報告_Citi_英業達2356_20260811

PDF 原檔：報告_Citi_英業達2356_20260811_original.pdf

圖片清單（已驗證 2026-08-13）

<40KB 檔案（_001.png）未逐張 Read，依慣例預設為 logo／版面裝飾，未列入清單。

原始內容

(RIC: 2356.1W, BB: 2356 11)

TWD

75

70

65

60

55

50

45

40

35

Prepared for Kevin Lu

11 Aug 2026 07:41:48 ET │ 14 pages

Sep

Dec

Mar

Jun

Inventec (2356.TW)

Structural shift toward AI server business remains intact, but shortterm headwinds from tight upstream components supply

CITI'S TAKE

Inventec reported 2Q26 net profit of NT$3,895m, up 60% QoQ and 78% YoY, beating our and consensus estimates by 31-37%, mainly driven by strong revenues growth of 35% QoQ and 45% YoY given the NB pull-in demand and the ramp of server business. Nonetheless, GM dropped from 1Q26's 5.1% to 4.2% and missed market expectation (Citi/Consensus 5.2%/5.1%) due to the margins dilution effect from higher component cost, especially in NB products line. While current outlook into 3Q looks to be tempered by the tight supply of upstream components for server business and the inevitable NB shipment decline on strong pull-in in 1H, we remain constructive over its growth outlook into next year, backed by its new production capacity ramps, emerging general server and ASIC business and continued ramps of its rack level AI server business. Maintain Buy.

Flattish 3Q sales with sequential GM improvement -Despite Inventec already achieving >30% QoQ sales growth for both server and NB business in 2Q, the company is guiding for 3Q26 revenues to be flattish QoQ. NB shipment is expected to decline HSD QoQ, but due to better mix toward commercial NB products and price hike, Inventec is expecting a slight sequential decrease for its NB revenues. With strength in server to largely offset weakness in NB, GM is expected to improve sequentially, marking 2Q as the trough of the year.

Near-term delay not changing its long-term server growth narrative -Inventec commented that the supply shortage in some key components (memory, CPUs, PCB, etc) has led to some order delay from 3Q to 4Q. We acknowledge the near-term supply shortage may cap upside to its server sales momentum in 3Q, but we see long-term growth upside from its continued build-up of its system level server capacity, upward AI demand trajectory, especially from its Chinese clients and accelerating general server demand from emerging agentic AI applications, driving its overall OPM expansion in the years to come. To support the expanding project demand, its 2026 capex is guided to double to US$1bn, from 2025 levels as it builds new facility for production diversification and server capacity expansion.

Maintain Buy -We raise our 2026/27 earnings by 9%/16% to model in better than expected 2Q results and continued ramps of its server capacity. We raise our TP to NT$75 (17x 2027 EPS vs 18x forward earnings previously) from NT$63, as we move forward our valuation base year to 2027.

Earnings Summary

Source: Powered by dataCentral

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

Price Performance (RIC: 2356.TW, BB: 2356 TT)

Nicholas Lai AC

+886-2-8726-9093

nicholas.lai@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

Prepared for Kevin Lu

Figure 3. Inventec - Forward P/E band

Figure 1. Inventec - 2026 results overview

NTS

100

1Q26

(NT$mn)

90

Revenue

Gross profit

80

70

60

Gross margin

Op. profit

50

OP margin

40

Net income

30

EPS (NTS)

20

Q/0

35%

12%

-0.8 ppt

31%

• 0.0 ppt

60%

60%

10,177

5.1%

3,615

1.8%

2,428

0.68

2Q26

11,416

4.2%

4,741

1.8%

3,895

1.09

Y/Y

45%

20%

• 0.9 ppt

30%

• 0.2 ppt/

78%

78%

2Q25

Actual

186,577

9,503

5.1%

3,635

1.9%

2,190

0.61

@ 2026 Citioroun Inc No redistribution without Citioroun's written nermission

10

Jan-12

Aug-12

Mar-13

Oct-13

May-14

Dec-14

• Share Price

Feb-16

Sep-16

Apr-17

-7.1x -

Nov-17

Jun-18

Jan-19

— 12.3x|

Mar-20

Oct-20

May-21

Dec-21

• 17.5x

Jul-22

Feb-23

Sep-23

-22.7x |

© 2026 Citioroun Inc. No redistribution without Citjoroun's written permission.

Prepared for Kevin Lu

Jul-15

Aug-19

Apr-24

2Q26

Citi

210,874

11,042

5.2%

3,873

1.8%

2,835

0.82

Nov-24

Figure 4. Inventec - Forward P/B band & ROE

NT$

100

Diff.

28%

90

3%

-1.0 ppt

22%

-0.1 ppt

37%

32%

80

60

50

40

30

20

10

Figure 1. Inventec - 2Q26 results overview

Jun-25

-27.9x|

25%

20%

15%

10%

5%

0%

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

Source: Citi Research, Bloomberg

Figure 2. Inventec - Estimates Revisions

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

Source: Citi Research

2Q26

Cons.

236,739

11,974

5.1%

4,294

1.8%

2,964

0.82

Diff.

14%

-5%

-0.8 ppt

10%

• 0.1 ppt

31%

32%

AMRi

Figure S. Inventec - Forecast Summary

NTSmn

Net sales

Gross profit

OPEX

Total Non-OP

Operating profit

Pre-tax profit

Income tax

Net profit

Margins (%)

EPS (NTS)

Gross profit

Pre-tax profit

Y/Y(%)

Net profit

Net sales

Gross profit

OPEX

Operating profit

Net profit

Pre-tax profit

Q/Q(%)

Net sales

Gross profit

Operating profit

OPEX

Pre-tax profit

Net profit

Prepared for Kevin Lu

1026

3,615

3,307

(308)

873

2,428

0.68

4026

267,589

13,590

9,285

4,304

(535)

3,770

754

3,024

2026

269,857

11,416

6,675

4,741

276

5,017

1,117

3,895

1.09

5.1

0.84

5.

.1

4.2

4.7

Figure 5. Inventec - Forecast Summary

646,262

2024

33,337

11,855

21,482

(2,607)

9,248

1,944

2.04

7,306

5.2

3.3

2025

691,190

36,715

24,008

12,706

(700)

12,006

2,722

8,690

2.42

5.3

3.5

1,006,303

2026E

47,744

29,226

18,519

(895)

17,624

3,848

13,782

3.84

4.7

2.9

1,076,800

2027E

57,766

35,378

22,389

(2,024)

20,365

4,242

16,176

4.51

5.4

3.3

3.

.5

264,846

2027E

13,828

8,475

5,353

(574)

4,780

1,147

3,648

1.02

5.2

3.2

301,207

3027E

16,536

9,639

6,897

(761)

6,136

1,227

1.37

4,924

3.2

280,379

4027E

15,209

9,729

5,480

4,945

989

3,971

1.11

5.4

3.5

2028E

1,131,031

24,340

(2,024)

22,317

4,643

17,733

4.94

5.4

3.3

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

Source: Citi Research, company data

1027E

230,368

12,193

7,535

4,658

4,504

878

3,6.01

NT$

90

75

60

30

Aug 25

NT$ 50.00

• 23% Downside

NT$ 75.00

Bull/Bear: Inventec (2356.TW)

BASE Assumptions

• OPM at 2.0-2.3% in 2026E-27E

• BEAR Assumptions

• Weaker than expected Al server project demand

Prepared for Kevin Lu

Prepared for Kevin Lu

Inventec

Company description

Established in 1975 and listed in 1996, Taiwan-based Inventec is a key ODM of NBs, servers, smartphones, and wearable/IoT devices to global customers. Major shareholders include the founder Mr. Yeh Kuo-I, whose family has (both directly and indirectly) a c35% stake.

Investment strategy

We rate Inventec shares as Buy. We expect stable demand in NB and server to help support near-term earnings, while product diversification within smart devices to areas such as IoT and medical space should help improve L-T margins. We expect the company's solid cash yield to serve as a downside cushion.

Valuation

Our target price of NT$75 for Inventec shares is based on 17x 2027 EPS, which is slightly above the mid-point of its historical trading range, reflecting the company's product diversification and stable demand outlook led by servers and commercial NBs, as well as increasing AI server exposure that could potentially drive margin expansion and better earnings momentum.

Risks

Key downside risks that could impede the stock from reaching our target price include: 1) Slower-than-expected shipment growth/weaker-than-expected sell-through in HomePods and AirPods could lead to downside in our sales forecasts; 2) If competitors adopt aggressive pricing strategies to gain market shares, our ASP and margin assumptions could face downside risk; 3) Lowerthan-expected server margins driven by rising exposure to Chinese customers could impact our earnings forecasts negatively; 4) Deterioration in NB demand and investment in solar would hurt our forecasts; and 5) Strongerthan-expected Taiwan dollar could lead to FX loss and downside to our current forecasts.

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