PDF 原檔：報告_Citi_亞德客1590_20261103_original.pdf
圖片清單（已驗證 2026-11-04）
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37KB | 真資料圖 | Figure 1：長條圖，2024/1–2026/10 氣動元件每日出貨 run rate（Rmb mn，左軸 0–40）；2026/4–5 達約 39／38 高點，6–9 月回落至約 31–34，2026/10 回升至約 33 |
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19KB | 真資料圖 | Figure 2：長條圖，2026 年 10 月直接銷售各產業 YoY：電子 30%、電池 27%、汽車 -8%、工具機 31%、包裝 11%、一般機械 25%、紡織 30%、能源照明 6% |
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229KB | 文字卡 | Citi 披露頁：Airtac 評等與目標價歷史（藍線為覆蓋期股價 2024–2026，右側標示 2026-10-29 目標價 1,430 元、收盤 1,150 元，歷次 1,350→1,050→1,000→1,100→1,350→1,750→1,430），下半為 Short-Term View／Catalyst Watch 歷史 |
原始內容
Prepared for [讀者資訊已遮蔽] citi
03 Nov 2026 04:22:30 ET │ 11 pages
Airtac (1590.TW)
Daily Shipment Momentum Improved in Oct-26. Battery Recovery Likely Offers Near-Term Relief
CITI'S TAKE
Airtac reported Oct-26 sales of NT$3.6bn (+32% y/y) or Rmb740mn (+18% y/y). Oct-26 sales declined 8% m/m owing to fewer working days, while daily pneumatic shipment +7% y/y to Rmb33mn, exceeding the levels recorded over the past three months. Battery sales returned to positive growth of 27% y/y from -10% in Sep-26, while electronics (+30% y/y), machine tools (+31%) and textiles (+30%) maintained solid momentum. Oct-26 sales made up 31%/33% of our/BBG's 4Q26E sales forecasts, on track with the historical range of 30-33%. We believe the improvement in daily shipment and recovery in battery demand could support near-term stock sentiment, particularly following the stock's c.24%% correction in past two months. We maintain Buy, favoring Airtac's sustained share gains in China, solid execution, and long-term growth opportunities from semi-related products. That said, still high uncertainties surrounding battery-sector demand and a high sales base might lead to near-term share price volatility.
Flash | Research
| Buy Price (03 Nov 26 13:30) | NT$1,050.00 |
|---|---|
| Target price | NT$1,430.00 |
| Expected share price return | 36.2% |
| Expected dividend yield | 3.6% |
| Expected total return | 39.8% |
| Market Cap | NT$210,000M |
| US$6,438M |
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 Prepared for [讀者資訊已遮蔽]
Figure 1. Airtac: Daily Run Rate of Pneumatics by Month (Based on Our Calculations)
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research
Figure 2. Airtac: Sales Growth by Industry in Oct-26 (Direct Sales Only)
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research Prepared for [讀者資訊已遮蔽]
Airtac
Valuation
We derive our target price of NT$1,430 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 21.5x for 2027E, which is at par with its historical average.
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.
Prepared for [讀者資訊已遮蔽] 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