報告_Citi_致茂2360_20260826

PDF 原檔：報告_Citi_致茂2360_20260826_original.pdf

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未讀（<40KB 或同組抽樣）：001（Chroma 月營收趨勢，34KB）、002（12M Fwd P/E Band，30KB）、003（12M Fwd P/E Chart，31KB）

原始內容

rigure l. Cnroma Aie- Montniy nevenue Irena

(NT$ mn)

citivelocity.com

6,000

5,000

4,000

3,000

2,000

1,000

25 Aug 2026 13:28:53 ET │ 12 pages

Chroma ATE (2360.TW)

Chroma Plans 13.6mn Share GDR Issuance; Dilution Manageable with Long-Term Upside Potential · 2026

CITI'S TAKE

Chroma ATE announced today after market close its plan to issue up to 13.6mn new shares through GDR. The proceeds will be used for overseas operation expansion and overseas material procurement. At today's closing price of NT$1,965, we estimate the additional 13.6mn shares could raise NT$26.7bn in funding. The Board will hold an EGM on October 20th to decide the proposed GDR issuance. Chroma shares fell as much as 9% on August 25th likely due to investor concerns of potential share dilution (~3% EPS dilution) and GDR price discount. That said, we view the 3% dilutive impact as modest and manageable. Chroma's order outlook remains robust while its production capacity remains tight. Additional funding for overseas expansion could help the company better capture future growth opportunities longer term. Chroma remains one of the key testing solution providers supporting the global AI expansion. Maintain Buy and NT$2,500 TP.

Figure 1. Chroma ATE - Monthly Revenue Trend

• © 2026 Citigroup Inc. No redistribution without Citigroup's written permission.

Source: Company Reports, Citi Research

See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations

Buy

Price (25 Aug 26 13:30)

NT$1,965.00

Target price

NT$2,500.00

Expected share price return

27.2%

Expected dividend yield

1.0%

Expected total return

28.2%

Market Cap

NT$835,608M US$26,240M

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

Figure <. Chroma Alt -12m Fwa. r/E band

NT$

3000

2500

2000

1500

1000

500

Aug-21

M 2026 Citicroun Ine Mo rodictribution without Citicroun'c writton normiccion

Figure s. Chroma Alt - 12m Fwa. P/e Chart

X

55

50

-

45

40

35

30

Figure 2. Chroma ATE - 12M Fwd. P/E Band

25

20

+2std

+1std

Figure 3. Chroma ATE - 12M Fwd. P/E Chart

Aug-22

€ 2M06 Citicenun Ine No rodictribution without Citicroun'e writton normiccion

© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: dataCentral, Citi Research

RELATED:

Chroma ATE (2360.TW): July Revenue Exceeded NT$5.4bn, Bright Outlook Remains Intact Chroma ATE (2360.TW): 2Q Beat on Non-Op, Positive Outlook Intact Greater China Semiconductors: US Marketing Takeaways

© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: dataCentral, Citi Research

NT$

3,138

2,615

2,092

1,569

1,046

523 MM

Aug 25

BASE Assumptions

NT$ 1,370.00

• 30% Downside

• NT$3,135.00

• 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
• {3 • 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

4 60% Upside

NT$ 2,500.00

Bull/Bear: Chroma ATE

• 27% Upside

Chroma ATE

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 AIrelated, 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).

Chroma ATE (2360.TW)

Analyst: Kevin Chen

Date

07-Aug-24 18:28:11

2 13- Sep-24 00:34:47

[J 04-Nov-24 12:53:01

[02-Feb-25 19:44:53

CW - Catalyst Watch, STV - Short-Term View

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

[2 21- Feb-2411:50:58

1

*280.00

227.50

[30-Apr-25 14:29:54