PDF 原檔：報告_Daiwa_南電8046_8月自結_20261002_original.pdf
圖片清單（已驗證 2026-10-06）
本報告 4 頁，pdf_parse 未抽出任何圖片（data_base/attachment 無對應 png），無可嵌入之圖。
原始內容
Nan Ya Printed Circuit Board Corp (8046 TT)
Share price (2 Oct): TWD1,460.00
12-mth rating: Buy (1)
Information Technology: Taiwan
August results released: improving profitability continuously
Sheng Cheng
(886) 2 8758 6253 sheng.cheng@daiwacm-cathay.com.tw
Thomas Kim
(886) 2 8758 6249 thomas.kim@daiwacm-cathay.com.tw
NYPCB: preliminary results
| (TWDm) | April | May | June | 2Q26 | July | August | 3Q26E | 4Q26E |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,451 | 4,440 | 4,684 | 13,575 | N/A | 5,353 | 16,326 | 18,412 |
| Pre-tax Profit | 746 | 977 | 1,253 | 2,976 | N/A | 1,486 | 4,658 | 6,049 |
| Net Income | 597 | 781 | 883 | 2,261 | N/A | 1,092 | 3,633 | 4,960 |
| EPS | 0.92 | 1.21 | 1.37 | 3.50 | N/A | 1.69 | 5.62 | 7.68 |
| Margins | ||||||||
| Pre-tax margin | 16.8% | 22.0% | 26.8% | 21.9% | N/A | 27.8% | 28.5% | 32.9% |
| Net margin | 13.4% | 17.6% | 18.9% | 16.7% | N/A | 20.4% | 22.3% | 26.9% |
Source: NYPCB; Daiwa compiled
Summary: NYPCB released its August results (for pre-tax profit and net profit) after market hours on 2 October mainly due to recent volatile share price movements. Net profit in August 2026 came in at TWD1,092m (EPS: TWD1.69), up 665% YoY, with pre-tax profit at TWD1,486m (pre-tax margin at 27.8%). The August pre-tax margin of 27.8% is close to our current forecast (28.5%/32.9% in 3Q26E/4Q26E). As we expect limited impact from non-ops and on opex in August, we infer the gross margin in August should have reached to c.30-31% (vs. our forecast c.30.3/34.4% in 3Q26E/4Q26E). This echoes our previous notes (Spec upgrade to drive additional ABF substrate demand); we expect NYPCB's gross margin will recover to c.30% after Kunshan's yield rate improvement in August. As such, we believe the August results to be largely on track with market expectations. However, we believe the share price upside will come from BT substrate, where we should see better progress in its implementing price hikes now (vs. limited visibility earlier in September). We expect NYPCB to raise ASP of BT substrates by single digits QoQ in 4Q26 and +20% QoQ in 1Q27. This is aligned with our previous comment (Clarification on 'no intention to hike price from 4Q26') that we expect BT substrate prices will accelerate again in 2027 despite a lower-than-expected price hike in 4Q26E. We view NYPCB's August results announcement as a near-term price catalyst. We have a Buy rating (1) on NYPCB with a 12-month TP of TWD2,460. Downside risk: weaker-than-expected demand for switches/PCs/ smartphones.
In the interests of timeliness, this document has not been edited.
2 October 2026