PDF 原檔：報告_Citi_智邦_20260706_original.pdf
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286KB | 真資料圖 | Citi 智邦（2345.TW）評等與目標價歷史圖，上半部為 Fundamental Research 折線（2024-2026），標有 11 筆歷次目標價（495→610→635→655→675→950→990→1100→1365→1625→3500）與收盤對照；下半部為 Short-Term View/Catalyst Watch 折線，列示 Add CW/Add STV/Remove CW/Remove STV 紀錄共 20 筆 |
原始內容
citivelocity.com
06 Jul 2026 07:33:12 ET │ 10 pages
Accton (2345.TW)
Record June Monthly Sales on Networking Switch and Ramp of AI Accelerator; Buy
CITI'S TAKE
Accton reported record June sales of NT$39.6bn (+38% MoM, +61% YoY). Overall, 2Q26 sales of NT$95.5bn (+36% QoQ) beat our Citi/consensus by 9%/12%, which we attribute to 800G switch mainly and the start of AI accelerator ramp-up partially. In 1H26, overall sales momentum was mainly backed by switch demand which more than offset the model transition impact from AI accelerator. Now given June monthly sales uptick, we expect AI accelerator production ramp to kick off with demand sustaining into 2H26E. Meanwhile, for networking demand, we also see existing and new customers to place good order momentum in the coming quarters. We are positive on Accton's 2H26 outlook and reiterate our Buy rating with TP NT$3,500.
Prepared for Kevin Lu
Flash |
Buy
Price (06 Jul 26 13:30)
NT$2,645.00
Target price
NT$3,500.00
Expected share price return
32.3%
Expected dividend yield
0.9%
Expected total return Market Cap
33.2%
NT$1,484,157M US$46,466M
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
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
Prepared for Kevin Lu
Accton
Valuation
We value Accton based on PE multiple as we believe the company's earnings performance and industry dynamics will be the key focus of the market. Our TP of NT$3,500 is based on 33x forward EPS (4Q26-3Q27E EPS), which is at upper end of historical trading range since 2020. We believe our target multiple is justified by the company's robust earnings growth, customer diversification, share gain opportunities and rising ROE.
Risks
Key downside risks that could cause Accton's shares to trade below our target price include: 1) potential volatility in capex deployment from key customer; 2) peer competition; and 3) FX volatility and component price hikes.
Accton (2345.TW)
Analyst: Jack Chen
Date
[104-0ct-23 04:47:54
[2703-Nov-23 11:42:41
E 07-Jul-24 08:18:43
304-0ct-2414:27:12
[5307-Oct-24 01:11:00
6705-Jan-25 19:58:13
7 07-Jan-25 04:26:43
CW - Catalyst Watch, STV - Short-Term View
Prepared for Kevin Lu
TWD
3,000
2,000
1,000
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
[2704-0ct-23 08:47:54
1
*610.00
490.50
[6 07-Jan-25 09:26:43