報告_BofA_欣興3037_20260831

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圖片清單（已驗證 2026-09-01）

原始內容

Unimicron

Additional thoughts on the investigation incident of 'products' origin'

Maintain Rating: BUY | PO: 1,400 TWD | Price: 1,110 TWD

Investigation more likely related to non-substrate side

Following our first take on the investigation incident (August 28), we lay out our further thoughts in this report. While the company does not disclose specifically which products or production sites are under investigation, supply chain checks indicate it is more likely to be related to the PCB (non-substrate), as the investigation may have taken place in the Hejiang plant (which focuses on PCB/HDI).

Concerns on high-end ABF substrate look overstated

Given that Unimicron ' s high-end ABF substrate capacity is all located in Taiwan, we believe the issue of ' mislabeling the products ' origin ' may not be associated with such business. Rather, it is more likely associated with the PCB/HDI business, since the firm operates the factories in both China and Taiwan for production (and there could be some workload sharing in between, which involves the export/import).

Fundamental impact minimal but share price likely to react

PCB/HDI accounts for only 15% of the firm ' s 2026 capex, and the business contributes no more than 10% of Unimicron ' s profits, based on our estimates. We thus expect no significant impact on the company ' s fundamental outlook, yet the share price may still react negatively on Monday, as the relevant issue (label of product origin) could be quite sensitive under the requirement/focus by US authorities and customers.

Positive stance remains backed by S/D in ABF substrate

On high-end ABF substrate, we do not think it makes sense for the firm to source from peers ' overseas capacity, given (1) Unimicron ' s relative strength in product quality; and (2) the ongoing industry-wide supply shortage. Maintain Buy given its position as a major supplier (20+% share) in high-end substrate market.

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Refer to important disclosures on page 6 to 8. Analyst Certification on page 3. Price

31 August 2026

Equity

Mike Yang >> Research Analyst Merrill Lynch (Taiwan) +886 2 2376 3729 mike.c.yang@bofa.com

Stock Data

PCB - printed circuit board

HDI - high-density interconnect

ABF - Ajinomoto build-up film

S/D - supply/demand

iQ profile SM Unimicron

Key Metrics

• For full definitions of iQ method SM measures, see page 5.

Company Sector

Electronics

Company Description

Unimicron (3037 TT) was founded in 1990 and listed on the Taiwan Stock Exchange in 1998. The firm manufactures a wide range of PCB and IC substrates for consumer electronics, industrial, and automotive. It is also the leading ABF supplier globally. The company merged with Phoenix Precision Technology (PPT, delisted) in 2009 and expanded its exposure in the IC substrate business. UMC is the biggest shareholder in Unimicron with a 13.3% stake.

Investment Rationale

We have a Buy rating on Unimicron in view of strong demand from AI accelerators (especially ASICs), which we expect to boost the utilization rate of the ABF substrate business from 2H26, in turn bolstering the company's margin profile and profitability going into 2027.

Stock Data

Price to Book Value

13.0x

Price objective basis & risk

Unimicron (UMCRF)

Our PO of NT$1,400 is based on 35x 2H27-1H28E, which is roughly 1 standard deviation above the historical average of 20x since 2017. In our view, the multiple is appropriate, as we expect Unimicron's earnings to be supported by its high-end technology offerings, where end market demand seems more resilient.

Upside risks are (1) tighter ABF supply, (2) greater PC and regular server demand, and (3) lower competition pressure.

Downside risks are (1) greater ABF expansion from peers, (2) lower ASP content increase at AI server, and (3) bigger drop in the demand of consumer electronic products.

Analyst Certification

I, Mike Yang, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject securities and issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or view expressed in this research report.

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APR - Technology Hardware Coverage Cluster

APR - Technology Hardware Coverage Cluster

APR - Technology Hardware Coverage Cluster

iQ method SM Measures Definitions

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database iQ

®

is our real-time global research database that is sourced directly from our equity analysts' earnings models and includes forecasted as well as historical data for income statements, balance sheets, and cash flow statements for companies covered by BofA Global Research.

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Disclosures

Important Disclosures

Unimicron (UMCRF) Price Chart

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Equity Investment Rating Distribution: Electronics Group (as of 30 Jun 2026)

Equity Investment Rating Distribution: Global Group (as of 30 Jun 2026)

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