報告_Citi_精測6510_3Q26_20261027

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Prepared for [讀者資訊已遮蔽] citr

27 Oct 2026 06:02:13 ET │ 11 pages

CHPT (6510.TWO)

First Take on 3Q26 Results - Margins Remain Resilient; Focus Shift to New Projects Ramp

CITI'S TAKE

CHPT reported 3Q26 net profit of NT$551mn (+12% QoQ/+100% YoY), largely in line with Citi forecasts but slightly below cons forecasts. GPM maintained solid at 57.3% (-0.3 ppt QoQ/+0.9 ppt YoY), 2.0 ppts/1.8 ppts above Citi/cons expectations, as dilution concern from new product ramps proved milder than expected. Opex of NT$420mn went above expectations, likely reflecting capacity expansion, while opex ratio still eased to 22.0%, lifting OPM to 35.2% (+0.5 ppt QoQ/+10.5 ppts YoY). CHPT will host its 3Q26 earnings call on Oct 28. We believe the key focus remains on AI GPU/ASIC testing board ramping progress, GPM sustainability with higher new products mix, probe card total solution opportunities, and capacity expansion schedule. Reiterate Buy/High Risk.

Flash | Research

Michael Hung AC

+886-2-8726-9092 michael.hung@citi.com

Laura (Chia Yi) Chen +886-2-8726-9090 laura.cy.chen@citi.com

Jack Chen +886-2-8726-9091 jack1.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 [讀者資訊已遮蔽] Source: Company Reports, Citi Research Estimates, Bloomberg consensus Prepared for [讀者資訊已遮蔽]

Figure 1. CHPT - 3Q26 earnings review

CHPT

Valuation

We value CHPT using a PE-based approach that factors in earnings momentum and the structural shift towards high-end testing. Our target price of NT$4,350 is derived from applying 35x to 2027E EPS, implying the company's average forward PE since 2024 +1 SD, which we believe is justified given the company's entrenched position in the 2nm/3nm testing segment, rising contribution from US AI GPU & AI ASIC projects, and the unique competitive advantage of its "All-in-House" vertical integration model. With these structural drivers in place, and as we believe the market is starting to value it as an AI/HPC play (rather than a consumer electronics stock), we expect the multiple to hold at a premium relative to its historical averages.

Risks

Our quant system rates the CHPT stock as High Risk for its share price volatility.

Key downside risks that could impede the stock from reaching our target price, and to our earnings forecasts, include: 1) margin compression from lower-than-expected utilization rates; 2) execution delays in concentrated US AI GPU and ASIC programs; 3) intensifying competition in testing boards from global peers; and 4) structural gross margin dilution from a shift towards high-end burn-in boards.

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

Appendix A-1

圖片清單（已驗證 2026-10-28）