報告_GS_川湖2059_20260709

PDF 原檔：報告_GS_川湖2059_20260709_original.pdf

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檔名	size	分類	親眼所見內容
`報告_GS_川湖2059_20260709_001.png`	21.9KB	真資料圖	GS Factor Profile 橫條圖（Growth／Financial Returns／Multiple／Integrated，相對 Asia ex. Japan 與 Greater China Technology 覆蓋範圍百分位）
`報告_GS_川湖2059_20260709_002.png`	27.4KB	真資料圖	2059.TW 股價 vs 台灣加權指數雙軸線圖（Oct-25 至 Jul-26）
`報告_GS_川湖2059_20260709_003.png`	48.1KB	真資料圖	King Slide vs Repon 月營收 YoY 比較線圖（Jan-17 至 2026）
`報告_GS_川湖2059_20260709_004.png`	47.2KB	真資料圖	川湖月營收長條圖疊 YoY 折線圖（Jan-17 至 2026，近期急升至約 NT$4,443m、YoY 221%）
`報告_GS_川湖2059_20260709_005.png`	41.9KB	真資料圖	Exhibit 7：川湖 12 個月遠期 PEG 線圖（Oct-19 至 Jun-26，最新升至約 1.05x，遠高於 -1stv/avg/+1stv 區間）
`報告_GS_川湖2059_20260709_006.png`	35.4KB	真資料圖	川湖 QFII（境外機構投資人）持股比例線圖（Jan-08 至 Jan-26，區間 0-35%，最新約 24%）
`報告_GS_川湖2059_20260709_007.png`	51.7KB	真資料圖	Exhibit 8：川湖 12 個月遠期 P/E 線圖（Jan-19 至 2026，區間標示 -1stv 12.2x／avg 17.2x／+1stv 22.2x，近期升破上緣至約 27x）
`報告_GS_川湖2059_20260709_008.png`	27.8KB	真資料圖	Exhibit 10：川湖淨利長條圖疊 OPM 折線圖 2024-2028E（淨利 2024 約 6,156mn → 2028E 約 44,644mn；OPM 由約 60% 升至逾 70%）
`報告_GS_川湖2059_20260709_009.png`	79.5KB	真資料圖	GS 對 2059.TW 評等與目標價沿革圖（股價/指數雙軸，2023-2026），標註歷次目標價（1405→...→4386），惟圖中資料標註至 2026-03-31，早於本次報告新訂 TP NT$12,000

原始內容

For the exclusive use of KEVINLU@LENOVO.COM

King Slide (2059.TW)

June revenues strong beat; Global leader riding on AI capex upcycle; Buy with raised NT$12,000 TP

2059.TW

12m Pri c e Target:

NT$12,000.00

Pri

NT$8,095.00

Upside:

48.2%

King Slide's Jun revenue was up 221% YoY / 17% MoM, leading the company's 2Q26 revenue 60% / 41% higher than our estimate / Bloomberg consensus. The strong revenue growth in Jun rea ffi rms our positive view on King Slide's leading market position, AI servers ramp up with speci fi cation upgrade and rising non-computing IT racks in AI data center to support AI workloads (e.g. storage servers, CPU servers, LPU rack, power rack, cooling rack, networking rack, CPO switch rack, etc.), enlarging rail kits addressable market. We raise our 12m TP to NT$12,000 (from NT$7,664 previously) with higher net income in 39% / 36% / 48% in 2026E-28E and target P/E multiple from 30x to 34.5x on the stronger earnings growth in forward years. Maintain Buy.

June strong beat: Jun revenue implies 2Q26 revenues are up 99% QoQ, and we expect 3Q26 revenues to stay high at 4% QoQ, driven by the shipments ramp up of rail kits for new rack-level AI server. Our estimate assumes +157% YoY growth for 3Q26 revenue, re fl ecting our positive view on King Slide bene fi ting from the growing AI infrastructure trend, dollar content increase, and its capacity expansion. We continue to expect normalizing market share of King Slide given the high base; however, amid the fast technology migration and AI servers expanding shipments, we expect King Slide to remain in the market leading position through 2028E at least.

BUY

Verena Jeng

+852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C.

Allen Chang

+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.

Yifan Hu

+852-2978-0996 | yifan.hu@gs.com Goldman Sachs (Asia) L.L.C.

Key Data _____________________________________

Market cap: NT$772.3bn / $24.1bn

Enterprise value: NT$737.1bn / $23.0bn

3m ADTV: NT$3.8bn / $121.0mn

Taiwan

Greater China Technology

M&A Rank: 3

Leases incl. in net debt & EV?: Yes

GS Forecast	12/25	__________ 12/26E	12/27E	12/28E
Revenue(NT$mn) New	17,500.7	39,452.2	56,907.1	74,377.3
Revenue (NT$ mn) Old	17,500.7	28,406.0	40,797.2	50,306.0
EBITDA (NT$ mn)	12,449.1	27,554.3	41,404.7	55,363.4
EPS(NT$) New	103.23	236.01	348.33	468.47
EPS (NT$) Old	103.23	170.21	255.75	316.88
P/E (X)	24.9	34.3	23.2	17.3
P/B (X)	8.7	19.6	13.8	9.9
Dividend yield (%)	2.0	1.5	2.1	2.9
CROCI (%)	158.3	290.2	540.3	963.8
	3/26	6/26E	9/26E	12/26E
EPS (NT$)	36.58	54.47	70.15	74.82

Source: Company data, Goldman Sachs Research estimates. See disclosures for details.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the fi rm may have a con fl ict of interest that could a ff ect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certi fi cation and other important disclosures, see the Disclosure Appendix, or go to ed as research e92c7a75ab8b4efbba794e6b187208c8

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BUY

King Slide (2059.TW)

Rating since Feb 5, 2024

Ratios & Valuation __________________________________________

	12/25	12/26E	12/27E	12/28E
P/E (X)	24.9	34.3	23.2	1 7 .3
P/B (X)	8. 7	19.6	13.8	9.9
FCF yield (%)	4.3	2.1	4.1	5.1
EV/EBITD A R(X)	1 7 .8	26. 7	1 7 .3	12.5
EV/EBITD A (excl. leases) (X)	1 7 . 7	26. 7	1 7 .3	12.5
CROCI (%)	158.3	290.2	540.3	963.8
ROE (%)	39.9	66.8	69.8	66.6
Net debt/equity (%)	(82.4)	(88.3)	(99.4)	(99.9)
Net debt/equity (excl. leases) (%)	(84.2)	(89.5)	(99.4)	(99.9)
Interest cover (X)	368.5	8 7 6.9	1 , 345.8	1 , 803. 7
Days inventory outst , sales	25.0	14.3	13.6	13.0
Receivable days	82.0	65.0	64.0	63.0
Days p ayable outstandin g	4 7 . 7	28.0	28.0	28.0
DuPont ROE (%)	35.1	5 7 .3	59.4	5 7 .1
Turnover (X)	0.5	0. 7	0.8	0. 7
L evera g e (X)	1.3	1.3	1.3	1.3
G ross cas h invested (ex cas h ) (NT $ )	7, 624.1	7,7 31.4	4 , 415.0	4 , 683. 7
A vera g e ca p ital e mp loyed (NT $ )	4 , 483.9	4 , 2 7 1.4	2 , 228.0	204.5
BVP S (NT $ )	294.09	412.10	586.26	820.49

Growth & Margins (%) ______________________________________

	12/25	12/26E	12/27E	12/28E
Total revenue growth	72.8	125. 4	44 .2	30.7
EBITDA growth	93.6	121.3	50.3	33.7
EPS growth	59.8	128.6	4 7.6	3 4 .5
DPS growth	58.5	131. 4	4 7.6	3 4 .5
EBIT margin	69.1	68.8	71.9	73.7
EBITDA margin	71.1	69.8	72.8	7 4 . 4
Net income margin	56.2	57.0	58.3	60.0

Price Performance __________________________________________

	3m	6m	12m
Absolute	144.2%	156.6%	277.4%
Rel. to the TaiwanSE Weighted Index	85.6%	70.3%	84.5%

Source: FactSet. Price as of 8 Jul 2026 close.

Income Statement (NT$ mn) ________________________________

12/25

17,500.7

(4,191.9)

(743.1)

(476.9)

(0.3)

,449.

(360.5)

692.1

(2,586.1)

03.

50.94

49.3

44,

12/28E

74,377.3

(16,167.9)

(2,082.6)

(1,294.2)

(0.5)

3.4

(531.3)

1,678.7

(11,867.3)

43.

.94

233.97

49.9

,49

12/26E

39,452.2

(9,414.3)

(1,867.8)

(1,026.5)

(0.5)

4.3

(411.2)

43.

787.8

,43

(5,940.0)

,49

117.87

49.9

ls)

Cost of goods sold

SG&A

R&D

Ot er operating inc./(exp.)

BITDA

Depreciation & amortization

BIT

Net interest inc./(exp.)

Income/(loss) from associates

Pre-tax pro

Provision for taxes

Minority interest

Preferred dividends

et ept

pre-ex

(

inc

Post-tax exceptionals

et inc

(

t-ex

ept

sic

(dilu

, pre-ex ept

ls)

)

, pre-ex

sic

, po

ept

)

ept

t-ex te

)

t-ex

(dilu

, po

DPS (NT$)

Div. payout ratio (%)

12/27E

56,907.1

(12,859.1)

(1,991.7)

(1,143.8)

(0.5)

,404.

(492.9)

40,9

1,106.5

(8,823.8)

94.4

33,

94.4

.33

.94

.33

.94

173.97

49.9

Balance Sheet (NT$ mn) ____________________________________

	12/25	12/26E	12/27E	12/28E
C a sh& c a sh equiv a lents	24,079.6	35,471.3	55,853.0	78,437.3
Accounts receiv a ble	4,687.0	9,364.5	10,592.0	15,083.5
Inventory	1,165.3	1,929.8	2,297.8	3,017.6
Other current a ssets	58.1	58.1	58.1	58.1
Total current assets	2 9 , 99 0.0	4 6,82 3 .8	68,800. 9	9 6,5 9 6.6
Net PP&E	3,881.6	4,657.8	5,022.3	5,387.5
Net int a ngibles	6.0	6.4	6.6	6.6
Tot a l investments	0.0	0.0	0.0	0.0
Other long-term a ssets	1,205.8	1,205.8	1,205.8	1,205.8
Total assets	3 5,08 3 . 4	52,6 93 .8	75,0 3 5.6	10 3 ,1 9 6.6
Accounts p a y a ble	654.4	789.9	1,183.0	1,297.6
Short-term debt	99.1	70.0	70.0	70.0
Short-term le a se li a bilities	26.4	24.7	--	--
Other current li a bilities	4,587.0	10,974.1	16,350.5	22,075.1
Total current liabilities	5, 3 66. 9	11,858.8	17,60 3 .5	2 3 , 44 2.6
Long-term debt	377.2	250.0	250.0	250.0
Long-term le a se li a bilities	495.2	464.1	--	--
Other long-term li a bilities	818.2	849.3	1,313.4	1,313.4
Total long-term liabilities	1,6 9 0.5	1,56 3 . 4	1,56 3 . 4	1,56 3 . 4
Total liabilities	7,057.5	1 3 , 4 22.2	1 9 ,166.8	25,006.0
Preferred sh a res	--	--	--	--
Tot a l commonequity	28,026.0	39,271.6	55,868.8	78,190.6
Minority interest	--	--	--	--
Total liabilities &equity	3 5,08 3 . 4	52,6 93 .8	75,0 3 5.6	10 3 ,1 9 6.6
Net debt, a djusted	(23,603.4)	(35,151.3)	(55,533.0)	(78,117.3)

Cash Flow (NT$ mn) ________________________________________

12/25

9,83

360.5

(1,22

.8)

2,364.0

,333.

(92

.9)

1.1

)

(3,068.6)

(265.0)

(482.0)

(3,

)

815

10,405.

(

12/26E

22,491.2

411.2

(5,306.6)

(0.2)

(1,183.6)

(4.0)

187

)

(4,860.2)

(156.2)

0.0

(

.4)

,39

(

12/27E

33,194.4

492.9

(1,202.4)

4.9

(853.6)

(4.0)

857

)

(11,245.6)

0.0

)

0,3

12/28E

44,643.6

531.3

(5,096.8)

40,0

(892.5)

(4.0)

(

(16,59

)

.2)

0.0

(

)

4.3

16,412.1

31,631.3

39,185.5

Source: Company data, Goldman Sachs Research estimates.

ept

)

Net income

D&A add-back

Minority interest add-back

Net (inc)/dec working capital

Other operating cash flow

Cash flow fro

operations

Capital expenditures

Acquisitions

Divestitures

Others

Cash flow fro

investing

Repayment of lease liabilities

Dividends paid (common & pref)

Inc/(dec) in debt

Other financing cash flows

Cash flow fro financing

Total cash flow

Free cash flow

(

33, e92c7a75ab8b4efbba794e6b187208c8

For the exclusive use of KEVINLU@LENOVO.COM

Exhibit 1: We expect King Slide Jul / Aug revenues to grow 156%/ 152% YoY King Slide monthly / quarterly revenues

	Apr-26	May-26	Jun-26	Jul-26 (E)	Aug-26 (E)	Sep-26 (E)	1Q26	2Q26	3Q26E
Rev (NT$m)	2,596	3,791	4,443	3,598	3,670	3,980	5,450	10,830	11,249
Rev YoY	79%	172%	221%	156%	152%	164%	38%	156%	157%
RevMoM/QoQ	35%	46%	17%	-19%	2%	8%	10%	99%	4%
GS estimates	2,245	2336	1,842				5,056	6,774
Act. Vs. GS	16%	62%	141%				8%	60%

Source: Company data, Goldman Sachs Global Investment Research

Exhibit 2: Monthly revenues YoY: King Slide vs. Repon

Source: Company data

Exhibit 3: King Slide monthly revenues and YoY trend

Source: Company data

Earnings revision: We revise up our 2026E-28E net incomes by 39% / 36% / 48%, mainly on higher revenues and GMs. Our 2026E-28E revenues are raised by 39% / 39% / 48%, mainly on (1) factoring in Global Server TAM update, where AI servers implied AI chips was raised by 14% / 22% / 14% in 2026E-28E, (2) rising non-computing IT racks in AI data center to support AI workloads (e.g. storage servers, CPU servers, LPU rack, power rack, cooling rack, networking rack, CPO switch rack, etc.), enlarging rail kits addressable market, and (3) lifted King Slide market share considering its strong revenues growth, outperforming peers, and the fast technology migration and AI infrastructure upcycle to support healthier competition. Our GM revisions are mainly on product mix upgrade, with growing AI rail kits carrying a higher GM compared to non-AI rail kits (general server rail kit, kitchen rail kit). We raise our opex ratio estimates mainly on higher R&D to support the rail kits speci fi cation upgrades and expanding SKUs for various rack products.

Exhibit 4: Earnings revision

	2026E	2026E	2026E	2027E	2027E	2027E	2028E	2028E	2028E
NT$m	Old	New	Diff%	Old	New	Diff%	Old	New	Diff%
Revenues	28,406	39,452	39%	40,797	56,907	39%	50,306	74,377	48%
GP	21,698	30,038	38%	31,054	44,048	42%	38,701	58,209	50%
OP	18,663	27,143	45%	29,246	40,912	40%	36,472	54,832	50%
Net income	16,220	22,491	39%	24,373	33,194	36%	30,198	44,644	48%
Margins
GM	76.4%	76.1%		76.1%	77.4%		76.9%	78.3%
OPM	65.7%	68.8%		71.7%	71.9%		72.5%	73.7%
NM	57.1%	57.0%		59.7%	58.3%		60.0%	60.0%

Source: Company data, Goldman Sachs Global Investment Research

e92c7a75ab8b4efbba794e6b187208c8

For the exclusive use of KEVINLU@LENOVO.COM

Exhibit 5: Rev and GM change by product

2018	2019	2020	2021	2022	2023	2024	2025E
Revenues (NT$m)	2026E	2027E	2028E	GM	2026E	2027E	2028E
NEW	39,452	56,907	74,377	NEW	76.1%	77.4%	78.3%
AI servers rail kit	16,037	27,483	42,474	AI servers rail kit	86.3%	85.7%	85.0%
General server rail kit	8,237	9,841	11,480	General server rail kit	66.4%	66.3%	66.2%
Rail kits for other IT	12,693	16,942	17,544	Rail kits for other IT	75.0%	75.0%	75.0%
Non-servers rail kit	2,173	2,330	2,568	Non-servers rail kit	49.5%	48.4%	47.4%
Others	311	311	311	Others	41.1%	41.1%	41.1%
OLD	28,406	40,797	50,306	OLD	76.4%	76.1%	76.9%
AI servers rail kit	18,007	26,268	34,563	AI servers rail kit	86.3%	85.5%	85.2%
General server rail kit Rail kits for other IT	7,538	11,121	11,677	General server rail kit Rail kits for other IT	64.0%	63.0%	63.0%
Non-servers rail kit	2,548	3,083	3,730	Non-servers rail kit	47.3%	47.3%	47.3%
Others	313	325	336	Others	40.7%	39.9%	39.3%
CHG	39%	39%	48%	CHG (New - Old)	-0.2%	1.3%	1.3%
AI servers rail kit	-11%	5%	23%	AI servers rail kit	0.1%	0.2%	-0.2%
General server rail kit Rail kits for other IT	9%	-12%	-2%	General server rail kit Rail kits for other IT	2.4%	3.3%	3.2%
Non-servers rail kit	-15%	-24%	-31%	Non-servers rail kit	2.2%	1.1%	0.1%
Others	-1%	-4%	-7%	Others	0.4%	1.1%	1.8%

Source: Company data, Goldman Sachs Global Investment Research

GSe vs. Bloomberg consensus: Our 2026E-27E net income is 33% / 55% higher than the BBG consensus, mainly on higher revenues and lower opex ratios. Our higher revenues re fl ects the strong 2Q26 revenues beat, which rea ffi rms our positive view on King Slide's leading market position in AI server rail kits, and the growing IT racks in AI data centers enlarging rail kits addressable market, bene fi ting King Slide's growth ahead. Our lower opex ratio is mainly on larger revenues scale, driving better operation e ffi ciency.

Exhibit 6: GS vs. Bloomberg consensus

	2026E	2026E	2026E	2027E	2027E	2027E
NT$m	GS	Cons.	Diff%	GS	Cons.	Diff%
Revenues	39,452	29,385	34%	56,907	38,266	49%
GP	30,038	22,715	32%	44,048	29,478	49%
OP	27,143	19,980	36%	40,912	26,113	57%
Net income	22,491	16,939	33%	33,194	21,460	55%
Margins
GM	76.1%	77.3%		77.4%	77.0%
OPM	68.8%	68.0%		71.9%	68.2%
NM	57.0%	57.6%		58.3%	56.1%

Source: Goldman Sachs Global Investment Research, Bloomberg

Valuation: We continue to use a near-term P/E to derive our target price. We continue to derive the target P/E multiple via a correlation of the high-end of the company's historical PEG at 1.0x (vs. 0.8x previously), and with 2028E net income growth at 34% YoY. With this, our new target P/E multiple is now at 34.5x on our 2027E EPS (vs. previously at 30.0x). With the updated target P/E and earnings estimate, our 12M TP is revised up to NT$12,000 (vs. previously at NT$7,664). Our new TP implied PEG&M is at 0.3x, which is within peers' range from 0.2x to 0.5x. Maintain Buy.

e92c7a75ab8b4efbba794e6b187208c8

1.2

Company

King Slide

1.0

King Slide (TP implied)

Peers

0.8

Repon

Karrie

0.6

AVC

Auras

Fositek

0.4

VPEC

Landmark

0.2

Avg.

For the exclusive use of KEVINLU@LENOVO.COM

Ticker

Rating

Buy

2027 PE 2028 NI YOY

34%

Exhibit 7: King Slide 12M forward PEG

66%

21%

May-19

Source: Company data, Goldman Sachs Global Investment Research

Exhibit 9: King Slide QFII

Source: TEJ

Sep-19

202B OPM

74%

Ratio

0.2

0.3

Exhibit 8: King Slide 12M forward P/E ratio

Jan-20

Source: Company data, Goldman Sachs Global Investment Research

Exhibit 10: King Slide's net income and OPM trend

Source: Company data, Goldman Sachs Global Investment Research

Exhibit 11: King Slide and peers' PEG&M

NC = not covered.

Source: Company data, Goldman Sachs Global Investment Research, Re fi nitiv Eikon

e92c7a75ab8b4efbba794e6b187208c8

NTS m

Revenue

Gross profit

Opex

OP income

2024 2025 2026E 2027E 2028E

7,002

39,452

56,907

(898)

30,038

(2,894)

6,101

Net income

44,048

(3,136)

40,912

Exhibit 12: King Slide P&L Summary

EPS (diluted, NT:

Margins

Gross margin

Operating margi

Net margin

Ratios

Opex ratio

Tax rate

YoY

Revenue

Gross profit

OP income

Net income

QoQ

Revenue

Gross profit

OP income

Net income

For the exclusive use of KEVINLU@LENOVO.COM

28.32

1025 2025 3025 4025 1026 2026E 3026E 4026E

3,954

3,007

(285)

2,723

2,511

26.32

4,229

3,277

(245)

2,966

614

6.44

4,369

3,258

(347)

2,975

3,197

33.52

16847		14588
1555			1388 445
		13438834
	13%		4%
			4%
	16% 15%		4%
	10%

Source: Company data, Goldman Sachs Global Investment Research

331213

308131

606011

2023

3,532

e92c7a75ab8b4efbba794e6b187208c8

Samble 19. his Shue s balance Sheet

NT$ m

Cash and equivalents

Net receivables

Inventory

Other current assets

Current assets

Net PP&E/Fixed assets

Net intangibles

Other long-term assets

Long-term assets

Total assets

Accounts payable

Short-term debt

Other current liabilities

Current liabilities

Long-term debt

Other long-term liabilities

Long term liabilities

Total liabilities

Common stock

Treasury stock

Retained earnings

Other common equity

Total common equity

Minority interest

For the exclusive use of KEVINLU@LENOVO.COM

2023

12,603

1,656

2024

17,488

2025

2026E

2027E

24,080

35,471

4,687

9,364

55,853

10,592

Exhibit 13: King Slide's balance sheet

16,202

3,192

1,184

4,379

20,581

309

126

1,740

2,174

741

1,229

1,970

4,145

1,750

14,694

(8)

16,436

172.14

112

158

214

(11,736)

-71%

123.15

0.29

1.24

47%

17%

14%

2,298

2028E

78,437

15,083

3,018

29,990	46,824 68,801	96,597
21,949 3,287	4,658 5,022	5,388
3 2 3,882 6	6 7	7
1,234 1,206	1,206 1,206	1,206
	5,870 6,235	6,600
4,524 26,472 5,093 35,083	75,036
441 654	52,694 790 1,183	103,197 1,298
127 99	70 70	70
2,581	10,999 16,350
3,149 4,513 5,367	11,859 17,603	22,075 23,443
615 377	250 250	250
1,416 1,313	1,313 1,313	1,313
2,031 1,691	1,563 1,563	1,563
5,180 7,057	13,422 19,167	25,006
1,750 1,750	1,750 1,750
		1,750
19,499	37,509 54,106
43 26,264 13	13 13	76,428 13
21,292 28,026	39,272 55,869	78,191
21,292 28,026	39,272 55,869	78,191
223.02	411.63 585.60
293.74		819.57
87 82	64
131 104	65 60 60	63 60
44 48	28 28	28
174 139	97 96	95
(16,747) (23,603)	(35,151) (55,533)	(78,117)
-79% -84%	-90% -99%	-100%
175.74 247.68	368.86 582.74	819.73
0.43 0.57	0.90 0.89
	1.30	0.83 1.33
61% 56%	57% 58%	60%
33% 40%	67% 70%	67%
26% 32%	51% 52%	50%

Source: Company data, Goldman Sachs Global Investment Research

e92c7a75ab8b4efbba794e6b187208c8

camble 19n15 clues last now statement

NT$ m

Net income

Minority interest add-back

Depreciation and amortization add-back

Net loss/(gain) on asset sales

(Increase)/decrease in working capital

Other operating cash flow items

Cash flow from operating

Capital expenditure

Other investment cash flow items

Cash flow from investing

Dividends paid

Change in common stock

Increase/(decrease) in short-term debt

Increase/(decrease) in long-term debt

Other financing cash flow items

Cash flow from financing

Others

Net change in cash

Ratio

Capex to revenues

For the exclusive use of KEVINLU@LENOVO.COM

2023

2,704

269

2024

6,156

328

2026E

22,491

360

411

2027E

33,194

493

Exhibit 14: King Slide's cash fl ow statement

2028E

44,644

531

(5,097)

253 314 5,187 2,365 11,334 17,596	32,485	40,078
3,278		(893)
(378) (355) (928) (1,184)	(854)
217 885 1 (4) (1,188)	(4)	(4)
(161) 530 (927)	(858)	(897)
(1,906) (1,352) (3,069) (4,860)	(11,246)	(16,597)
-		-
126 1 (27) (238) (29)
(153) (127) (127)	-
(33) (30) (30) (3,363) - (5,016)
(1,966) (1,508) 676	(11,246)	(16,597)
(141) (452) -	20,382	22,584
1,010 4,886 6,591 11,392
7% 4% 3%
5%	2%	1%

(1,611)

(1,228)

(5,307)

(1,202)

Source: Company data, Goldman Sachs Global Investment Research

Price Target Risks and Methodology - King Slide

Valuation methodology : Our 12m target price for King Slide is based on a near-term P/E, consistent with our Taiwan Technology coverage. Our 12m TP of NT$12,000 is based on a target P/E multiple of 34.5x on our forward year EPS (2027E). Our target P/E is derived from the company's peak PEG at 1.0x and with 2028E net income growth at 34% YoY, as we expect the migration to AI server rail kits to drive the company's pro fi tability.

Downside risks: (1) New entrants intensifying competition, (2) slower-than-expected AI server growth, (3) lower-than-expected general server shipment growth.

2025

9,837

e92c7a75ab8b4efbba794e6b187208c8

For the exclusive use of KEVINLU@LENOVO.COM

報告_GS_川湖2059_20260709

圖片清單（已驗證 2026-07-13）

原始內容

King Slide (2059.TW)

2059.TW

BUY

Verena Jeng

Allen Chang

Yifan Hu

BUY

King Slide (2059.TW)

Ratios & Valuation __________________________________________

Growth & Margins (%) ______________________________________

Price Performance __________________________________________

Income Statement (NT$ mn) ________________________________

Balance Sheet (NT$ mn) ____________________________________

Cash Flow (NT$ mn) ________________________________________

Exhibit 12: King Slide P&L Summary

Price Target Risks and Methodology - King Slide

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