PDF 原檔：報告_Citi_廣達2382_20260813_original.pdf
圖片清單（已驗證 2026-08-14）
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
報告_Citi_廣達2382_20260813_002.png |
135KB | 真資料圖 | 雙圖版面：左圖為 12M forward 倍數區間圖（Avg 14.1x／+1sd 17.6x／-1sd 10.5x，Latest PE 12.1，橫軸 Aug 21–Aug 26）；右圖為另一組 12M forward 倍數區間圖（Avg 11.1x／+1sd 13.1x／-1sd 9.1x，Latest PE 12.4，同期間）；圖中無公司名稱標示，來源標註 Citi Research, Bloomberg |
報告_Citi_廣達2382_20260813_003.png |
165KB | 真資料圖 | Bull/Bear 情境目標價圖：Bull NT$550.00（69% Upside）、Base NT$500.00（54% Upside）、Bear NT$260.00（20% Downside），股價走勢圖標示 13 Aug 26 收盤 NT$325.00；下方列三情境假設（Bull：PE multiple at 20x 2027E EPS；Base：OPM to be at 3.2% in 2027E + PE multiple at 15x 2027E EPS；Bear：OPM to be at 2.0% in 2027E + PE multiple at 12x 2027E EPS） |
報告_Citi_廣達2382_20260813_004.png |
239KB | 真資料圖 | 雙圖版面：上圖為 Quanta Computer (2382.TW) Ratings and Target Price History（Fundamental Research，Analyst: Jack Chen，2024-2026 股價走勢附評等/目標價變動點 1-8，目標價區間 NT$320.00-425.00）；下圖為同標的 Short-Term View/Catalyst Watch Research 走勢圖（附 STV Add/Remove 標記 1-10，Duration 30/90 Days） |
報告_Citi_廣達2382_20260813_001.png（19KB）< 40KB 未逐張 Read，預設 logo，未列入清單。
原始內容
(RIC: 2302.IW, BB: 2302 | 1)
TWD
375
350
325
300
275
250
Prepared for Kevin Lu
13 Aug 2026 10:38:48 ET │ 14 pages
Sep
Dec
Mar
Jun
Quanta Computer (2382.TW)
2Q26 results beat with gradually improving OPM profile; Buy
CITI'S TAKE
Despite concerns over rising component costs and rising AI server mix, Quanta still reported resilient 2Q26 GM results, which we think partially benefited from yield improvement QoQ. OPM levels also saw 0.2ppt QoQ on better leverage. Looking into 2H26/2027, the company still sees rising server demand and stabilizing OPM profile in 2H26 vs 1H26. Similar to other ODMs' comments, leveraging on rising AI demand, the company has better bargain power against customers and is negotiating for better business terms (e.g., consignment or better AR/AP terms). Overall, we think Quanta would benefit from 1) stabilizing OPM in 2H26 with upside potential, 2) upcoming ramp-up of next-gen AI server, and 3) better business terms with less working capital burden. We raise our TP to NT$500 (15x 2027E EPS) from NT$390 (20x 2026E EPS). We cut our multiple to factor in concerns over AI bubble risks and sustainability of CSPs' capex.
2Q26 OPM beat -2Q26 sales grew 28% QoQ, driven by both server and NB demand (unit shipments +15% QoQ). Server still saw tailwinds from both AI and regular server, while NB benefited from sustained Macbook demand and early pullin. Despite rising cost burden and increasing demand, 2Q26 GM posted 5.0% (+0.2ppt QoQ). The mgmt. attributed stabilizing GM to enhanced product mix, though we think the yield improvement also played an important role. Thanks to increasing sales scale, 2Q26 OPM was 3.3%, higher than Citi/consensus forecasts by 0.8ppt/0.2ppt. Overall earnings beat Citi/consensus forecasts by 50%/22%. In 2Q26, server accounts for 85-90% of total sales. AI server accounts for 75-80% of total server sales in 1Q/2Q26. As GB200/300 production transition impact faded, ASP of AI server remained stable QoQ in 2Q26, as per the mgmt.
3Q26 outlook: continued growth in AI and regular server and stabilizing OPM -Mgmt. guided 3Q26E sales to grow at milder QoQ growth magnitude (vs 2Q26 QoQ growth of 28%) on 2Q26 high base. Regular and AI servers still see robust demand, while NB would see down 20% QoQ in unit shipments in 3Q due to rising memory costs. Auto is guided to improving gradually. For profitability, mgmt. is positive in the growth in its gross profit despite dynamic quarterly GM profile due to varying product mix and rising ASP of AI servers. For OPM, mgmt. expects similar 2H26 OPM to 1H26 OPM of 3.1%. For 2026, mgmt. remains confident in its server guidance of double AI server sales and double-digit YoY growth in regular server sales.
Earnings Summary
| Year to 31Dec | Net Profit (NT$M) | DilutedEPS (NT$) | EPSgrowth (%) | P/E (x) | P/B (x) | ROE (%) | Yield (%) |
|---|---|---|---|---|---|---|---|
| 2024A | 59,702 | 15.46 | 50.5 | 21 | 5.6 | 29.2 | 4 |
| 2025A | 74,988 | 19.41 | 25.6 | 16.7 | 5.3 | 32.7 | 4.8 |
| 2026E | 102,716 | 26.59 | 37 | 12.2 | 4.5 | 39.9 | 6.5 |
| 2027E | 130,257 | 33.72 | 26.8 | 9.6 | 3.8 | 43 | 8.3 |
| 2028E | 168,308 | 43.57 | 29.2 | 7.5 | 3.2 | 46.8 | 10.7 |
Source: Powered by dataCentral
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
n Buy
Price (13 Aug 26 13:30)
NT$325.00
Target price
NT$500.00↑
from NT$390.00
Expected share price
return
53.8%
Expected dividend yield
6.6%
Expected total return
60.4%
Market Cap
NT$1,255,354M US$38,947M
Price Performance (RIC: 2382.TW, BB: 2382 TT)
Jack Chen AC
+886-2-8726-9091 jack1.chen@citi.com
Laura (Chia Yi) Chen +886-2-8726-9090 laura.cy.chen@citi.com
Nicholas Lai +886-2-8726-9093 nicholas.lai@citi.com
Prepared for Kevin Lu
| 2382.TW: Fiscalyearend31-Dec | Price: | Price: | Price: | Price: | Price: | Price: | NT$325.00; TP:NT$500.00; Market Cap: NT$1,255,354m; Recomm:Buy | NT$325.00; TP:NT$500.00; Market Cap: NT$1,255,354m; Recomm:Buy | NT$325.00; TP:NT$500.00; Market Cap: NT$1,255,354m; Recomm:Buy | NT$325.00; TP:NT$500.00; Market Cap: NT$1,255,354m; Recomm:Buy | NT$325.00; TP:NT$500.00; Market Cap: NT$1,255,354m; Recomm:Buy |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit&Loss(NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E | Valuation ratios | 2024 | 2025 | 2026E | 2027E | 2028E |
| Sales revenue | 1,410,756 | 2,123,689 | 4,096,828 | 5,373,345 | 6,619,848 | PE(x) | 21.0 | 16.7 | 12.2 | 9.6 | 7.5 |
| Cost of sales | -1,299,996 | -1,975,357 | -3,900,242 | -5,126,538 | -6,325,578 | PB(x) | 5.6 | 5.3 | 4.5 | 3.8 | 3.2 |
| Gross profit | 110,760 | 148,332 | 196,586 | 246,808 | 294,270 | EV/EBITDA(x) | 17.5 | 13.5 | 10.0 | 7.8 | 5.9 |
| Gross Margin (%) | 7.9 | 7.0 | 4.8 | 4.6 | 4.4 | FCFyield (%) | -4.1 | -0.6 | -3.4 | 4.7 | 19.9 |
| EBITDA(Adj) | 70,206 | 96,661 | 139,855 | 188,592 | 239,397 | Dividend yield (%) | 4.0 | 4.8 | 6.5 | 8.3 | 10.7 |
| EBITDAMargin(Adj) (%) | 5.0 | 4.6 | 3.4 | 3.5 | 3.6 | Payout ratio (%) | 84 | 80 | 80 | 80 | 80 |
| Depreciation | -8,584 | -9,265 | -11,607 | -15,437 | -17,945 | ROE(%) | 29.2 | 32.7 | 39.9 | 43.0 | 46.8 |
| Amortisation | 0 | 0 | 0 | 0 | 0 | Cashflow(NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E |
| EBIT (Adj) | 61,622 | 87,396 | 128,248 | 173,155 | 221,452 | EBITDA | 70,206 | 96,661 | 139,855 | 188,592 | 239,397 |
| EBIT Margin (Adj) (%) | 4.4 | 4.1 | 3.1 | 3.2 | 3.3 | Working capital | -108,509 | -81,269 | -119,087 | -55,286 | 86,798 |
| Net interest | 2,454 | -1,920 | -8,299 | -8,299 | -8,299 | Other | -121 | -11,610 | -24,897 | -42,263 | -52,509 |
| Associates | -123 | 220 | 298 | 0 | 0 | Operating cashflow | -38,424 | 3,782 | -4,129 | 91,043 | 273,686 |
| Non-Op/Except/Other Adj | 9,214 | 9,576 | 7,681 | 0 | 0 | Capex | -13,132 | -11,166 | -39,012 | -32,000 | -24,000 |
| Pre-tax profit | 73,167 | 95,273 | 127,928 | 164,857 | 213,153 | Net acq/disposals | 842 | -5,735 | -13,151 | -8,442 | -11,144 |
| Tax | -12,884 | -19,487 | -24,577 | -33,965 -635 | -44,211 | Other | 0 | 0 | 0 | 0 | 0 |
| Extraord./Min.Int./Pref.div. | -581 | -799 | -635 | 130,257 | -635 | Investing cashflow | -12,290 | -16,901 | -52,163 | -40,442 | -35,144 |
| Reported net profit | 59,702 | 74,988 | 102,716 | 168,308 | Dividends paid | -34,691 | -50,204 | -59,782 | -81,888 | -103,844 | |
| Net Margin (%) | 4.2 | 3.5 | 2.5 | 2.4 | 2.5 | Financing cashflow | 28,917 | -3,066 | -38,457 | -82,523 | -104,479 |
| CoreNPAT | 59,702 | 74,988 | 102,716 | 130,257 | 168,308 | Net change in cash | -16,336 | -16,185 | -94,748 | -31,922 | 134,063 |
| Per share data | 2024 | 2025 | 2026E | 2027E | 2028E | Free cashflow to s/holders | -51,557 | -7,384 | -43,140 | 59,043 | 249,686 |
| Reported EPS($) | 15.46 | 19.41 | 26.59 | 33.72 | 43.57 | ||||||
| Core EPS($) | 15.46 | 19.41 | 26.59 | 33.72 | 43.57 | ||||||
| DPS($) | 13.00 | 15.48 | 21.20 | 26.88 | 34.86 | ||||||
| CFPS($) | -9.95 | 0.98 | -1.07 | 23.57 | 70.85 | ||||||
| FCFPS($) | -13.35 | -1.91 | -11.17 | 15.29 | 64.64 | ||||||
| BVPS($) | 57.55 | 61.03 | 72.14 | 84.67 | 101.35 | ||||||
| Wtdavgordshares(m) | 3,863 | 3,863 | 3,863 | 3,863 | 3,863 | ||||||
| Wtdavgdiluted shares (m) | 3,863 | 3,863 | 3,863 | 3,863 | 3,863 | ||||||
| Growthrates | 2024 | 2025 | 2026E | 2027E | 2028E | ||||||
| Sales revenue (%) | 30.0 | 50.5 | 92.9 | 31.2 | 23.2 | ||||||
| EBIT (Adj) (%) | 41.5 | 41.8 | 46.7 | 35.0 | 27.9 | ||||||
| CoreNPAT(%) | 50.5 | 25.6 | 37.0 | 26.8 | 29.2 | ||||||
| CoreEPS(%) | 50.5 | 25.6 | 37.0 | 26.8 | 29.2 | ||||||
| BalanceSheet(NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E | ||||||
| Cash&cashequiv. | 201,099 | 184,914 | 90,166 | 58,244 | 192,307 | ||||||
| Accounts receivables | 371,246 | 524,907 | 866,284 | 1,087,125 | 1,032,921 | ||||||
| Inventory | 261,886 | 372,126 | 752,494 | 953,934 | 1,001,212 | ||||||
| Net fixed &other tangibles | 67,061 | 68,961 | 96,366 | 112,929 | 118,984 | ||||||
| assets | |||||||||||
| Financial &other | 31,155 | 55,392 | 88,362 | 113,574 | 127,805 | ||||||
| Total assets Accounts | 932,446 282,782 | 1,206,301 411,297 | 1,893,673 | 2,325,806 | 2,473,230 | ||||||
| payable | 836,105 | 1,052,617 | 1,104,786 | ||||||||
| Short-term debt | 179,540 50,983 | 253,372 | 253,372 | 253,372 | 253,372 65,881 | ||||||
| Long-term debt | 43,921 | 65,881 | 65,881 | ||||||||
| Provisions &other liab | 188,836 | 250,207 | 447,877 | 615,129 | 645,920 | ||||||
| Total liabilities | 702,141 | 958,797 | 1,603,235 | 1,986,999 | 2,069,959 | ||||||
| Minority interests | 8,020 | 11,775 | 11,775 | 11,775 | 11,775 | ||||||
| Total equity | 230,306 | 247,504 | 290,438 | 338,808 | 403,271 | ||||||
| 29,424 | 112,379 | 229,087 | 261,009 | 126,946 | |||||||
| Net debt (Adj) | |||||||||||
| Net debt to equity (Adj) (%) | 12.8 | 45.4 | 78.9 | 77.0 | 31.5 | ||||||
| For definitions of the items in this | please click here. |
Prepared for Kevin Lu
Figure 2. Quanta - Earnings Revisions
| 3Q26E | 3Q26E | 3Q26E | 4Q26E | 4Q26E | 4Q26E | 2026E | 2026E | 2026E | 2027E | 2027E | 2027E | 2028E | 2028E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (NT$mn) | New | Old | diff | New | Old | diff | New | Old | diff | New | Old | diff | New | Old | diff |
| Sales | 1,105,385 | 1,084,133 | 2% | 1,145,629 | 922,017 | 24% | 4,096,828 | 3,798,274 | 8% | 5,373,345 | 4,921,452 | 9% | 6,619,848 | 5,929,436 | 12% |
| Sequential growth (%) | 7% | 10% | 4% | -15% | 93% | 79% | 31% | 30% | 23% | 20% | |||||
| Gross profit | 53,322 | 47,565 | 12% | 52,488 | 45,417 | 16% | 196,586 | 173,002 | 14% | 246,808 | 223,461 | 10% | 294,270 | 257,133 | 14% |
| Opex | 18,792 | 22,767 | -17% | 16,039 | 19,362 | -17% | 68,338 | 74,512 | -8% | 73,652 | 90,678 | -19% | 72,818 | 94,871 | -23% |
| Operating profit | 34,530 | 24,798 | 39% | 36,449 | 26,054 | 40% | 128,248 | 98,491 | 30% | 173,155 | 132,783 | 30% | 221,452 | 162,262 | 36% |
| Pre-tax profit | 32,456 | 24,766 | 31% | 34,375 | 26,023 | 32% | 127,928 | 98,365 | 30% | 164,857 | 132,658 | 24% | 213,153 | 162,137 | 31% |
| Net income | 25,586 | 19,326 | 32% | 27,672 | 21,133 | 31% | 102,716 | 77,206 | 33% | 130,257 | 104,582 | 25% | 168,308 | 127,857 | 32% |
| EPS(NT$) | 6.57 | 5.00 | 31% | 7.12 | 5.47 | 30% | 26.59 | 19.99 | 33% | 33.72 | 27.08 | 25% | 43.57 | 33.10 | 32% |
| Gross margin (%) | 4.8% | 4.4% | +0.4 ppt | 4.6% | 4.9% | -0.3 ppt | 4.8% | 4.6% | +0.2 ppt | 4.6% | 4.5% | +0.1 ppt | 4.4% | 4.3% | +0.1 ppt |
| Opexratio (%) | 1.7% | 2.1% | -0.4 ppt | 1.4% | 2.1% | -0.7 ppt | 1.7% | 2.0% | -0.3 ppt | 1.4% | 1.8% | -0.5 ppt | 1.1% | 1.6% | -0.5 ppt |
| Operating margin (%) | 3.1% | 2.3% | +0.8 ppt | 3.2% | 2.8% | +0.4 ppt | 3.1% | 2.6% | +0.5 ppt | 3.2% | 2.7% | +0.5 ppt | 3.3% | 2.7% | +0.6 ppt |
| Net margin (%) | 2.3% | 1.8% | +0.5 ppt | 2.4% | 2.3% | +0.1 ppt | 2.5% | 2.0% | +0.5 ppt | 2.4% | 2.1% | +0.3 ppt | 2.5% | 2.2% | +0.4 ppt |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Citi Research Estimates
Rising bargain power: gradual progress in consignment business model -From 3Q26 onward, the company would have a few projects with models changed to consignment. Mgmt. indicated that although the consignment mix is still very low, they now observe better bargain power against a rising number of server customers including neocloud. Overall, the company is negotiating for better business terms via consignment or better AR/AP days to lower its working capital. For long-term demand, mgmt. has visibility into 2027/28, which is why they raise its capex to NT$40bn from NT$30bn and purchase a new plant in Taiwan for 2028 demand. Overall, we think gradual progress in negotiation for better business terms would be supportive to its long-term OPM profile.
Earnings upward revision; TP lifted to NT$500; Buy -We raise our 2026/27/28E earnings estimates by +33%/+25%/+32% to factor in stabilizing OPM profile and better sales growth in AI/regular server. We raise our TP to NT$500 (rolled over to 15x 2027E EPS) from NT$390 (20x 2026E EPS). We cut our target multiple to factor in recent concerns over AI bubble risks and the sustainability of CSPs' capex. Our PE is slightly higher than Quanta's 5-year average PE level of 14x (figure 4). Reiterate our Buy rating.
Figure 1. Quanta - 2Q26 Results
| (NT$mn) | 2Q26 Actual | 1Q26 Actual | Q/Q | 2Q25 Actual | Y/Y | 2Q26 Citi | Diff. | 2Q26 Cons. | Diff. |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,036,593 | 809,221 | 28% | 504,122 | 106% | 982,903 | 5% | 971,483 | 7% |
| Gross profit | 52,079 | 38,697 | 35% | 35,533 | 47% | 41,324 | 26% | 48,526 | 7% |
| Gross margin | 5.0% | 4.8% | +0.2 ppt | 7.0% | -2.0 ppt | 4.2% | +0.8 ppt | 5.0% | +0.0ppt |
| Op. profit | 34,244 | 23,024 | 49% | 20,403 | 68% | 24,615 | 39% | 29,774 | 15% |
| OPmargin | 3.3% | 2.8% | +0.5 ppt | 4.0% | -0.7 ppt | 2.5% | +0.8 ppt | 3.1% | +0.2 ppt |
| Net income | 28,787 | 21,306 | 35% | 17,075 | 69% | 19,053 | 51% | 23,414 | 23% |
| EPS(NT$) | 7.42 | 5.49 | 35% | 4.37 | 70% | 4.93 | 50% | 6.07 | 22% |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Citi Research Estimates, Company Reports, Bloomberg
Prepared for Kevin Lu
Figure 3. Quanta - Forecast summary
| NT$mn | 1Q26 | 2Q26E | 3Q26E | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 809,221 | 1,036,593 | 1,105,385 | 1,145,629 | 1,147,872 | 1,185,638 | 1,465,230 | 1,574,605 | 1,090,859 | 1,129,453 | 1,280,429 | 1,085,611 | 1,410,756 | 2,123,689 | 4,096,828 | 5,373,345 | 6,619,848 |
| Gross profit | 38,697 | 52,079 | 53,322 | 52,488 | 53,248 | 56,187 | 67,728 | 69,645 | 63,971 | 72,111 | 70,915 | 84,883 | 110,760 | 148,332 | 196,586 | 246,808 | 294,270 |
| OPEX | 15,673 | 17,835 | 18,792 | 16,039 | 16,070 | 16,599 | 20,513 | 20,470 | 31,519 | 34,833 | 39,725 | 41,339 | 49,138 | 60,936 | 68,338 | 73,652 | 72,818 |
| Operating profit Total Non-OP | 23,024 1,513 | 34,244 2,317 | 34,530 (2,075) | 36,449 (2,075) | 37,178 (2,075) | 39,588 (2,075) | 47,215 (2,075) | 49,175 (2,075) | 32,452 1,980 | 37,278 6,158 | 31,190 9,591 | 43,544 8,187 | 61,622 11,545 | 87,396 7,877 | 128,248 (319) | 173,155 (8,299) | 221,452 (8,299) |
| Pre-tax profit | 24,537 | 36,561 | 32,456 | 34,375 | 35,103 | 37,513 | 45,140 | 47,100 | 34,432 | 43,436 | 40,781 | 51,731 | 73,167 | 95,273 | 127,928 | 164,857 33,965 | 213,153 44,211 |
| Income tax | 3,231 21,192 | 7,774 28,651 | 6,870 | 6,703 | 7,785 | 8,111 | 9,555 | 8,513 | 9,042 | 9,077 | 11,058 | 11,243 | 12,884 | 19,487 | 24,577 | 168,308 | |
| Net profit | 25,387 | 27,485 | 27,204 | 29,267 | 35,387 | 38,400 | 25,328 | 33,653 | 28,957 | 39,676 | 59,702 | 74,988 | 102,716 | 130,257 | |||
| EPS (NT$) | 5.49 | 7.04 | 7.58 | 9.94 | 6.56 | 8.71 | 7.50 | 10.27 | 33.72 | 43.57 | |||||||
| Margins (%) | 7.42 | 6.57 | 7.12 | 9.16 | 15.46 | 19.41 | 26.59 | ||||||||||
| Gross profit OPEX | 4.8 1.9 | 5.0 1.7 | 4.8 1.7 | 4.6 1.4 | 4.6 1.4 | 4.7 1.4 | 4.6 1.4 | 4.4 1.3 | 5.9 2.9 | 6.4 3.1 | 5.5 3.1 | 7.8 3.8 | 7.9 3.5 | 7.0 2.9 | 4.8 1.7 | 4.6 1.4 | 4.4 1.1 |
| Operating profit | 2.8 | 3.3 | 3.1 | 3.2 | 3.2 | 3.3 | 3.2 | 3.1 | 3.0 | 3.3 | 2.4 | 4.0 | 4.4 | 4.1 | 3.1 | 3.2 | 3.3 |
| Pre-tax profit | 3.0 | 3.5 | 2.9 | 3.0 | 3.1 | 3.2 | 3.1 | 3.0 | 3.2 | 3.8 | 3.2 | 4.8 | 5.2 | 4.5 | 3.1 | 3.1 | 3.2 |
| Net profit | 2.6 | 2.8 | 2.3 | 2.4 | 2.4 | 2.5 | 2.4 | 2.4 | 2.3 | 3.0 | 2.3 | 3.7 | 4.2 | 3.5 | 2.5 | 2.4 | 2.5 |
| Y/Y(%) Net sales | 66.6 0.6 | 105.6 | 123.2 | 79.4 | 41.8 | 14.4 | 32.6 | 37.4 | 5.9 | 3.5 | 13.4 | (15.2) | 30.0 | 50.5 | 92.9 32.5 | 31.2 25.5 | 23.2 |
| Gross profit | 46.6 | 57.2 | 29.9 | 37.6 | 7.9 | 27.0 | 32.7 | 30.1 | 12.7 | (1.7) | 19.7 | 30.5 | 33.9 | 19.2 | |||
| Opex | 12.9 | 17.9 | 20.9 | (2.1) | 2.5 | (6.9) | 9.2 | 27.6 | 18.9 | 24.0 | 12.1 | 7.8 | (1.1) | ||||
| Operating profit | (6.4) | 67.8 | 87.9 | 51.8 | 61.5 | 15.6 | 36.7 | 34.9 | 70.9 | 14.9 | (16.3) | 39.6 | 41.5 | 41.8 | 46.7 | 35.0 | 27.9 |
| Pre-tax profit | (2.9) | 69.1 | 55.2 | 25.1 | 43.1 | 2.6 | 39.1 | 37.0 | 67.5 | 26.2 | (6.1) | 26.9 | 41.4 | 30.2 | 34.3 | 28.9 | 29.3 |
| Net profit | 8.7 | 69.9 | 54.5 | 23.8 | 28.4 | 2.1 | 39.4 | 39.7 | 58.9 | 32.9 | (14.0) | 37.0 | 50.5 | 25.6 | 37.0 | 26.8 | 29.2 |
| Net sales | 26.7 | 28.1 | 6.6 | 3.6 | 0.2 | 3.3 | 23.6 | 7.5 | |||||||||
| Gross profit | (4.2) | 34.6 | 2.4 | (1.6) | 1.4 | 5.5 | 20.5 | 2.8 | |||||||||
| Opex | (4.3) | 13.8 | 5.4 | (14.6) | 0.2 | 3.3 | 23.6 | (0.2) | |||||||||
| Operating profit | (4.1) | 48.7 | 0.8 | 5.6 | 2.0 | 6.5 | 19.3 | 4.2 | |||||||||
| Pre-tax profit | (10.7) | 49.0 | (11.2) | 5.9 | 2.1 | 6.9 | 20.3 | 4.3 | |||||||||
| Net profit | (4.5) | 35.2 | (11.4) | 8.3 | (1.0) | 7.6 | 20.9 | 8.5 |
Source: Company Reports, Citi Research
Figure 4. Quanta - 12M Forward P/E Band on Bloomberg consensus
Figure 5. Hon Hai - 12M Forward P/B Band on Bloomberg consensus
NT$
552
460
368
184
Aug 25
{j. OPM to be at 2.0% in 2027E
Prepared for Kevin Lu
4 69% Upside
4 54% Upside
NT$ 260.00
• 20% Downside
Bull/Bear: Quanta Computer (2382.TW)
NT$ 500.00
Prepared for Kevin Lu
Quanta Computer
Company description
Founded in 1988, Quanta Computer is a Taiwan-based original design manufacturer (ODM) of notebook (NB) PCs and other electronic hardware. It is the world's largest NB ODM in terms of shipments, with major customers including the leading Taiwan, US, and Japanese electronics brands. In addition to notebooks, Quanta is expanding into cloud-related product development, which accounted for 30-35% of total revenues in 2022.
Investment strategy
We rate Quanta at Buy. We expect stabilizing NB shipment, solid server sales growth amid increasing AI-related applications, as well as rising EV component exposure to drive better margins and stronger earnings growth. The company's attractive cash yield should also help support the shares on the downside in case of market volatility.
Valuation
Our target price of NT$500 is based on a 15x PE multiple on 2027E earnings. The target multiple is slightly higher than historical trading average since 2021, mainly to reflect strong earnings growth trajectory brought about by servers/AI servers and EV components. We use a P/E-based methodology as we believe the market will be primarily focused on Quanta's earnings performance given the dynamics of the NB/server industry.
Risks
Downside risks that could prevent the stock from reaching our target price include: 1) slower-than-expected server/AI server demand growth; 2) execution risks relating to margin improvement such as production yield rate following capacity relocation or supply-chain management; and 3) market share loss of key customers.
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