PDF 原檔：報告_Daiwa_雙鴻3324_20260707_original.pdf
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65KB | 真資料圖 | AURAS 月合併銷售額柱狀圖（左軸 TWDm）與 YoY 成長率折線圖（右軸 %），時間軸 Jun-19 至 Jun-26 |
原始內容
AURAS Technology (3324 TT)
Share price (7 Jul): TWD970.00
12-mth rating: Buy (1)
7 July 2026
Information Technology: Taiwan
2Q26 revenue came in line with our and consensus forecasts
Helen Chien
(886) 2 8758 6254
helen.chien@daiwacm-cathay.com.tw
Neil Teng
(886) 2 8758 6256 neil.teng@daiwacm-cathay.com.tw
Summary: Auras reported its June 2026 revenue after the market close today (7 July 2026) of TWD2,718m (-13.4% MoM and +62.1% YoY; +77.3% YoY for 6M26). Its 2Q26 revenue accounts for 99.5% and 99.0% of our and the consensus forecasts of 2Q26 revenue, respectively.
We have a Buy (1) rating and 12-month TP of TWD1,670, based on a target PER of 25x applied to our one-year-forward EPS forecast. For more information on the company, please refer to our latest flash, 1Q26 review: results beat market consensus , published on 6 May 2026.
What's the impact
- 2Q26 revenue came in line with our and the Bloomberg consensus forecasts. On 7 July 2026, Auras reported its monthly revenue in June 2026 of TWD2,718m (-13.4% MoM and +62.1% YoY; +77.3% YoY for 6M26). We attribute the MoM decline to delayed shipments in June. Its 2Q26 revenue of TWD8,699m (+1.7% QoQ and +63.9% YoY) accounted for 99.5% and 99.0%, respectively, of our (TWD8,742m, +2.2% QoQ and +64.8% YoY) and the Bloomberg consensus forecasts for 2Q26 revenue. For 2Q26 product mix by revenue: server 78% (+184% YoY), PC 17% (-10% YoY), VGA 4% (-69% YoY) and others 1% (-45% YoY). Liquid cooling revenue accounted for 55% of its 2Q26 revenue (same as 1Q26).
AURAS: consolidated monthly sales
Source: Company
- 3Q26 guidance. In 3Q26, demand for GB300 is likely to be better than in 2Q26, therefore the company expects its revenue for 3Q26 to grow QoQ.
What we recommend
We have a Buy (1) rating and 12-month TP of TWD1,670, based on a target PER of 25x applied to our one-year-forward EPS forecast. Based on our 2026/27E EPS, the stock is currently trading at PERs of 17.4x/12.8x, vs. its past-3-year trading range of 11-38x. Key downside risks: softer-than-expected end-market demand, penetration rate of new specs and liquid cooling developments.
In the interests of timeliness, this document has not been edited.