords get thicker, current goes up, and ASP goes up with it.
Q: Are Hi-Amp's main competitors Taiwanese or international names such as Amphenol?
A: The main competitor is one other large Taiwanese firm. Internationals such as Amphenol (and other traditional connector names) are weaker on price, production flexibility and delivery, so they are not the binding constraint.
Q: Does capacity follow customer orders, or does the company build ahead?
A: Near-term materials and line adds follow the customer's 12-week rolling forecast, which is the more accurate window. Multi-year plants — Thailand, India, and the out-of-China mix — follow customers' annual plans, future demand and policy, not only the next quarter's orders.
Disclaimer
English notes on Lead Wealth's investor conference of 11 December 2025, covering the first nine months and Q3 2025. Figures are as presented by management and have not been independently verified. USD equivalents are approximate at about NT$31.5 to the dollar. For reference only; not investment advice.