PDF 原檔：報告_Citi_奇鋐3017_20260907_original.pdf
原始內容
citivelocity.com
07 Sep 2026 03:41:07 ET │ 11 pages
Asia Vital Components (3017.TW)
Aug-26 Sales Tracking In Line, with Next-Gen AI GPU the Quarter End Kicker
CITI'S TAKE
AVC reported Aug-26 revenue of NT$19.5bn (+5% MoM/+54% YoY), taking 3Q26 QTD revenue to NT$38.1bn and tracking in line with Citi/cons. The sequential improvement was primarily driven by the mass production ramp up of AI ASIC project, confirming that the GPU platform transition drag that weighed on the previous quarter is now behind the company. With the Vera Rubin generation platform expected to see contribution by quarter end, we currently model 16% QoQ revenue growth for 3Q26E, and expect further acceleration in 4Q26E as GPU and ASIC liquid cooling products ramp simultaneously. With multiple ASIC projects entering mass production in 2H26, we expect revenue momentum to be stronger than 1H26. Maintain Buy.
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Flash |
Buy
Price (07 Sep 26 13:30)
NT$3,420.00
Target price
NT$3,800.00
Expected share price return
11.1%
Expected dividend yield
0.6%
Expected total return Market Cap
11.7%
NT$1,342,497M US$42,436M
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
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© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Company Reports, Citi Research
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© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Company Reports, Citi Research
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Asia Vital Components
Valuation
We value AVC using a PE-based approach that factors in earnings momentum and the expansion of its addressable market. Our TP of NT$3,800 is derived from applying a 25x PE multiple on 2027E EPS, which we believe is justified given the company's entrenched positioned in the server thermal segment, rising contribution from liquid cooling, and the increasing value of thermal content per server as power density continues to climb. With these structural drivers still in place, we expect the multiple to hold at a premium relative to its historical averages.
Risks
This stock is High Risk based upon our quantitative model but assigning a High Risk rating is not supported by other qualitative factors such as cold-plate leadership and deep CSP penetration, and so a High Risk rating has not been applied. Key downside risks to our investment thesis and target price include: 1) slower adoption pace for liquid cooling adoption; 2) heightened price competition; 3) lower-than-expected share in liquid cooling components; and 4) emerging alternative cooling technologies.
Asia Vital Components (3017.TW)
Analyst: Michael Hung
Date
[11-Dec-25 02:34:19
[2]11-Mar-26 21:46:27
CW - Catalyst Watch , STV - Short -Term View
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TWD
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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
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Not covered
'not a no mias no manita?
Appendix A-1
[2 11-Mar-26 12:50:47
12-Aug-26 08:14:33
1 *2,400.00
1,860.00