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原始內容
citivelocity.com
02 Jul 2026 10:16:59 ET │ 11 pages
Airtac (1590.TW)
Record 2Q26 Sales Suggest Earnings Upside
CITI'S TAKE
Airtac reported June-26 sales of NT$3.9bn +45% y/y (or Rmb 838mn +28% y/y) driven by continued strength across most end applications. Daily shipment of pneumatics rose 22% yoy but dropped 12% m/m to Rmb 34mn due to low seasonality. Mgmt highlighted sustained growth from battery (+50% y/y), machine tool (+45% y/y), auto (+30% y/y) and electronic (+25% y/y), while maintaining a positive view on industrial demand supported by China's manufacturing upgrade policies. 2Q26 sales of NT$12.2bn +36% y/y, topping our/BBG's estimates 11%, suggesting upsides risks to our/BBG earnings forecasts. While seasonal factors may weigh on sentiment over the coming months, we see little change to the company's intact share gains and strong earnings trajectory. We continue to expect operating leverage, favorable mix and share wins to drive robust earnings growth in 2H26E. Retain Buy.
Earnings Summary
| Year to 31Dec | Net Profit (NT$M) | DilutedEPS (NT$) | EPSgrowth (%) | P/E (x) | P/B (x) | ROE (%) | Yield (%) |
|---|---|---|---|---|---|---|---|
| 2024A | 7,624 | 38.12 | 9.4 | 36.5 | 5.8 | 16.8 | 1.5 |
| 2025A | 8,400 | 42 | 10.2 | 33.1 | 5.3 | 16.7 | 2.1 |
| 2026E | 11,060 | 55.3 | 31.7 | 25.1 | 5 | 20.3 | 2.7 |
| 2027E | 12,601 | 63 | 13.9 | 22.1 | 4.6 | 21.7 | 3.1 |
| 2028E | 14,152 | 70.76 | 12.3 | 19.6 | 4.3 | 22.7 | na |
Source: Powered by dataCentral
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
Prepared for Kevin Lu
Buy
Price (02 Jul 26 13:30)
NT$1,390.00
Target price
NT$1,750.00
Expected share price return
25.9%
Expected dividend yield
2.7%
Expected total return
28.6%
Market Cap
NT$278,000M US$8,776M
Angela Hsu AC
+886-2-8726-9083 angela.hc.hsu@citi.com
Figure 1. Airtac: Daily Kun Kate of Pneumatics by Month (Based on Our
Calculations)
Rmb mn
40
36
32
28
24
20
16
12
8
4
Prepared for Kevin Lu
2024/1
2024/2
2024/3
2024/4
2024/5
Figure 2. Airtac: Sales Growth by Industry in June- 2o (Direct Sales Unly)
60%
50%
40%
30%
20%
Figure 1. Airtac: Daily Run Rate of Pneumatics by Month (Based on Our Calculations)
equipment
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research
@ 2026 Citigroun Inc. No redistribution without Citioroun's written nermission.
10%
0%
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research
25%
50%
45%
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research
Prepared for Kevin Lu
Airtac
Valuation
We derive our target price of NT$1,750 for Airtac by using a P/E methodology, as we believe the margin and earnings growth outlooks will be the key drivers of the stock. We apply a P/E of 30x for 2Q26-1Q27E, which we derive from the mid range of prior upcycle valuation 25-35x during 2021 in view of a strong upcycle with solid FA demand and ongoing share gains.
Risks
Key downside risks that could impede the Airtac stock from reaching our target price include: 1) a softer-than-expected China macro economy, resulting in downside to our sales forecasts; 2) intensifying competition leading to gross margin pressures; and 3) slower-than-expected progress of its linear guide business, causing low utilization of capacity.
Airtac (1590.TW)
Analyst: Angela Hsu
If you are visually impaired and would like to speak to a Citi representative regarding the details of the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the US +1-210-677-3788
J FM AM J J
Rating
Target Price Closing Price
*1,000.00
856.00
1
*1,100.00
1 *1,350.00
Appendix A-1
Date
[2] 30-Apr-24 10:21:43
*1,350.00
1,160.00
[5 30-0ct-25 09:57:38