PDF 原檔：報告_Daiwa_南亞科2408_20260804_original.pdf
圖片清單（已驗證 2026-08-06）
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39KB | 真資料圖 | 南亞科月營收（TWD mn，柱狀）+ YoY 成長率（折線），Jul-24 至 Jul-26，2026 年營收與成長率同步陡升，Jul-26 YoY 逼近 800% |
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23KB | 真資料圖 | DDR4 spot price（深藍線）vs contract price（黃線）走勢圖，Aug-25 至 Aug-26，USD 計價，contract price 持續高於 spot 且兩者同步上揚至約 33/58 美元 |
原始內容
Nanya Technology (2408 TT)
Share price (4 Aug):
TWD436.00
12-mth rating: Buy (1)
4 August 2026
Information Technology: Taiwan
July revenue increased by 49% MoM and 720% YoY, likely upside in 3Q earnings
SK Kim
(82) 2 787 9173 sk.kim@kr.daiwacm.com
Summary: Nanya announced its July revenue after market hours on 4 August. Its revenue of TWD 44bn increased significantly MoM (49%) and YoY (720%). Given limited shipment growth due to supply constraints, we assume higher DRAM price in July and 3Q26 on solid demand. Assuming August-September revenue rises 6-8% MoM as it did in 2Q26, we expect Nanya's 3Q26 revenue to reach TWD142bn, exceeding our and market estimates by 47% and 37%, respectively. We assume DDR4 DRAM ASP to increase by >30% QoQ in 3Q26, likely to drive another earnings surprise following 2Q26.
Recommendation
We have a Buy (1) call on Nanya with a 12M TP of TWD650. We expect the robust July revenue and positive earnings outlook for 3Q26 to drive positive investor sentiment. Key risk: weaker-than-expected DRAM demand due to delays in data centre build-outs.
Nanya: July Revenue and 3Q26 earnings outlook
| (TWD bn) | Jul.26 | Jul.26 | Jul.26 | Jul.26 | Jul.26 | 3Q26 | 3Q26 | 3Q26 | 3Q26 | 3Q26 |
|---|---|---|---|---|---|---|---|---|---|---|
| (TWD bn) | Jul.26 | Jun.26 | MoM | Jul.25 | YoY | Assumed MoM +6-8% | Daiwa estimates | Diff | BBG consensus | Diff |
| Revenue | 43.9 | 29.4 | 49% | 5.4 | 720% | 142.1 | 96.9 | 47% | 103.5 | 37% |
Source: Company, Bloomberg
Note: Bloomberg consensus as of August 4, 2026
Nanya: monthly revenue and growth YoY trend
Source: Company
DRAM spot price and contract price trend
Source: Dram eXchange, Daiwa
In the interests of timeliness, this document has not been edited.