PDF 原檔：報告_Daiwa_全新2455_20261105_original.pdf
原始內容
Visual Photonics Epitaxy (2455 TT)
Target price: TWD555.00 (from TWD535.00)
Shareprice(5Nov):TWD346.00 | Up/downside:+60.4%
Upgrading: value resurfaces after jitters rise
- Raising forecasts on both higher top-line and margin trajectories
- Intact optical ramp in AI connectivity despite market volatility
- Upgrading our rating to Buy (1) with a higher 12M TP of TWD555
What's new: Following VPEC's robust 3Q26 earnings release on 30 October and our subsequent market research, we raise our forecasts and 12M TP, premised upon: 1) a higher top-line growth, thanks to its faster capacity conversion to meet strong demand for AI optical communication (OC) devices; and 2) a higher substrate supply consigned by customers, helping margin. Our thesis remains intact for VPEC to enjoy strong growth from its share gains in the AI OC market, with broadened customer base and applications. Given increased jitters on AI bubble and macro issues post the US mid-term elections, we upgrade our rating one notch to Buy (1) and suggest investors take advantage of market volatility to bargain-hunt.
What's the impact: Forecast changes. We raise our 2026-27E EPS by 34% to factor in VPEC's robust 3Q26 results and higher revenue growth in 4Q26, on our latest market research. This is premised upon: 1) faster-thanexpected capacity conversion from GaAs for mobile to InP for AI OC at its MOCVD reactors to mitigate supply constraints and meet more optical demand; and 2) increased InP substrate supply consigned by customers, helping to increase GM. As such, we expect VPEC's earnings growth to remain strong through 2027, supporting its hefty valuation.
Speeding up capacity conversion to meet more demand. Given a limited floor space in its Fab 2, VPEC may accommodate 70+ MOCVD reactors in 2027 (currently: 65). Yet, given still-suboptimal utilisation in its RF business due to weak consumer demand for smartphones on cost inflation, VPEC is accelerating capacity conversion to accommodate strong AI OC demand, in order to narrow the supply/demand gap.
Increasing substrate consignment to benefit GM. Due to the InP substrate supply constraint and strong AI demand, customers with strong purchasing power are increasing substrate consignment to VPEC, adding to GM since the consigned materials are excluded from the GM calculation. We continue to expect the company to register AI-related revenue, including PD, LD and HAMR, with broadened customer base, of TWD1.21.3bn this year, TWD3bn in 2027E and at least TWD4bn in 2028E, from TWD550m in 2025 (see our preview note, 8 September).
What we recommend: We raise our 12M TP for VPEC to TWD555 (previous: TWD535), still based on our 4-quarter-forward PER of 58x. We upgrade our rating by one notch to Buy (1), with key downside risk of China's export control inducing any unexpected supply chain hiccups.
How we differ: Our 2027-28E EPS are 14-36% below Bloomberg consensus, as we believe the street is too aggressive on VPEC's AI ramp.
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Rick Hsu (886) 2 8758 6261
rick.hsu@daiwacm-cathay.com.tw
Sam Weng (886) 2 8758 6255 sam.weng@daiwacm-cathay.com.tw
Forecast revisions (%)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue change | 2.1 | 2.3 | (0.5) |
| Net profit change | 4.7 | 3.9 | 0.2 |
| Core EPS (FD) change | 4.2 | 3.4 | (0.3) |
Source: Daiwa forecasts
Share price performance
| 12-month range | 131.00-606.00 |
|---|---|
| Market cap (USDbn) | 1.99 |
| 3m avg daily turnover (USDm) | 153.50 |
| Shares outstanding (m) | 189 |
| Major shareholder | Investco Ltd (6.6%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 4,770 | 6,723 | 7,863 |
| Operating profit (m) | 1,340 | 2,148 | 2,613 |
| Net profit (m) | 1,129 | 1,768 | 2,152 |
| Core EPS (fully-diluted) | 5.979 | 9.366 | 11.401 |
| EPS change (%) | 102.7 | 56.6 | 21.7 |
| Daiwa vs Cons. EPS (%) | 2.9 | (13.8) | (36.3) |
| PER (x) | 57.9 | 36.9 | 30.3 |
| Dividend yield (%) | 0.8 | 1.3 | 1.9 |
| DPS | 2.7 | 4.5 | 6.6 |
| PBR (x) | 16.7 | 13.5 | 11.4 |
| EV/EBITDA (x) | 39.1 | 25.8 | 21.6 |
| ROE (%) | 31.3 | 40.3 | 40.6 |
Source: FactSet, Daiwa forecasts
VPEC: quarterly P&L forecasts
| TWDm | 1Q26 | 2Q26 | 3Q26 | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total revenue | 959 | 965 | 1,342 | 1,503 | 1,486 | 1,621 | 1,740 | 1,875 | 3,380 | 4,770 | 6,723 | 7,863 |
| COGS | -594 | -593 | -739 | -824 | -817 | -887 | -946 | -1,007 | -2,160 | -2,750 | -3,658 | -4,199 |
| Gross profit | 365 | 373 | 603 | 679 | 669 | 734 | 794 | 868 | 1,220 | 2,019 | 3,065 | 3,665 |
| Opex | -139 | -149 | -183 | -209 | -208 | -222 | -235 | -251 | -550 | -680 | -916 | -1,051 |
| Operating profit | 227 | 224 | 419 | 470 | 461 | 512 | 559 | 617 | 669 | 1,340 | 2,148 | 2,613 |
| EBITDA | 301 | 301 | 498 | 550 | 547 | 596 | 646 | 704 | 960 | 1,651 | 2,493 | 2,936 |
| Non-op gain/loss | 17 | 13 | 4 | 8 | 8 | 8 | 8 | 8 | -2 | 41 | 32 | 39 |
| Pretax profit | 244 | 237 | 423 | 477 | 468 | 520 | 567 | 625 | 667 | 1,381 | 2,180 | 2,652 |
| Income taxes | -49 | -23 | -85 | -95 | -94 | -78 | -113 | -127 | -119 | -252 | -412 | -500 |
| Net profit | 195 | 214 | 338 | 382 | 375 | 442 | 454 | 498 | 548 | 1,129 | 1,768 | 2,152 |
| FD O/S (m) | 185 | 187 | 188 | 189 | 189 | 189 | 189 | 189 | 185 | 189 | 189 | 189 |
| FD EPS (TWD) | 1.06 | 1.14 | 1.80 | 2.02 | 1.98 | 2.34 | 2.40 | 2.64 | 2.96 | 5.98 | 9.37 | 11.40 |
| Revenue mix | ||||||||||||
| MC* | 74% | 73% | 57% | 50% | 47% | 46% | 43% | 39% | 75% | 61% | 44% | 38% |
| OC** | 16% | 18% | 33% | 41% | 43% | 44% | 46% | 49% | 16% | 29% | 46% | 48% |
| OS*** | 9% | 9% | 10% | 9% | 10% | 10% | 11% | 12% | 9% | 9% | 11% | 14% |
| Margin | ||||||||||||
| Gross | 38% | 39% | 45% | 45% | 45% | 45% | 46% | 46% | 36% | 42% | 46% | 47% |
| Operating | 24% | 23% | 31% | 31% | 31% | 32% | 32% | 33% | 20% | 28% | 32% | 33% |
| Net | 20% | 22% | 25% | 25% | 25% | 27% | 26% | 27% | 16% | 24% | 26% | 27% |
| Growth (QoQ) | ||||||||||||
| Total revenue | 0% | 1% | 39% | 12% | -1% | 9% | 7% | 8% | ||||
| Gross profit | 2% | 2% | 62% | 13% | -1% | 10% | 8% | 9% | ||||
| Operating profit | 8% | -1% | 87% | 12% | -2% | 11% | 9% | 10% | ||||
| EBITDA | 7% | 0% | 66% | 10% | -1% | 9% | 9% | 9% | ||||
| Net profit | 1% | 9% | 58% | 13% | -2% | 18% | 3% | 10% | ||||
| FD EPS | 1% | 8% | 58% | 12% | -2% | 18% | 3% | 10% | ||||
| Growth (YoY) | ||||||||||||
| Total revenue | 21% | 35% | 47% | 57% | 55% | 68% | 30% | 25% | 4% | 41% | 41% | 17% |
| Gross profit | 15% | 52% | 101% | 90% | 83% | 97% | 32% | 28% | -5% | 66% | 52% | 20% |
| Operating profit | 27% | 83% | 164% | 125% | 103% | 129% | 33% | 31% | -7% | 100% | 60% | 22% |
| EBITDA | 20% | 55% | 115% | 95% | 82% | 98% | 30% | 28% | -5% | 72% | 51% | 18% |
| Net profit | 24% | 488% | 111% | 97% | 92% | 107% | 34% | 30% | -18% | 106% | 57% | 22% |
| FD EPS | 24% | 482% | 107% | 93% | 88% | 105% | 34% | 30% | -18% | 102% | 57% | 22% |
Source: Company, Daiwa forecasts
Note: * MC = microwave communication such as RF PA; ** OC = optical communication including PD and LD; *** OS = optical sensing & imaging including VCSEL and EEL for consumer and automotive applications
VPEC: 3Q26 results and 4Q26 outlook updates
| TWDm | 3Q26 - Actual | 3Q26 - Daiwa | 3Q26 - Variance | Growth - QoQ | Growth - YoY | Guidance | 4Q26E Daiwa (previous) |
|---|---|---|---|---|---|---|---|
| Revenue | 1,342 | 1,345 | 0% | 39% | 47% | na | c.TWD1.4bn (+5% QoQ) |
| Gross profit | 603 | 577 | 4% | 62% | 101% | na | 44% |
| Operating profit | 419 | 390 | 8% | 87% | 164% | ||
| Pretax profit | 423 | 397 | 7% | 79% | 111% | ||
| Net profit | 338 | 318 | 6% | 58% | 111% | ||
| Adjusted EPS (TWD) | 1.80 | 1.69 | 6% | 58% | 107% | ||
| Margin | |||||||
| Gross | 44.9% | 42.9% | 2.0% | ||||
| Operating | 31.3% | 29.0% | 2.3% | ||||
| Net | 25.2% | 23.6% | 1.6% | ||||
| Revenue mix* | |||||||
| MC | 57% | 55% | |||||
| OSC | 43% | 45% |
Source: Company, Daiwa forecasts
Note: * MC = microwave communication mainly RF PA; OSC = optical sensing & communication including PD and LD (VCSEL and EEL)
VPEC: revenue mix by application*
VPEC: 4-quarter-forward PER band
Source: Company, Daiwa estimates and forecasts
Note: * MC = microwave communication mainly RF PA; OSC = optical sensing & communication including PD, LD and 3D laser sensing
Source: Company, TEJ, Daiwa forecasts
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Wafer shipment ('000) | 557 | 362 | 351 | 418 | 438 | 486 | 564 | 647 |
| Capacity utilization (%) | 92 | 57 | 54 | 63 | 65 | 70 | 81 | 94 |
| Blended ASP (USD) | 232 | 244 | 245 | 241 | 248 | 309 | 373 | 380 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Microwave communication | 3,135 | 2,074 | 2,091 | 2,550 | 2,544 | 2,932 | 2,932 | 2,996 |
| Optical sensing & communication | 473 | 530 | 603 | 691 | 836 | 1,837 | 3,791 | 4,868 |
| Other Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Revenue | 3,609 | 2,604 | 2,694 | 3,241 | 3,380 | 4,770 | 6,723 | 7,863 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (2,089) | (1,515) | (1,585) | (1,962) | (2,160) | (2,750) | (3,658) | (4,199) |
| SG&A | (182) | (151) | (139) | (169) | (167) | (254) | (343) | (381) |
| Other op.expenses | (282) | (358) | (427) | (389) | (383) | (425) | (573) | (670) |
| Operating profit | 1,057 | 580 | 542 | 721 | 669 | 1,340 | 2,148 | 2,613 |
| Net-interest inc./(exp.) | (5) | (2) | 2 | 14 | 8 | 7 | 12 | 31 |
| Assoc/forex/extraord./others | 1 | 90 | (3) | 83 | (12) | 34 | 20 | 8 |
| Pre-tax profit | 1,053 | 667 | 542 | 818 | 665 | 1,381 | 2,180 | 2,652 |
| Tax | (198) | (123) | (91) | (147) | (119) | (252) | (412) | (500) |
| Min. int./pref. div./others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit (reported) | 855 | 545 | 450 | 671 | 546 | 1,129 | 1,768 | 2,152 |
| Net profit (adjusted) | 855 | 545 | 450 | 671 | 546 | 1,129 | 1,768 | 2,152 |
| EPS (reported)(TWD) | 4.624 | 2.946 | 2.435 | 3.629 | 2.955 | 5.979 | 9.366 | 11.401 |
| EPS (adjusted)(TWD) | 4.624 | 2.946 | 2.435 | 3.629 | 2.955 | 5.979 | 9.366 | 11.401 |
| EPS (adjusted fully-diluted)(TWD) | 4.624 | 2.946 | 2.435 | 3.629 | 2.951 | 5.979 | 9.366 | 11.401 |
| DPS (TWD) | 2.590 | 4.000 | 2.300 | 2.200 | 3.220 | 2.650 | 4.500 | 6.600 |
| EBIT | 1,057 | 580 | 542 | 721 | 669 | 1,340 | 2,148 | 2,613 |
| EBITDA | 1,326 | 823 | 826 | 1,009 | 960 | 1,651 | 2,493 | 2,936 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 1,053 | 667 | 542 | 818 | 665 | 1,381 | 2,180 | 2,652 |
| Depreciation and amortisation | 269 | 243 | 284 | 288 | 291 | 311 | 345 | 322 |
| Tax paid | (198) | (123) | (91) | (147) | (119) | (252) | (412) | (500) |
| Change in working capital | (109) | 26 | (128) | 68 | (170) | (90) | (330) | 40 |
| Other operational CF items | 163 | (170) | (34) | 59 | (29) | (0) | 0 | (0) |
| Cash flow from operations | 1,179 | 644 | 572 | 1,086 | 637 | 1,350 | 1,783 | 2,514 |
| Capex | (467) | (418) | (71) | (44) | (361) | (654) | (800) | (320) |
| Net (acquisitions)/disposals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other investing CF items | (3) | (52) | (0) | (3) | (3) | 0 | 0 | 0 |
| Cash flow from investing | (470) | (470) | (71) | (47) | (364) | (654) | (800) | (320) |
| Change in debt | (100) | 110 | 10 | (300) | 100 | (150) | (75) | (38) |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (479) | (740) | (425) | (407) | (592) | (500) | (849) | (1,246) |
| Other financing CF items | (2) | (2) | (3) | (4) | (4) | 0 | 0 | 0 |
| Cash flow from financing | (581) | (632) | (419) | (711) | (496) | (650) | (924) | (1,283) |
| Forex effect/others | 16 | 1 | (9) | 22 | (11) | 0 | 0 | 0 |
| Change in cash | 144 | (457) | 73 | 350 | (233) | 46 | 58 | 911 |
| Free cash flow | 711 | 226 | 501 | 1,042 | 276 | 696 | 983 | 2,194 |
Source: FactSet, Daiwa forecasts
Financial summary continued …
Balance sheet (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investment | 1,210 | 753 | 826 | 1,176 | 945 | 991 | 1,049 | 1,960 |
| Inventory | 415 | 487 | 505 | 619 | 706 | 776 | 926 | 976 |
| Accounts receivable | 585 | 291 | 622 | 380 | 517 | 657 | 1,007 | 927 |
| Other current assets | 92 | 89 | 93 | 109 | 138 | 80 | 90 | 90 |
| Total current assets | 2,302 | 1,620 | 2,045 | 2,284 | 2,307 | 2,504 | 3,073 | 3,954 |
| Fixed assets | 2,405 | 2,712 | 2,490 | 2,262 | 2,315 | 2,714 | 3,008 | 2,934 |
| Goodwill & intangibles | 5 | 6 | 7 | 8 | 8 | 6 | 5 | 5 |
| Other non-current assets | 138 | 74 | 35 | 30 | 47 | 44 | 44 | 44 |
| Total assets | 4,851 | 4,412 | 4,578 | 4,583 | 4,677 | 5,269 | 6,130 | 6,937 |
| Short-term debt | 480 | 200 | 100 | 0 | 0 | 0 | 0 | 0 |
| Accounts payable | 372 | 176 | 397 | 337 | 392 | 512 | 682 | 692 |
| Other current liabilities | 520 | 356 | 302 | 410 | 387 | 535 | 455 | 423 |
| Total current liabilities | 1,372 | 732 | 799 | 747 | 778 | 1,047 | 1,137 | 1,114 |
| Long-term debt | 200 | 590 | 700 | 500 | 600 | 300 | 150 | 75 |
| Other non-current liabilities | 0 | 7 | 9 | 7 | 4 | 0 | 0 | 0 |
| Total liabilities | 1,573 | 1,329 | 1,508 | 1,254 | 1,382 | 1,347 | 1,287 | 1,189 |
| Share capital | 1,849 | 1,849 | 1,849 | 1,849 | 1,849 | 1,849 | 1,849 | 1,849 |
| Reserves/R.E./others | 1,429 | 1,234 | 1,220 | 1,480 | 1,446 | 2,073 | 2,994 | 3,899 |
| Shareholders' equity | 3,278 | 3,083 | 3,069 | 3,329 | 3,295 | 3,922 | 4,843 | 5,748 |
| Minority interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total equity & liabilities | 4,851 | 4,412 | 4,578 | 4,583 | 4,677 | 5,269 | 6,130 | 6,937 |
| EV | 64,784 | 65,351 | 65,289 | 64,639 | 64,969 | 64,623 | 64,415 | 63,429 |
| Net debt/(cash) | (530) | 37 | (26) | (676) | (345) | (691) | (899) | (1,885) |
| BVPS (TWD) | 17.728 | 16.671 | 16.599 | 18.006 | 17.845 | 20.777 | 25.656 | 30.449 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 36.4 | (27.8) | 3.5 | 20.3 | 4.3 | 41.1 | 40.9 | 17.0 |
| EBITDA (YoY) | 36.3 | (37.9) | 0.4 | 22.2 | (4.9) | 72.0 | 51.0 | 17.7 |
| Operating profit (YoY) | 53.7 | (45.1) | (6.5) | 33.0 | (7.2) | 100.2 | 60.4 | 21.6 |
| Net profit (YoY) | 60.6 | (36.3) | (17.3) | 49.0 | (18.7) | 106.9 | 56.6 | 21.7 |
| Core EPS (fully-diluted) (YoY) | 60.6 | (36.3) | (17.3) | 49.0 | (18.7) | 102.7 | 56.6 | 21.7 |
| Gross-profit margin | 42.1 | 41.8 | 41.2 | 39.5 | 36.1 | 42.3 | 45.6 | 46.6 |
| EBITDA margin | 36.7 | 31.6 | 30.7 | 31.1 | 28.4 | 34.6 | 37.1 | 37.3 |
| Operating-profit margin | 29.3 | 22.3 | 20.1 | 22.3 | 19.8 | 28.1 | 32.0 | 33.2 |
| Net profit margin | 23.7 | 20.9 | 16.7 | 20.7 | 16.1 | 23.7 | 26.3 | 27.4 |
| ROAE | 27.7 | 17.1 | 14.6 | 21.0 | 16.5 | 31.3 | 40.3 | 40.6 |
| ROAA | 18.7 | 11.8 | 10.0 | 14.7 | 11.8 | 22.7 | 31.0 | 32.9 |
| ROCE | 27.7 | 14.8 | 14.0 | 18.7 | 17.3 | 33.0 | 46.6 | 48.3 |
| ROIC | 32.0 | 16.1 | 14.6 | 20.8 | 19.6 | 35.4 | 48.6 | 54.3 |
| Net debt to equity | n.a. | 1.2 | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Effective tax rate | 18.8 | 18.4 | 16.9 | 17.9 | 18.0 | 18.2 | 18.9 | 18.8 |
| Accounts receivable (days) | 53.0 | 61.4 | 61.9 | 56.4 | 48.5 | 45.0 | 45.2 | 44.9 |
| Current ratio (x) | 1.7 | 2.2 | 2.6 | 3.1 | 3.0 | 2.4 | 2.7 | 3.5 |
| Net interest cover (x) | 207.2 | 281.4 | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Net dividend payout | 89.9 | 86.5 | 78.1 | 90.4 | 88.7 | 91.3 | 75.3 | 70.5 |
| Free cash flow yield | 1.1 | 0.3 | 0.8 | 1.6 | 0.4 | 1.1 | 1.5 | 3.4 |
Source: FactSet, Daiwa forecasts
Company profile
Founded in 1996, Visual Photonics Epitaxy (VPEC) is a veteran epiwafer maker in Taiwan. The company started with growing epiwafers for LED applications and then transitioned to microwave communications. Strategically moving up the technology verticals, in recent years VPEC has tapped into the high-value-add applications of optical sensing & communications for both blended ASP and margin accretion.
ESG analysis
ESG risks
| Risks | Management | Analystcomments |
|---|---|---|
| G Executive/board quality | 2 | VPEC's board of directors (BoD) has 11 members, including 3 independent directors, representing 27% of total directors in 2023, which is slightly higher than the regulatory requirement but lower than at other semiconductor companies under our coverage. Its chairman and general manager are not the same person and most of the directors are not executive management. In addition to the annual internal performance evaluation of the BoD, VPEC also requests an external evaluation of its BoD at least once every 3 years. We believe this helps strengthen the functionalities of the BoD despite a relatively low percentage of independent directors. |
| Capital management | 1 | In the past 10 years, the company's payout ratio has been above 78%. In terms of the dollar amount, its cash dividends were TWD2.3 per share in 2017-23. We view VPEC has well- managed dividend policy and see its dividend payout ratio is appropriate. |
| Related party & transaction | 1 | The company does not have any meaningful related-party transactions. |
| S Supplychain management | 2 | VPEC has set up a "Supplier Management Procedure (M0047)" and evaluates its suppliers in terms of environmental management, compliance, and green products. The company audits its suppliers to ensure a good performance in environmental sustainability, health & safety and corporate social responsibility. |
| E Water&wastewater management | 2 | It has appointed professionals according to regulations to conduct environmental management of air pollution, waste water, waste and hazardous substances. Also, it has introduced the ISO14001 environmental management system and passed the SGS certification in 2002. |
| E Waste & hazardous materials management | 3 | VPEC conducts audits on companies that handle the company's environmentally sensitive waste disposal to ensure the fulfilment of environmental sustainability and the implementation of corporate social responsibility. |
| E GHGemissions | 3 | It has set a target to reduce its GHG emissions and energy consumption per unit of product by 5% per year and verify greenhouse gas inventories bt ISO 14064 regulations. |
Note: Management score represents a company's ability to manage/benefit from certain ESG topics. The scores range from 1 to 3, with 1 being the strongest.
Update Date: 5 Nov 2026
Source: Daiwa, Company
圖片清單（已驗證 2026-11-07）
- 報告_Daiwa_全新2455_20261105_003.png — 類型：真資料圖（財務／評價圖，不嵌 lib）。親眼所見：VPEC 2009 至 2027 年股價與 15x/25x/35x/45x/55x/65x 四季預估本益比通道，股價 2026 年飆升至約 600 元附近。
- _001（股價表現）、_002（營收組合）檔案 <40KB，屬財務／股價圖，未逐張驗證。