PDF 原檔：報告_Citi_國巨2327_20260708_original.pdf
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報告_Citi_國巨2327_20260708_001.png |
185KB | 真資料圖 | 兩張並排圖：Figure 1 國巨季營收趨勢（1Q21–2Q26E，藍柱＋QoQ/YoY 雙折線）；Figure 2 國巨月營收趨勢（2024/01–2026/06，藍柱＋MoM/YoY 雙折線） |
報告_Citi_國巨2327_20260708_002.png |
238KB | 真資料圖 | 兩張股價圖表＋評等歷史表：上圖「Ratings and Target Price History」股價 vs 評等沿革（2024–2026），下方表列 12 筆評等/目標價變更紀錄（最新 2026-06-08 目標價 NT$1,500、收盤 NT$751）；下圖「Short-Term View/Catalyst Watch History」股價走勢＋13 筆 STV/CW 事件表 |
原始內容
citivelocity.com
08 Jul 2026 08:48:54 ET │ 12 pages
Yageo (2327.TW)
2Q26 Revenue Exceeded Guidance; Upcycle Intact
CITI'S TAKE
Yageo reported Jun-26 revenue of NT$15.4bn (+2% MoM/+39% YoY), capping a record 2Q26 at NT$44.5bn (+16% QoQ/+36% YoY). 2Q26 revenue beat Citi/cons forecasts by 10%/6%, significantly higher than previous guidance of 'moderate growth'. The strong result was broadbased across both standard and specialty products, highlighting the broader scope of demand during this upcycle, rather than being concentrated in a single product line. With the BB ratio sustained well above 1.0 and AI-related orders tracking higher, we believe forward visibility remains solid. Yageo's 1H26 revenue of NT$82.6bn already represent 47% of cons 2026 forecasts, implying potential upside to fullyear cons estimates as price adjustments accelerate in 2H26 alongside the next-gen AI GPU/ASIC platforms ramp. Maintain Buy.
Prepared for Kevin Lu
Flash |
| Buy | Buy |
|---|---|
| Short-Term View: Upside, expires 15-JUL-26 | Short-Term View: Upside, expires 15-JUL-26 |
| Price (08 Jul 2613:30) | NT$891.00 |
| Target price | NT$1,500.00 |
| Expected share price return | 68.4% |
| Expected dividend yield | 0.7% |
| Expected total return | 69.0% |
| MarketCap | NT$1,845,676M |
| US$57,784M |
Michael Hung AC
+886-2-8726-9092
michael.hung@citi.com
Laura (Chia Yi) Chen +886-2-8726-9090
laura.cy.chen@citi.com
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
Figure 1. Yageo - Quarterly sales trend
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Figure 2. Yageo - Monthly sales trend
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Short-Term View on Yageo (2327.TW)
Direction:
Upside
Duration:
Within 90 Days (expires 15 Jul 2026)
Date Added:
15 Apr 2026
Category:
Earnings
We expect the shares to react positively to stronger-than-expected 1Q26 results and positive 2Q26E guidance. The improving demand outlook for 2026E and consolidation of Shibaura should enhanced the product portfolio and drive further re-rating of the stock.
Prepared for Kevin Lu
Yageo
Valuation
We set our target price at NT$1,500, based on 40x average 2027E-28E earnings. We value Yageo based on PE as we believe the company's earnings performance and industry dynamics would be the key focuses of the market. Our target multiple of 40x is at the higher end of the trading range since 2022. During this period the company has gone through the cycles, successfully integrated the acquired business to enhance its product offerings, and started to deliver stable margins and earnings.
Risks
Key downside risks to our taget price and rating include: 1) slower-than-expected demand recovery; 2) intensified peer and pricing competition; 3) execution risks associated with M&A inetgration and synergies; and 4) FX and interest rate fluctuations.
Yageo (2327.TW)
Analyst: Michael Hung
TWD
1,000
500
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
2/29-Feb-2411:30:38
1
*155.88
116.75
[/29-Oct-2414:57:08