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原始內容
SDI Corp (2351 TT)
Share price (6 Aug):
TWD171.50
12-mth rating:
Buy (1)
2Q26 results review: EPS beat consensus
Helen Chien
(886) 2 8758 6254
helen.chien@daiwacm-cathay.com.tw
Neil Teng, CFA
(886) 2 8758 6256
neil.teng@daiwacm-cathay.com.tw
Summary: SDI reported its 2Q26 results after market hours on 6 August. Its 2Q26 EPS was TWD1.60, missing our EPS estimate (TWD1.69) but beating the Bloomberg consensus (TWD1.42). The company will hold an investor call tomorrow (7 August) and we will provide an update thereafter.
We have a Buy (1) rating on SDI with a 12-month TP of TWD265, based on a PER of 39x on our 1-year-forward EPS. For more information on the company, please refer to our latest memo, Record-high 2Q26 revenue beat expectations , on 9 July 2026.
What's the impact
- 2Q26 results beat consensus . SDI's 2Q26 revenue of TWD3,559m (+26.9% QoQ, +37.2% YoY) beat our and the consensus estimates by 4.0% and 4.1%, mainly due to the better-than-expected auto segment and rush orders for the consumer segment. Its gross margin came in at 20.7% in 2Q26, higher than 19.1% in 1Q26 and 10.5% in 2Q25, also beating both our (19.5%) and the consensus (18.8%) estimates, which we attribute to a higher utilisation rate and efficiency, as well as previous price hikes in 1H26. With higher personnel costs, its operating profit of TWD417m (+53.4% QoQ, +486.2% YoY) was in line with our estimate, but beat the consensus estimate by 15.1%. Its net profit came in at TWD303m, also in line with our estimate (TWD307m) but beating the Bloomberg consensus (TWD273m) estimate. Its 2Q26 EPS was TWD1.60. For 2Q26 revenue, electronics accounted for 90% (+28.0% QoQ, +41.5% YoY) and stationery accounted for 10% (+9.4% QoQ, -3.3% YoY). Within electronics, the product mix was: auto 47% (+25.4% QoQ, +33.0% YoY), industrial 15% (+20.0% QoQ, -3.5% YoY), consumer 30% (+37.2% QoQ, +63.3% YoY), AI lead frame 6% (+28.0% QoQ) and others 2% (+28.0% QoQ, +41.5% YoY).
SDI: 2Q26 results vs. Daiwa and the Bloomberg forecasts
| (TWDm) | SDI's 2Q26 results | Daiwa forecast | Differ | Bloomberg consensus | Differ |
|---|---|---|---|---|---|
| Revenue | 3,559 | 3,421 | 4.0% | 3,420 | 4.1% |
| Gross profit | 737 | 667 | 10.6% | 642 | 14.9% |
| Operating profit | 417 | 411 | 1.4% | 362 | 15.1% |
| Profit before tax | 414 | 408 | 1.6% | 363 | 14.1% |
| Net profit | 303 | 307 | -1.4% | 273 | 10.9% |
| Basic EPS (TWD) | 1.60 | 1.69 | -5.0% | 1.46 | 9.9% |
| Margin | |||||
| Gross margin | 20.7% | 19.5% | 1.2pp | 18.8% | 2pp |
| Operating margin | 11.7% | 12.0% | -0.3pp | 10.6% | 1.1pp |
| Pre-tax margin | 11.6% | 11.9% | -0.3pp | 10.6% | 1pp |
| Net margin | 8.5% | 9.0% | -0.5pp | 8.0% | 0.5pp |
Source: Company, Bloomberg, Daiwa forecasts
6 August 2026
Information Technology: Taiwan
- Bright lead frame outlook with rising AI lead frame and heat spreader. The company expects its 2H26 revenue to grow by a high-single-digit % HoH. Its AI lead frame accounted for 6% of revenue in 2Q26, and management targets to reach doubledigit revenue contribution by 4Q26. SDI highlights that it has received many rush orders for AI lead frames, and 50-60 new AI-related products are expected to be launched in 2H26.
What we recommend
We have a Buy (1) rating on SDI with a 12-month TP of TWD265, based on a PER of 39x on our 1-year-forward EPS. The stock is currently trading at PERs of 30.4x/22.7x, based on our 2026/27E EPS, vs. its past-3-year one-year forward PER trading range of 13-72x (average PER: 31x). Key upside/downside risks: 1) better-/worse-than-expected end demand, new product contribution, and gross-margin expansion.
In the interests of timeliness, this document has not been edited.