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原始內容
(RIC: 2360.1W, BB: 2360 11)
TWD
2,500
2,000
1,500
1,000
500
0
Prepared for Kevin Lu
30 Jul 2026 12:53:17 ET │ 14 pages
Sep
Dec
Mar
Jun
Chroma ATE (2360.TW)
2Q Beat on Non-Op, Positive Outlook Intact
CITI'S TAKE
Chroma's 2Q26 net profit beat expectations on non-op gains, though GPM missed due to higher input costs. Mgmt. remains confident in a stronger 2H26, with revenue momentum driven by robust demand in AI-related SLT, photonics, and power testers. We believe Chroma's technology leadership will keep its order outlook intact despite supply chain noise, while new products in metrology, FT handler, burn-in system provide further upside. Maintain Buy rating and NT$2,500 TP as the company remains one of the key testing solution providers supporting the global AI expansion.
2Q26 GPM missed on input costs, NP beat by non-op gains -Revenue (preannounced) grew 110% YoY (+14% QoQ) to another record-high of NT$13.5bn driven by AI server power testing (ATS: +129% YoY) and semi/photonics (+99% YoY). GPM fell 2.1ppts QoQ to 60.5% (below Street/Citi est. of 63.1%/62.6%) due to input cost hike (DRAM, passive components, ICs). Opex grew 45% YoY due to staff expansion. Helped by NT$1.3bn disposal gains, NP came in at NT$5.1bn (13% above Street).
Expect stronger 2H26 despite supply chain noises -Mgmt. remains confident on strong revenue momentum in 2H, with 2H26 >1H26 revenue driven by: 1) SLT: AI CPU, GPU, ASIC; 2) photonics: optical transceiver demand is strong, while CPO revenue could start 3Q26 with potential upside. AI server power tester shipments remain stable throughout this year. Mature ATE also recovered since 2Q26. Chroma expects its order outlook to stay intact regardless of customer design changes.
New products -1) Panel-level metrology (799X): undergoing customer testing, 2) FT handler (3160-H): possible revenue in 2H26 and volume ramp in 2027; 3) burn-in system (3832): PO received PO, with shipment expected in 2H26. We believe these could become growth upside factors on top of the strong SLT and photonics.
Positive outlook intact, maintain Buy -Thanks to Chroma's tech leadership, we believe its order outlook remains largely intact despite recent supply chain delays. CPU, CPO and new products ramp could further propel 2H26 and 2027 growth and improve operating leverage with expanding revenue scale. We fine-tune our forecast and keep our Buy rating/NT$2,500 TP unchanged.
Earnings Summary
| Year to 31Dec | Net Profit (NT$M) | DilutedEPS (NT$) | EPSgrowth (%) | P/E (x) | P/B (x) | ROE (%) | Yield (%) |
|---|---|---|---|---|---|---|---|
| 2024A | 5,264 | 12.37 | 32 | 154.4 | 32.7 | 22.5 | 0.3 |
| 2025A | 8,505 | 19.99 | 61.6 | 95.5 | 25.5 | 30 | 0.7 |
| 2026E | 19,011 | 44.85 | 124.3 | 42.6 | 21.5 | 54.6 | 1.6 |
| 2027E | 26,368 | 62.28 | 38.9 | 30.7 | 18.1 | 63.8 | 2.3 |
| 2028E | 32,250 | 76.17 | 22.3 | 25.1 | 15.4 | 66 | 2.8 |
Source: Powered by dataCentral
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
n Buy
Price (30 Jul 26 13:30)
NT$1,910.00
Target price
NT$2,500.00
Expected share price return
30.9%
Expected dividend yield
1.0%
Expected total return
31.9%
Market Cap
NT$812,219M
US$25,099M
Price Performance (RIC: 2360.TW, BB: 2360 TT)
Kevin Chen AC
+852-2501-2125 kevin.y.chen@citi.com
Kyna Wong
kyna.wong@citi.com
Karen Huang
karen.xw.huang@citi.com
Yiming Li, CFA
yiming.li@citi.com
Prepared for Kevin Lu
| 2360.TW: | Fiscalyearend31-Dec | Price: NT$1,910.00; TP: NT$2,500.00; Market Cap: NT$812,219m; Recomm:Buy | Price: NT$1,910.00; TP: NT$2,500.00; Market Cap: NT$812,219m; Recomm:Buy | Price: NT$1,910.00; TP: NT$2,500.00; Market Cap: NT$812,219m; Recomm:Buy | Price: NT$1,910.00; TP: NT$2,500.00; Market Cap: NT$812,219m; Recomm:Buy | Price: NT$1,910.00; TP: NT$2,500.00; Market Cap: NT$812,219m; Recomm:Buy | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit&Loss(NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E | Valuation ratios | 2024 | 2025 | 2026E | 2027E | 2028E |
| Sales revenue | 21,604 | 28,310 | 54,290 | 70,689 | 84,380 | PE(x) | na | 95.5 | 42.6 | 30.7 | 25.1 |
| Cost of sales | -8,859 | -10,886 | -20,911 | -26,410 | -31,377 | PB(x) | 32.7 | 25.5 | 21.5 | 18.1 | 15.4 |
| Gross profit | 12,745 | 17,424 | 33,379 | 44,279 | 53,002 | EV/EBITDA(x) | na | 80.5 | 35.1 | 24.5 | 19.9 |
| Gross Margin (%) | 59.0 | 61.5 | 61.5 | 62.6 | 62.8 | FCFyield (%) | 0.3 | 0.4 | 0.8 | 2.2 | 2.8 |
| EBITDA(Adj) | 6,316 | 10,020 | 22,995 | 32,924 | 40,336 | Dividend yield (%) | 0.3 | 0.7 | 1.6 | 2.3 | 2.8 |
| EBITDAMargin(Adj) (%) | 29.2 | 35.4 | 42.4 | 46.6 | 47.8 | Payout ratio (%) | 53 | 70 | 70 | 70 | 70 |
| Depreciation | -818 | -806 | -816 | -827 | -925 | ROE(%) | 22.5 | 30.0 | 54.6 | 63.8 | 66.0 |
| Amortisation | -17 | -17 | -17 | -17 | -17 | Cashflow(NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E |
| EBIT (Adj) | 5,481 | 9,197 | 22,162 | 32,080 | 39,394 | EBITDA | 6,316 | 10,020 | 22,995 | 32,924 | 40,336 |
| EBIT Margin (Adj) (%) | 25.4 | 32.5 | 40.8 | 45.4 | 46.7 | Working capital | -1,390 | -4,323 | -9,834 | -7,583 | -9,304 |
| Net interest | 48 | 56 | 62 | 49 | 79 | Other | -82 | -457 | -2,781 | -5,341 | -6,772 |
| Associates | 0 | 0 | 0 | 0 | 0 | Operating cashflow | 4,844 | 5,240 | 10,379 | 20,000 | 24,260 |
| Non-Op/Except/Other Adj | 1,179 | 1,478 | 1,980 | 882 | 801 | Capex | -2,005 | -2,283 | -4,000 | -2,000 | -2,000 |
| Pre-tax profit | 6,708 | 10,731 | 24,204 | 33,011 | 40,273 | Net acq/disposals | -2,387 | -865 | 935 | 244 | 39 |
| Tax | -1,309 | -1,991 | -4,823 | -6,272 | -7,652 | Other | 2,501 | 4,577 | -3,093 | -2,420 | -2,420 |
| Extraord./Min.Int./Pref.div. | -135 | -235 | -370 | -371 | -371 | Investing cashflow | -1,891 | 1,428 | -6,158 | -4,175 | -4,380 |
| Reported net profit | 5,264 | 8,505 | 19,011 | 26,368 | 32,250 | Dividends paid | -2,807 | -3,828 | -8,360 | -13,308 | -18,457 |
| Net Margin (%) | 24.4 | 30.0 | 35.0 | 37.3 | 38.2 | Financing cashflow | -2,997 | -4,548 | -4,349 | -13,308 | -18,457 |
| CoreNPAT | 5,264 | 8,505 | 19,011 | 26,368 | 32,250 | Net change in cash | 27 | 2,105 | -102 | 2,519 | 1,425 |
| Per share data | 2024 | 2025 | 2026E | 2027E | 2028E | Free cashflow to s/holders | 2,839 | 2,957 | 6,379 | 18,000 | 22,260 |
| Reported EPS($) | 12.37 | 19.99 | 44.85 | 62.28 | 76.17 | ||||||
| Core EPS($) | 12.37 | 19.99 | 44.85 | 62.28 | 76.17 | ||||||
| DPS($) | 6.60 | 14.00 | 31.29 | 43.40 | 53.09 | ||||||
| CFPS($) | 11.38 | 12.32 | 24.48 | 47.24 | 57.30 | ||||||
| FCFPS($) | 6.67 | 6.95 | 15.05 | 42.51 | 52.58 | ||||||
| BVPS($) | 58.49 | 75.01 | 88.81 | 105.68 | 124.25 | ||||||
| Wtdavgordshares(m) | 421 | 422 | 422 | 422 | 422 | ||||||
| Wtdavgdiluted shares (m) | 426 | 425 | 424 | 423 | 423 | ||||||
| Growthrates | 2024 | 2025 | 2026E | 2027E | 2028E | ||||||
| Sales revenue (%) | 15.7 | 31.0 | 91.8 | 30.2 | 19.4 | ||||||
| EBIT (Adj) (%) | 17.3 | 67.8 | 141.0 | 44.8 | 22.8 | ||||||
| CoreNPAT(%) | 32.3 | 61.6 | 123.5 | 38.7 | 22.3 | ||||||
| CoreEPS(%) | 32.0 | 61.6 | 124.3 | 38.9 | 22.3 | ||||||
| BalanceSheet(NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E | ||||||
| Cash&cashequiv. | 4,099 | 6,222 | 6,473 | 9,585 | 11,569 | ||||||
| Accounts receivables | 5,827 | 8,814 | 17,849 | 21,303 | 25,429 | ||||||
| Inventory | 5,458 | 7,919 | 14,895 | 18,089 | 21,491 | ||||||
| Net fixed &other tangibles | 14,718 | 15,763 | 19,079 | 19,373 | 19,830 | ||||||
| Goodwill &intangibles | 289 | 325 | 420 | 420 | 420 | ||||||
| Financial &other assets | 6,917 | 8,107 | 9,976 | 10,250 | 10,276 | ||||||
| Total assets | 37,308 | 47,150 | 68,692 | 79,020 | 89,015 | ||||||
| Accounts payable | 3,059 | 4,054 | 8,593 | 10,853 | 12,895 | ||||||
| Short-term debt | 1,417 | 14 | 854 | 3,254 | 3,254 | ||||||
| Long-term debt | 2,108 | 3,304 | 6,402 | 4,002 | 4,002 | ||||||
| Provisions &other liab | 5,273 | 7,216 | 14,357 | 15,250 | 15,305 | ||||||
| Total liabilities | 11,858 | 14,587 | 30,208 | 33,361 | 35,456 | ||||||
| Minority interests | 573 | 720 | 720 | ||||||||
| 665 | 38,484 | 720 | |||||||||
| Total equity | 25,450 | 32,563 -2,904 | 45,660 | 53,558 | |||||||
| Net debt (Adj) | -574 | 784 | -2,328 | -4,312 | |||||||
| Net debt to equity (Adj) (%) | -2.3 | -8.9 | 2.0 | ||||||||
| For definitions of the items in this table, | please click here. | -5.1 | -8.1 |
Prepared for Kevin Lu
Figure 1. Chroma ATE - 2Q26 Results Comparison
| 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 2Q26 | 2Q26 | 2Q26 | 2Q26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| (NT$ mn) | Actual | BBG | Diff | Citi est | Diff | |||||
| Revenue | 6,865 | 6,455 | 6,410 | 8,580 | 11,859 | 13,529 | 12,727 | 6% | 12,692 | 7% |
| YoY% | 55% | 17% | 14% | 42% | 73% | 110% | 97% | 97% | ||
| Gross Profit | 4,148 | 4,224 | 3,835 | 5,217 | 7,424 | 8,185 | 8,030 | 2% | 7,944 | 3% |
| GPM | 60.4% | 65.4% | 59.8% | 60.8% | 62.6% | 60.5% | 63.1% | -2.6ppts | 62.6% | -2.1ppts |
| Opex | (1,984) | (2,027) | (1,987) | (2,229) | (2,627) | (2,943) | (2,724) | 8% | (2,401) | 23% |
| Opex% | 28.9% | 31.4% | 31.0% | 26.0% | 22.2% | 21.8% | 21.4% | 0.3ppts | 18.9% | 2.8ppts |
| EBIT | 2,164 | 2,197 | 1,848 | 2,988 | 4,797 | 5,242 | 5,306 | -1% | 5,543 | -5% |
| EBIT margin | 31.5% | 34.0% | 28.8% | 34.8% | 40.5% | 38.7% | 41.7% | -2.9ppts | 43.7% | -4.9ppts |
| Pre-Tax Profit - Adj. | 2,597 | 2,438 | 2,288 | 3,408 | 5,094 | 6,513 | 5,540 | 18% | 5,803 | 12% |
| Net Profit - Adj. | 2,123 | 1,953 | 1,880 | 2,549 | 3,864 | 5,123 | 4,529 | 13% | 4,629 | 11% |
| YoY% | 122% | 39% | 32% | 73% | 82% | 162% | 132% | 137% | ||
| EPS (NT$) - Adj. | 4.98 | 4.60 | 4.42 | 5.99 | 9.07 | 12.10 | 10.51 | 15% | 10.87 | 11% |
Source: Company Reports, Bloomberg, Citi Research Estimates
Figure 2. Chroma ATE - Forecast Revisions
| 2026E | 2026E | 2026E | 2027E | 2027E | 2027E | 2028E | 2028E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|
| (NT$ mn) | Old | New | Diff | Old | New | Diff | Old | New | Diff |
| Revenue | 52,447 | 54,290 | 4% | 69,210 | 70,689 | 2% | 82,198 | 84,380 | 3% |
| YoY% | 85% | 92% | 32% | 30% | 19% | 19% | |||
| Gross Profit | 32,635 | 33,379 | 2% | 43,362 | 44,279 | 2% | 51,633 | 53,002 | 3% |
| GPM | 62.2% | 61.5% | -0.7ppts | 62.7% | 62.6% | 0.0ppts | 62.8% | 62.8% | 0.0ppts |
| Opex | (9,865) | (11,217) | 14% | (11,140) | (12,199) | 9% | (12,487) | (13,609) | 9% |
| Opex% | 18.8% | 20.7% | 1.9ppts | 16.1% | 17.3% | 1.2ppts | 15.2% | 16.1% | 0.9ppts |
| EBIT | 22,770 | 22,162 | -3% | 32,221 | 32,080 | 0% | 39,146 | 39,394 | 1% |
| EBIT margin | 43.4% | 40.8% | -2.6ppts | 46.6% | 45.4% | -1.2ppts | 47.6% | 46.7% | -0.9ppts |
| Pre-Tax Profit | 23,784 | 24,204 | 2% | 33,108 | 33,011 | 0% | 39,949 | 40,273 | 1% |
| Net Profit | 18,772 | 19,011 | 1% | 26,504 | 26,368 | -1% | 32,045 | 32,250 | 1% |
| YoY% | 121% | 124% | 41% | 39% | 21% | 22% | |||
| EPS (NT$) - adj. | 44.06 | 44.85 | 2% | 62.21 | 62.28 | 0% | 75.22 | 76.17 | 1% |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Citi Research Estimates
Figure 3. Chroma ATE - Forecast Comparison (Citi vs. Consensus)
| 2026E | 2026E | 2026E | 2027E | 2027E | 2027E | 2028E | 2028E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|
| (NT$ mn) | Street | Citi | Diff | Street | Citi | Diff | Street | Citi | Diff |
| Revenue | 51,335 | 54,290 | 6% | 71,819 | 70,689 | -2% | 93,854 | 84,380 | -10% |
| YoY% | 81% | 92% | 40% | 30% | 31% | 19% | |||
| Gross Profit | 32,455 | 33,379 | 3% | 46,152 | 44,279 | -4% | 60,245 | 53,002 | -12% |
| GPM | 63.2% | 61.5% | -1.7ppts | 64.3% | 62.6% | -1.6ppts | 64.2% | 62.8% | -1.4ppts |
| Opex | (11,118) | (11,217) | 1% | (13,992) | (12,199) | -13% | (15,547) | (13,609) | -12% |
| Opex% | 21.7% | 20.7% | -1.0ppts | 19.5% | 17.3% | -2.2ppts | 16.6% | 16.1% | -0.4ppts |
| EBIT | 21,337 | 22,162 | 4% | 32,161 | 32,080 | 0% | 44,698 | 39,394 | -12% |
| EBIT margin | 41.6% | 40.8% | -0.7ppts | 44.8% | 45.4% | 0.6ppts | 47.6% | 46.7% | -0.9ppts |
| Pre-Tax Profit | 22,555 | 24,204 | 7% | 32,280 | 33,011 | 2% | 45,180 | 40,273 | -11% |
| Net Profit | 17,901 | 19,011 | 6% | 27,001 | 26,368 | -2% | 36,101 | 32,250 | -11% |
| YoY% | 110% | 124% | 51% | 39% | 34% | 22% | |||
| EPS (NT$) | 42.02 | 44.85 | 7% | 63.45 | 62.28 | -2% | 85.05 | 76.17 | -10% |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Bloomberg, Citi Research Estimates
Figure 4. Chroma Alt - 12M Fwd. P/E Band
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Jul-21
© 2026 Citigroun Inc. No redistribution without Citigroup's written permission.
Figure 5. Chroma Alt - 12M Fwd. P/E Chart
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Figure 4. Chroma ATE - 12M Fwd. P/E Band
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Figure 5. Chroma ATE - 12M Fwd. P/E Chart
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© 2026 Citigroun Inc. No redistribution without Citigroup's written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: dataCentral, Citi Research
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© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: dataCentral, Citi Research
Prepared for Kevin Lu
NT$
3,138
2,615
2,092
1,569
1,046
523
0
Jul 25
• Valuation re-rating to 45x 2027E P/E
• 64% Upside
NT$ 2,500.00
4 31% Upside
Bull/Bear: Chroma ATE (2360.TW)
BASE Assumptions
• Revenue growth to NT$52bn/69bn in 2026E/27E
• Net profit growth to NT$18.8bn/26.5bn in 2026E/27E
• Valuation re-rating to 40x 2027E P/E
BEAR Assumptions
- {· Revenue growth to NT$50bn/65bn in 2026E/27E · Net profit growth to NT$17.5bn/24.3bn in 2026E/27E
• Valuation re-rating to 25x 2027E P/E
Prepared for Kevin Lu
NT$ 1,370.00
• 28% Downside
Prepared for Kevin Lu
Chroma ATE
Company description
Chroma ATE is a leading supplier of testing and instrumentation equipment, automated testing systems (ATS), and turnkey solutions. Its products are used for testing power electronics, semiconductor, IC, EV component, display, and other electronics applications.
Investment strategy
We rate Chroma Buy as we expect structural and robust growth ahead, driven by: 1) strong power tester demand for AI data center/servers; 2) expanding SLT (system level testing) demand driven by new generation model launch and new customers ramp-up; 3) strong metrology growth from increasing foundry capex investment in advanced packaging; and 4) solid silicon photonics equipment demand, with CPO a key incremental upside.
Valuation
Our target price of NT$2,500 is based on 40x 2027E P/E, at close to 1x PEG. Chroma shares have re-rated above its historical range as its growth outlook is now strongly tied to AI infrastructure build out. We estimate 60%+ of its revenue are now AI-related, with strong growth across product segments including power testers, SLT, metrology, and photonics. Chroma has a commanding market share in most of these segments and well positioned to capitalized on the global AI expansion.
Risks
Downside risks to our target price include: 1) softer AI/CPO growth expectation due to changes in capex outlook or production bottleneck; 2) fewer SLT needed as a result of shortened cycle time as GPU yield rate improves; 3) disappointing metrology shipment due to changes at ramp-up schedule; 4) testing process change leading to loss in market share; 5) FX risks (50-60% of Chroma's sales are in US$, 10-20% in Rmb).
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