PDF 原檔：報告_Daiwa_創意3443_20261104_original.pdf
原始內容
Global Unichip (3443 TT)
Target price: TWD7,800.00 (from TWD5,125.00)
Shareprice(3Nov):TWD6,795.00 | Up/downside:+14.8%
Value returns when jitters rise
- Lifting forecasts on AI strength and a broadened project base
- Margin dilutive at gross level yet accretive at operating level
- Reaffirming our Buy (1) with a higher 12M TP of TWD7,800
What's new: Following its results release on 30 October, we raise our forecasts and 12M TP for Global Unichip (GUC). The stock more than doubled since our last update (Upgrading: unleashed capacity adding to growth, 5 August), yet its recent pullback amid increased market volatility looks to be unlocking value again for investment, so we reaffirm our Buy (1) rating. Fundamentals have unfolded strongly. According to our market research, GUC's key customer in the AI CPU space has pulled forward its order trajectory ahead of the previous schedule amid accelerated demand for internal and external AI datacentre build-out. This comes on top of its initial ramp of another new accelerator project, followed by the next generation AI CPU and accelerator ramps for the same customer, with further upside from another new AI accelerator customer in the auto space. We suggest investors take advantage of the pullback to bargain-hunt.
What's the impact: Forecast changes. In light of its key AI CPU customer accelerating its ordering trajectory, together with multiple AI projects ramping in the next 1-2 years to fire on all cylinders for growth, we lift our 2026-28E EPS by 8-50% for GUC. We forecast triple-digit % YoY EPS growth over 2Q26-2Q27, before moderating to 50% or so into 2028. While such strong growth should help sustain its hefty valuation, further rerating may be unlikely as this would depend on GUC's ability to win more AI projects than we expect, and more importantly, whether it is able to secure enough capacity from the supply chain to accommodate any incremental business amid the constrained supply environment.
Margin-accretive at operating level. On top of the AI CPU demand uplift, we expect GUC to have a total of 6 major AI projects in mass-production for 2027, including 4 CPU and 2 accelerators, all for US-based hyperscalers or system vendors mainly focusing on N3 process nodes, helping broaden GUC's AI project base. Although these projects appear margin-dilutive at gross level, they should be accretive at the operating level, thanks to GUC's prudent opex management on enhanced operating leverage.
What we recommend: Given our forecast changes, we lift our 12M TP for GUC to TWD7,800 (previous: TWD5,125), based on a higher 4-quarter forward PER target of 67x (previous: 63x), justified by its 2026-28E EPS CAGR of 66% from a PEG perspective. Although further rerating remains challenging, we are comfortable with our Buy (1) call due to the recent share price pullback unlocking value for investment again. Key downside risks to our call would be supply constraints and margin execution.
How we differ: Our 2027-28E EPS are 23-37% below the consensus forecasts as we factor in the supply constraints that will moderate growth.
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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 | 8.3 | 39.2 | 49.4 |
| Net profit change | 7.6 | 32.7 | 50.2 |
| Core EPS (FD) change | 7.6 | 32.7 | 50.2 |
Source: Daiwa forecasts
Share price performance
| 12-month range | 1,605.00-8,600.00 |
|---|---|
| Market cap (USDbn) | 27.72 |
| 3m avg daily turnover (USDm) | 393.27 |
| Shares outstanding (m) | 134 |
| Major shareholder | TSMC (34.8%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 68,317 | 130,974 | 179,514 |
| Operating profit (m) | 9,436 | 17,803 | 26,814 |
| Net profit (m) | 8,411 | 15,500 | 23,185 |
| Core EPS (fully-diluted) | 62.760 | 115.661 | 173.005 |
| EPS change (%) | 123.1 | 84.3 | 49.6 |
| Daiwa vs Cons. EPS (%) | 11.6 | (23.0) | (36.9) |
| PER (x) | 108.3 | 58.7 | 39.3 |
| Dividend yield (%) | 0.3 | 0.5 | 0.8 |
| DPS | 20.0 | 35.0 | 55.0 |
| PBR (x) | n.a. | n.a. | 20.1 |
| EV/EBITDA (x) | 87.1 | 46.8 | 30.8 |
| ROE (%) | 53.3 | 64.5 | 62.1 |
Source: FactSet, Daiwa forecasts
GUC: quarterly P&L forecasts
| TWDm | 1Q26 | 2Q26 | 3Q26 | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue* | 11,448 | 13,897 | 18,755 | 24,219 | 24,705 | 29,061 | 35,023 | 42,185 | 34,141 | 68,317 | 130,974 | 179,514 |
| Turnkey (MP) | 9,805 | 11,586 | 16,671 | 20,633 | 21,993 | 25,935 | 31,210 | 37,959 | 25,736 | 58,694 | 117,097 | 160,154 |
| NRE & others | 1,643 | 2,310 | 2,084 | 3,586 | 2,713 | 3,126 | 3,813 | 4,226 | 8,405 | 9,623 | 13,877 | 19,360 |
| COGS | -8,335 | -10,903 | -14,894 | -19,308 | -19,992 | -23,531 | -28,348 | -33,999 | -25,687 | -53,439 | -105,870 | -143,165 |
| Gross profit | 3,113 | 2,994 | 3,860 | 4,911 | 4,714 | 5,530 | 6,675 | 8,186 | 8,454 | 14,878 | 25,104 | 36,348 |
| Opex | -1,289 | -1,318 | -1,309 | -1,526 | -1,556 | -1,744 | -1,891 | -2,109 | -4,104 | -5,442 | -7,301 | -9,534 |
| Operating profit | 1,824 | 1,676 | 2,551 | 3,385 | 3,157 | 3,786 | 4,783 | 6,076 | 4,350 | 9,436 | 17,803 | 26,814 |
| Non-op. gains/losses | 101 | 80 | 74 | 71 | 78 | 98 | 118 | 138 | 93 | 325 | 432 | 462 |
| Pretax profit | 1,925 | 1,756 | 2,626 | 3,455 | 3,235 | 3,884 | 4,901 | 6,214 | 4,443 | 9,761 | 18,235 | 27,276 |
| Income taxes | -278 | -201 | -354 | -518 | -485 | -583 | -735 | -932 | -673 | -1,351 | -2,735 | -4,091 |
| Net profit | 1,646 | 1,555 | 2,272 | 2,937 | 2,750 | 3,301 | 4,166 | 5,282 | 3,770 | 8,410 | 15,500 | 23,185 |
| O/S (m, FD) | 134 | 134 | 134 | 134 | 134 | 134 | 134 | 134 | 134 | 134 | 134 | 134 |
| EPS (TWD, FD) | 12.28 | 11.60 | 16.95 | 21.92 | 20.52 | 24.64 | 31.09 | 39.42 | 28.08 | 62.76 | 115.66 | 173.01 |
| Margin | ||||||||||||
| Gross | 27.2% | 21.5% | 20.6% | 20.3% | 19.1% | 19.0% | 19.1% | 19.4% | 24.8% | 21.8% | 19.2% | 20.2% |
| Opex | -11.3% | -9.5% | -7.0% | -6.3% | -6.3% | -6.0% | -5.4% | -5.0% | -12.0% | -8.0% | -5.6% | -5.3% |
| Operating | 15.9% | 12.1% | 13.6% | 14.0% | 12.8% | 13.0% | 13.7% | 14.4% | 12.7% | 13.8% | 13.6% | 14.9% |
| Net | 14.4% | 11.2% | 12.1% | 12.1% | 11.1% | 11.4% | 11.9% | 12.5% | 11.0% | 12.3% | 11.8% | 12.9% |
| Growth (QoQ) | ||||||||||||
| Revenue | -8% | 21% | 35% | 29% | 2% | 18% | 21% | 20% | ||||
| Gross profit | 32% | -4% | 29% | 27% | -4% | 17% | 21% | 23% | ||||
| Operating profit | 45% | -8% | 52% | 33% | -7% | 20% | 26% | 27% | ||||
| Net profit | 42% | -6% | 46% | 29% | -6% | 20% | 26% | 27% | ||||
| EPS (FD) | 42% | -6% | 46% | 29% | -6% | 20% | 26% | 27% | ||||
| Growth (YoY) | ||||||||||||
| Revenue | 63% | 128% | 118% | 95% | 116% | 109% | 87% | 74% | 36% | 100% | 92% | 37% |
| Gross profit | 58% | 47% | 85% | 108% | 51% | 85% | 73% | 67% | 4% | 76% | 69% | 45% |
| Operating profit | 67% | 78% | 142% | 169% | 73% | 126% | 87% | 80% | 14% | 117% | 89% | 51% |
| Net profit | 71% | 99% | 162% | 153% | 67% | 112% | 83% | 80% | 9% | 123% | 84% | 50% |
| EPS (FD) | 72% | 100% | 162% | 153% | 67% | 112% | 83% | 80% | 10% | 123% | 84% | 50% |
Source: Company, Daiwa estimates and forecasts
Note: * MP = mass-production, or turnkey revenue; NRE = non-recurring engineering
GUC: 3Q26 results review
| TWDm | 3Q26 - Actual | 3Q26 - Daiwa | 3Q26 - Consensus | 3Q26 - Daiwa | Variance Growth - Consensus | Variance Growth - QoQ | 4Q26E - YoY | 4Q26E - Guidance | 4Q26E - Daiwa (previous) |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 18,755 | 15,748 | 16,160 | 19% | 16% | 35% | 118% | na | up 17% QoQ (c.TWD22bn) |
| Turnkey (MP) | 16,671 | 13,707 | na | 22% | na | 44% | 190% | ||
| NRE & other | 2,084 | 2,041 | na | 2% | na | -10% | -27% | ||
| Gross profit | 3,860 | 3,324 | 3,345 | 16% | 15% | 29% | 85% | na | GM = 22% |
| Opex | 1,309 | 1,339 | 1,355 | -2% | -3% | -1% | 27% | na | Opex ratio = 7% |
| Operating profit | 2,551 | 1,986 | 1,990 | 28% | 28% | 52% | 142% | ||
| Pretax profit | 2,626 | 2,015 | 2,040 | 30% | 29% | 50% | 159% | ||
| Net profit | 2,272 | 1,713 | 1,740 | 33% | 31% | 46% | 162% | ||
| FD EPS (TWD) | 16.95 | 12.78 | 12.98 | 33% | 31% | 46% | 162% | ||
| Margin | |||||||||
| Gross | 20.6% | 21.1% | 20.7% | -0.5% | -0.1% | ||||
| Operating | 13.6% | 12.6% | 12.3% | 1.0% | 1.3% | ||||
| Net | 12.1% | 10.9% | 10.8% | 1.2% | 1.3% | ||||
| Revenue mix* | |||||||||
| NRE & other | 11% | 13% | |||||||
| Turnkey (MP) | 89% | 87% |
Source: Company, Daiwa estimates
Note: * NRE = non-recurring engineering; MP = mass-production; others including mainly intellectual property (IP) licensing
GUC: revenue mix by business type
Source: Company, Daiwa estimates and forecasts
Source: Company, TEJ, Daiwa forecasts
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| NRE revenue growth (%) | 1.2 | 35.2 | 7.1 | 24.7 | (4.8) | 19.8 | 44.2 | 39.5 |
| Turnkey (MP) revenue growth (%) | 18.3 | 67.4 | 12.4 | (14.9) | 59.2 | 128.1 | 99.5 | 36.8 |
| Others revenue growth (%) | (17.8) | 139.5 | (41.4) | (9.9) | (16.6) | 0.0 | 0.0 | 0.0 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| NRE | 4,668 | 6,313 | 6,763 | 8,436 | 8,033 | 9,623 | 13,877 | 19,360 |
| MP (Turnkey) | 10,086 | 16,880 | 18,982 | 16,161 | 25,736 | 58,694 | 117,097 | 160,154 |
| Other Revenue | 353 | 846 | 496 | 447 | 373 | (0) | 0 | 0 |
| Total Revenue | 15,108 | 24,040 | 26,241 | 25,044 | 34,141 | 68,317 | 130,974 | 179,514 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (9,878) | (15,705) | (18,265) | (16,937) | (25,687) | (53,439) | (105,870) | (143,165) |
| SG&A | (758) | (946) | (891) | (935) | (920) | (1,133) | (1,477) | (1,875) |
| Other op.expenses | (2,798) | (3,290) | (3,116) | (3,369) | (3,184) | (4,309) | (5,824) | (7,660) |
| Operating profit | 1,674 | 4,099 | 3,969 | 3,803 | 4,350 | 9,436 | 17,803 | 26,814 |
| Net-interest inc./(exp.) | 9 | 38 | 93 | 150 | 177 | 242 | 432 | 462 |
| Assoc/forex/extraord./others | 58 | 208 | 94 | 110 | (84) | 83 | 0 | 0 |
| Pre-tax profit | 1,741 | 4,345 | 4,155 | 4,062 | 4,443 | 9,762 | 18,235 | 27,276 |
| Tax | (281) | (634) | (647) | (612) | (673) | (1,351) | (2,735) | (4,091) |
| Min. int./pref. div./others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit (reported) | 1,460 | 3,710 | 3,508 | 3,451 | 3,770 | 8,411 | 15,500 | 23,185 |
| Net profit (adjusted) | 1,460 | 3,710 | 3,508 | 3,451 | 3,770 | 8,411 | 15,500 | 23,185 |
| EPS (reported)(TWD) | 10.896 | 27.688 | 26.176 | 25.749 | 28.129 | 62.760 | 115.662 | 173.006 |
| EPS (adjusted)(TWD) | 10.896 | 27.688 | 26.176 | 25.749 | 28.129 | 62.760 | 115.662 | 173.006 |
| EPS (adjusted fully-diluted)(TWD) | 10.856 | 27.466 | 26.020 | 25.584 | 28.129 | 62.760 | 115.661 | 173.005 |
| DPS (TWD) | 5.000 | 7.000 | 14.000 | 14.000 | 16.000 | 20.000 | 35.000 | 55.000 |
| EBIT | 1,674 | 4,099 | 3,969 | 3,803 | 4,350 | 9,436 | 17,803 | 26,814 |
| EBITDA | 2,345 | 4,751 | 4,584 | 4,426 | 5,027 | 10,354 | 19,391 | 28,962 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 1,741 | 4,345 | 4,155 | 4,062 | 4,443 | 9,762 | 18,235 | 27,276 |
| Depreciation and amortisation | 672 | 652 | 615 | 623 | 677 | 918 | 1,588 | 2,147 |
| Tax paid | (281) | (634) | (647) | (612) | (673) | (1,351) | (2,735) | (4,091) |
| Change in working capital | (813) | (4,363) | 1,749 | 1,871 | (6,739) | (4,065) | (14,826) | (305) |
| Other operational CF items | 2,912 | 1,595 | (1,363) | 298 | 1,149 | (300) | (300) | (300) |
| Cash flow from operations | 4,231 | 1,595 | 4,508 | 6,242 | (1,143) | 4,964 | 1,962 | 24,727 |
| Capex | (92) | (320) | (102) | (471) | (839) | (1,366) | (2,619) | (1,795) |
| Net (acquisitions)/disposals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other investing CF items | (1,700) | (27) | (641) | (1,051) | 441 | (400) | (350) | (350) |
| Cash flow from investing | (1,792) | (347) | (743) | (1,522) | (398) | (1,766) | (2,969) | (2,145) |
| Change in debt | 0 | 0 | 0 | 0 | 0 | 24,832 | (34) | (5,000) |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (670) | (938) | (1,876) | (1,876) | (2,144) | (2,680) | (4,690) | (7,371) |
| Other financing CF items | (64) | (69) | (85) | (86) | (82) | 0 | 0 | 0 |
| Cash flow from financing | (734) | (1,007) | (1,962) | (1,962) | (2,227) | 22,152 | (4,724) | (12,371) |
| Forex effect/others | (15) | 20 | (15) | 31 | (10) | 0 | 0 | 0 |
| Change in cash | 1,690 | 261 | 1,789 | 2,790 | (3,778) | 25,349 | (5,732) | 10,211 |
| Free cash flow | 4,139 | 1,274 | 4,407 | 5,772 | (1,982) | 3,597 | (658) | 22,932 |
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 | 7,717 | 7,629 | 9,718 | 13,407 | 8,732 | 34,081 | 28,349 | 38,560 |
| Inventory | 2,789 | 6,563 | 4,851 | 2,794 | 10,148 | 14,742 | 31,667 | 31,090 |
| Accounts receivable | 1,513 | 2,982 | 1,967 | 2,007 | 3,417 | 7,813 | 13,717 | 15,792 |
| Other current assets | 1,609 | 2,385 | 2,900 | 6,271 | 3,440 | 3,440 | 3,440 | 3,440 |
| Total current assets | 13,628 | 19,558 | 19,436 | 24,480 | 25,737 | 60,076 | 77,174 | 88,882 |
| Fixed assets | 912 | 646 | 559 | 942 | 1,347 | 1,864 | 3,231 | 3,415 |
| Goodwill & intangibles | 318 | 541 | 587 | 438 | 578 | 473 | 347 | 267 |
| Other non-current assets | 0 | 442 | 492 | 449 | 781 | 781 | 781 | 0 |
| Total assets | 14,858 | 21,188 | 21,074 | 26,309 | 28,443 | 63,194 | 81,533 | 92,565 |
| Short-term debt | 0 | 0 | 0 | 0 | 0 | 34 | 5,000 | 3,993 |
| Accounts payable | 1,850 | 2,982 | 1,967 | 2,238 | 4,126 | 9,051 | 17,054 | 18,247 |
| Other current liabilities | 7,353 | 9,617 | 8,986 | 12,431 | 10,907 | 10,146 | 9,751 | 9,751 |
| Total current liabilities | 9,203 | 12,598 | 10,954 | 14,669 | 15,033 | 19,230 | 31,805 | 31,991 |
| Long-term debt | 0 | 0 | 0 | 73 | 169 | 25,001 | 19,967 | 14,967 |
| Other non-current liabilities | 392 | 528 | 439 | 273 | 328 | 328 | 328 | 328 |
| Total liabilities | 9,594 | 13,126 | 11,392 | 15,015 | 15,530 | 44,559 | 52,100 | 47,285 |
| Share capital | 1,340 | 1,340 | 1,340 | 1,340 | 1,340 | 1,340 | 1,340 | 1,340 |
| Reserves/R.E./others | 3,923 | 6,721 | 8,341 | 9,954 | 11,573 | 17,295 | 28,092 | 43,940 |
| Shareholders' equity | 5,263 | 8,061 | 9,682 | 11,294 | 12,913 | 18,635 | 29,432 | 45,280 |
| Minority interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total equity & liabilities | 14,858 | 21,188 | 21,074 | 26,309 | 28,443 | 63,194 | 81,533 | 92,565 |
| EV | 902,888 | 902,976 | 900,887 | 897,270 | 902,042 | 901,558 | 907,223 | 891,005 |
| Net debt/(cash) | (7,717) | (7,629) | (9,718) | (13,334) | (8,563) | (9,046) | (3,382) | (19,600) |
| BVPS (TWD) | 39.275 | 60.153 | 72.245 | 84.279 | 96.355 | 139.056 | 219.625 | 337.881 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 11.3 | 59.1 | 9.2 | (4.6) | 36.3 | 100.1 | 91.7 | 37.1 |
| EBITDA (YoY) | 42.9 | 102.6 | (3.5) | (3.4) | 13.6 | 106.0 | 87.3 | 49.4 |
| Operating profit (YoY) | 73.7 | 144.9 | (3.2) | (4.2) | 14.4 | 116.9 | 88.7 | 50.6 |
| Net profit (YoY) | 71.8 | 154.1 | (5.5) | (1.6) | 9.2 | 123.1 | 84.3 | 49.6 |
| Core EPS (fully-diluted) (YoY) | 71.7 | 153.0 | (5.3) | (1.7) | 9.9 | 123.1 | 84.3 | 49.6 |
| Gross-profit margin | 34.6 | 34.7 | 30.4 | 32.4 | 24.8 | 21.8 | 19.2 | 20.2 |
| EBITDA margin | 15.5 | 19.8 | 17.5 | 17.7 | 14.7 | 15.2 | 14.8 | 16.1 |
| Operating-profit margin | 11.1 | 17.1 | 15.1 | 15.2 | 12.7 | 13.8 | 13.6 | 14.9 |
| Net profit margin | 9.7 | 15.4 | 13.4 | 13.8 | 11.0 | 12.3 | 11.8 | 12.9 |
| ROAE | 30.0 | 55.7 | 39.5 | 32.9 | 31.1 | 53.3 | 64.5 | 62.1 |
| ROAA | 11.9 | 20.6 | 16.6 | 14.6 | 13.8 | 18.4 | 21.4 | 26.6 |
| ROCE | 34.3 | 61.5 | 44.7 | 36.1 | 35.6 | 33.3 | 36.3 | 45.2 |
| ROIC | n.a. | n.a. | n.a | n.a. | n.a | n.a | 84.9 | 88.1 |
| Net debt to equity | net cash | net cash | net cash | net cash | net cash | net cash | net cash | net cash |
| Effective tax rate | 16.1 | 14.6 | 15.6 | 15.1 | 15.2 | 13.8 | 15.0 | 15.0 |
| Accounts receivable (days) | 32.5 | 34.1 | 34.4 | 29.0 | 29.0 | 30.0 | 30.0 | 30.0 |
| Current ratio (x) | 1.5 | 1.6 | 1.8 | 1.7 | 1.7 | 3.1 | 2.4 | 2.8 |
| Net interest cover (x) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Net dividend payout | 78.8 | 64.2 | 50.6 | 53.5 | 62.1 | 71.1 | 55.8 | 47.6 |
| Free cash flow yield | 0.5 | 0.1 | 0.5 | 0.6 | n.a. | 0.4 | n.a. | 2.5 |
Source: FactSet, Daiwa forecasts
Company profile
Founded in 1998, GUC is an IC design service provider focusing on AI/HPC, networking, consumer and industrial applications.
ESG analysis
ESG risks
| Risks | Management | Analystcomments | |
|---|---|---|---|
| G | Executive/board quality | 1 | GUC's Board of Directors (BoD) comprises 8 members, including 4 independent directors (50% of the board), which is significantly higher than the regulatory requirement of at least 20%. The Board demonstrates diverse expertise across legal, finance, technology, and business management. The Chairman and the President are different individuals, ensuring separation of roles and enhancing governance independence. |
| Capital management | 1 | Over the past decade, GUC has maintained a consistently high dividend payout ratio, generally above 60%, and in most years exceeding 80%. In 2025, the company distributed TWD2,144m in cash dividends, reflecting its policy of sustaining or increasing dividend amounts over time. Given GUC's asset-light business model as an IC design service provider, which does not require significant capital expenditure for manufacturing facilities, this high payout ratio is appropriate and aligns with its long-term commitment to shareholder returns. | |
| Related party transaction | & | 1 | GUC's sole foundry supplier is TSMC, who is also GUC's largest shareholder. As an IC design service company without onsite production, GUC's relationship with the leading foundry of advanced process nodes provides it a key competitive advantage, in our view. |
| S Supplychain management | 2 | GUC is committed to maintaining long-term partnerships with suppliers and establishing a sustainable supply chain through measures such as promoting its green action policy and concept to the entire supply chain, where all its suppliers are required to follow its Responsible Business Alliance (RBA) regulation. It also periodically conducts supplier audits to ensure the quality of suppliers. | |
| E Water&wastewater management | 1 | GUC continues its green living project to reduce water consumption. In 2024, the Company maintained water-saving measures such as rainwater collection systems, automatic sensor faucets, dual-flush toilets, and regular inspections of water equipment. These efforts aim to improve water efficiency and promote conservation across operations. | |
| E materials | Waste & hazardous management | 1 | As an IC design service provider, GUC does not have in-house manufacturing facilities. It requires its suppliers to use recycled materials for on-site operation and transportation, and reduce the amount of expendable resources being used. In order to promote a paperless office, GUC has established a cloud operating system to reduce the use of paper-based documents. |
| E | GHGemissions | 1 | GUC adopts energy-saving measures to reduce greenhouse gas emissions and has set annual electricity conservation targets. In 2024, the Company achieved a 1% reduction in electricity use and increased green electricity to 39% of total consumption. It also continues to develop low- power and high-efficiency IP to help minimise environmental impact. |
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 May 2026
Source: Daiwa, Company
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22KB | 未逐項檢視（<40KB） | 股價表現小圖，未採用 |
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23KB | 未逐項檢視（<40KB） | 營收組合（turnkey／NRE）圖，未採用 |
報告_Daiwa_創意3443_20261104_003.png |
42KB | 真資料圖 | GUC 4 季前瞻本益比通道（2006–2026，倍數線 25x／35x／45x／55x／65x／75x），2025–26 年股價衝至 8,500 以上 |