PDF 原檔：報告_Citi_亞德客1590_20260903_original.pdf
原始內容
citivelocity.com
03 Sep 2026 05:43:41 ET │ 11 pages
Airtac (1590.TW)
Broad-Based Growth Continued in Aug-26; Near-Term Volatility Ahead
CITI'S TAKE
Airtac reported Aug-26 sales of NT$3.7bn, up 43% y/y or Rmb 780mn, up 27% y/y. Sales decreased 7% m/m due to normal low-season effects, while daily shipment of pneumatic eased 2% m/m to Rmb 30.7mn. Growth remained broad-based in the month, led by textiles (+47% y/y), electronics (+36%), machine tools (+35%) and battery (+30%). Mgmt indicated that order received continued to exceed shipments, implying resilient underlying demand and its ongoing share gains in China's pneumatic market. QTD sales reached 69-71% of our/BBG 3Q26E sales estimates, tracking ahead of the historical avg of 66%. We maintain Buy rating, supported by sustained market share gains and the upcoming launch of semi-related products, which should broaden Airtac's addressable market and support its longer-term growth. Nevertheless, we adopt a more balanced near-term view, as seasonal demand moderation and increasing challenging comparisons from 4Q26E could slow headline growth and trigger profit-taking pressure.
Flash |
Buy
Price (03 Sep 26 13:30)
NT$1,375.00
Target price
NT$1,750.00
Expected share price return
27.3%
Expected dividend yield
2.7%
Expected total return Market Cap
30.0%
NT$275,000M
US$8,660M
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
(Dased on vur calculations)
Rmb mn
40
36
32
28
24
20
16
12
2024/1
2024/2
2024/3
2024/4
2024/5
2024/6
(Virect sales Unly)
50%
45%
40%
35%
30%
25%
20%
Figure 1. Airtac: Daily Run Rate of Pneumatics by Month (Based on Our Calculations) 5%
Electronic equipment
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research
20%
Figure 2. Airtac: Sales Growth by Industry in Aug-26 (Direct Sales Only)
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research
36%
30%
35%
47%
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
Date
Appendix A-1
[2] 30-Apr-24 10:21:43
*1,350.00
1,160.00
[5 30-0ct-25 09:57:38