PDF 原檔：報告_CLSA永豐_2059川湖_20260720_original.pdf
來源說明
檔名標 CLSA，實際為 CLSA 研究平台上的永豐金證券（SinoPac）報告，分析師 Kevin SW Chen；財務表格以「26SP/27SP/28SP」標示永豐預估。此為 13 頁完整報告的 preview 頁擷取。
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27KB | 真資料圖 | King Slide 股價（NT$，Jul-24～Jul-26）與相對大盤（Rel to Wtd）走勢，末端衝至 8,000 以上／相對指數 400% |
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原始內容
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Kevin SW Chen, SinoPac
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SECTOR
Technology
MARKET
Taiwan
KEY COMPANIES
King Slide (2059 TT)
12M px tgt NT$10,000.00 +/-% potential +29%
Stock performance (%)
Price chart and Financials table as at publication date.
| 1M | 3M | 12M | |
|---|---|---|---|
| Absolute12.9 | Absolute12.9 | 106.9 | 220.9 |
| Relative | 22.9 | 78.5 | 75.9 |
| Abs (US$) | 10.4 | 100.8 | 191.3 |
King Slide
NT$7,750.00 - OUTPERFORM
Kevin SW Chen, SinoPac. 20-Jul2026. 13 pages
A step change in growth
Trainium3 ramp and broad-based server demand driving earnings upside
King Slide's preliminary 2Q26 sales significantly exceeded expectations, supported by robust demand across general and AI servers. Growth should remain strong into 2H26 as Trainium3 rack shipments accelerate, SpaceX GPU orders increase, and next-generation CPU platforms drive higher railkit penetration and content value. We raise our 2026-28 EPS forecasts by 23-38% and lift our TP from NT$7,480 to NT$10,000, based on an unchanged 30x 2H27-1H28SP PE. Reiterate Outperform.
Revenue almost doubled in a single quarter
King Slide reported 2Q26 sales of NT$10.8bn (+99% QoQ, +156% YoY), exceeding our and consensus forecasts by 26% and 41%, respectively. June sales reached a record high of NT$4.4bn (+17% MoM, +221 % YoY). We attribute the exceptional 2Q26 performance primarily to robust shipments of general-purpose and GPU servers, highlighting strongerthan-expected demand across King Slide's key end markets.
Poised to benefit from the Trainium3 ramp
Our supply-chain checks suggest King Slide remains the dominant rail-kit supplier for both air- and liquid-cooled Trainium3 racks. Based on ODM shipment schedules, Trainium3's contribution should become increasingly meaningful from 3Q26. We expect the ramp to support both revenue growth and margin expansion, given the platform's higher customisation requirements and content value. We forecast OPM of 70.8% in 2026, and expanding to 71.7%/72.0% in both 2027 and 2028.
Broad-based server strength lifting content value
Article display language
Original Language
Hi
Rising GPU server orders from SpaceX should primarily benefit King Slide given its leading position in the associated rail-kit supply chain. Meanwhile, agentic AI continues to drive strong general-purpose server demand. Increasing adoption of new and upgraded CPU platforms, including Intel Birch Stream and AMD Venice, should further increase rail-kit content and margins into 2H26.
Raise target price to NT$10,000
We lift our 2026-28 EPS forecasts by 23-38% to reflect the strong 2Q26 preliminary sales, increasing demand for Trainium3, general servers, and GPU servers. This sees us raise our target price from NT$7,480 to NT$10,000, still based on 30x 2H27-1H28SP PE, and we reiterate Outperform.
Financials
| Year to 31 December | 24A | 25A | 26SP | 27SP | 28SP |
|---|---|---|---|---|---|
| Revenue (NT$m) | 10,129 | 17,501 | 38,753 | 48,325 | 59,696 |
| Rev forecast change (%) | - | - | 23.4 | 27.9 | 38.0 |
| Net profit (NT$m) | 6,156 | 9,837 | 22,615 | 27,862 | 34,560 |
| NP forecast change (%) | - | - | 22.9 | 27.7 | 37.8 |
| EPS (NT$) | 64.59 | 103.23 | 237.31 | 292.37 | 362.65 |
| SP/consensus (13) (EPS%) | - | - | 125 | 127 | 138 |
| EPS growth (% YoY) | 127.6 | 59.8 | 129.9 | 23.2 | 24.0 |
| PE (x) | 120.0 | 75.1 | 32.7 | 26.5 | 21.4 |
| Dividend yield (%) | 0.4 | 0.7 | 1.5 | 1.9 | 2.3 |
| ROE (%) | 32.7 | 39.9 | 61.3 | 51.6 | 47.6 |
| Net cash per share (NT$) | 175.74 | 226.43 | 349.22 | 496.64 | 677.50 |
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