PDF 原檔：報告_Citi_亞德客1590_20260804_original.pdf
圖片清單（已驗證 2026-08-06）
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23KB | 真資料圖 | 長條圖：各產業別 7 月銷售 YoY 成長率（對應內文 Figure 2）——電池 65%、工具機 40%、電子設備／一般機械均 33%、紡織 31%、汽車 27%、能源與照明 18%、包裝 15% |
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42KB | 真資料圖 | 月度長條圖（對應內文 Figure 1）：Rmb mn 計價氣動元件月營收，2024/1-2026/7，顯示 2026 年逐月放大、2026/4-5 達高點後 6-7 月回落 |
報告_Citi_亞德客1590_20260804_003.png |
237KB | 真資料圖 | 兩張疊圖：上圖 Citi 評等與目標價歷史走勢（2023-2026，7 筆調整紀錄，最新 2026-04-29 目標價 NT$1,750、收盤 NT$1,490）；下圖 Short-Term View/Catalyst Watch 走勢圖（12 筆操作紀錄） |
本份為 Flash（監控性報告），無獨立目標價變動；圖片為既有評等/目標價走勢延續圖。
原始內容
citivelocity.com
04 Aug 2026 06:54:28 ET │ 11 pages
Airtac (1590.TW)
Solid July-26 Sales Driven by Sustained Broad-Based Growth and An Easy Base
CITI'S TAKE
Airtac reported July-26 sales of NT$4.0bn, up 51% y/y or Rmb841mn, up 30% y/y, driven by broad-based demand strength and a low base. Pneumatic daily shipments increased 29% y/y to Rmb31.mn but declined 8% m/m due to normal seasonality. By end application, growth was led by battery (+65% y/y), machine tools (+40%), electronics and machinery (+33% each). July-26 sales reached 36-37% of our/BBG 3Q26 sales forecasts vs. historical range of 32-34%, suggesting a solid start to the quarter. While approaching low season could lead to sequential sales moderation and near-term share price volatility, order intake continued to exceed shipments, and we believe sustained share gains, supportive industrial policies and new products still underpin a solid growth outlook in 2H26E. Retain Buy.
Prepared for Kevin Lu
Flash |
Buy
Price (04 Aug 26 13:30)
NT$1,425.00
Target price
NT$1,750.00
Expected share price return
22.8%
Expected dividend yield
2.6%
Expected total return Market Cap
25.4%
NT$285,000M US$8,793M
Angela Hsu AC
+886-2-8726-9083
angela.hc.hsu@citi.com
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
(basea on vur calculations)
70%
65%
60%
50%
40%
30%
20%
10%
0%
Electronic Battery Automotive Machine Packaging General
33%
equipment
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports. Citi Research
27%
(Direct sales Unly)
Rmb mn
40
36
32
28
24
20
Figure 1. Airtac: Daily Run Rate of Pneumatics by Month (Based on Our Calculations)
8
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research
Prepared for Kevin Lu
40%
33%
31%
Figure 2. Airtac: Sales Growth by Industry in July-26 (Direct Sales Only)
© 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 27.5x for 2H26-1H27E, 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
iFMAMIASONDIEM
Date
29-Apr-26 10:42:32
Rating Target Price Closing Price
1|
*1.750.00
1,490.00
AM / J A
Date
Appendix A-1
[2] 30-Apr-24 10:21:43
1 *1,350.00|
1,160.00
[5 30-0ct-25 09:57:38