報告_JPM_台灣FirstToMarket_20260724

PDF 原檔：報告_JPM_台灣FirstToMarket_20260724_original.pdf

圖片清單（已驗證 2026-07-24）

本份為 JPM 台灣晨報彙整（Top Stories 摘要），內容為當日已發布個股/產業報告的重點濃縮：(1) Unimicron（欣興 3037，Jerry Tsai）2027E 獲利預估高於共識 25%、PT 上修 NT$734→NT$1,150、EPS 上修 +25.5%（本年）/+56.6%（次年）——與同日已 ingest 之 報告_JPM_欣興3037_20260723 為同一分析師團隊同一論點的摘要版（該份完整報告已寫入 3037_欣興（市） 公司頁，數字略有取整差異：本摘要 EPS 上修 25.5%，完整報告原文為 26.6%）；(2) Asian Tech（Gokul Hariharan）引 TXN 2Q26 法說，工業需求回溫但仍低於 2022 高點 5-6ppt，對成熟製程代工 VIS（世界先進）／PSMC（力積電）稼動吃緊為正面；(3) Servers（Albert Hung）Google Jun-Q（2Q26）財報 read-through，與同日已 ingest 之 報告_JPM_伺服器GoogleCapex_20260723 內容一致（已寫入 分析_JPM_Google資本支出上修_台灣伺服器供應鏈受惠與首選_20260723）；(4) Taiwan June IP 總經數據（Tingting Ge），IP 6 月月增 4.6% sa，非個股層級。

原始內容

J.P. Morgan

TAIWAN FIRST TO MARKET

ASIA PACIFIC EQUITY RESEARCH

Top Stories

Taiwan: June IP strength paves way for a stronger 2H (Tingting Ge)

IP surged 4.6%m/m sa in June, with growth broadening across both tech and non-tech sectors.

This reinforces the signal from strong import growth, pointing to decent capex amid the AI upcycle.

Unimicron (Jerry Tsai) (3037 TT, OW)

We are 25% above consensus in 2027, but still see substantial upside

Looking beyond like-for-like price hikes. For months, investors have focused on the chatter of price hikes which adjust prices for ongoing products. We believe that going forward, seeking price adjustments for ongoing products won't be the priority for Unimicron, which will instead focus on securing/solidifying market share for new leading edge substrate projects, which are entering new realms in terms of size and layer counts. Keep in mind, such an approach could allow Unimicron to out-grow its peers which are typically more vocal on price hikes, as the unit area ASPs for these new products are rising even faster than periodical adjustments of like-for-like pricing, due to the rapidly rising specs that can be met by a very limited number of suppliers. We expect per unit area ASP to at least match that for 2022 (the peak of the last cycle; during which super-hot run fees were more common) with potential upside of 30% or even more vs. our updated assumptions, which already result in 25% higher earnings for 2027 vs. consensus.

Asian Tech (Gokul Hariharan)

Key takeaways from TXN 2Q26 results

Key takeaways from Texas Instruments' 2Q26 earnings for Asia Tech are as follows: Industrial demand continues to pick up (partly driven by DC spillover), but is still ~5-6 ppts below the 2022 peak: We see this as positive for mature-node foundries such as VIS and PSMC, which are already running at tight capacity.

Servers (Albert Hung)

Read-through from Google's Jun-26 earnings

Alphabet (OW, covered by J.P. Morgan US Internet Analyst Doug Anmuth) reported Jun-Q earnings before the Asia market open today. The key implications for the Asian tech supply chain are as follows:

Google

Google's Jun-Q Capex was US$45bn (+26% QoQ, +100% YoY), in line with market expectations. Server spending comprised 60% of the Capex while the remaining 40% of spending was for datacenter build-out and networking equipment. We believe CSPs have been increasing the server spending mix in total Capex given their recent Capex raise driven by the component cost hikes.

Price Target and Estimate Changes

Unimicron (Jerry Tsai) (3037 TT, OW, PT NT$1,150.00)

We are 25% above consensus in 2027, but still see substantial upside

Sector Research

Asian Tech (Gokul Hariharan)

Key takeaways from TXN 2Q26 results

Servers (Albert Hung)

Read-through from Google's Jun-26 earnings

Economics

Taiwan: June IP strength paves way for a stronger 2H (Tingting Ge)

Key Rating, Price Target, Estimate & DPS Changes

Price Target Changes

Source: J.P. Morgan estimates.

Note: EPS Changes > +/- 1%. DPS Changes > +/- 1%. Numbers and companies above may differ from the corresponding numbers or companies in the individual notes inside the FTM

Quick Links

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Head of Taiwan Equity Research

Gokul Hariharan AC (852) 2800-8564 gokul.hariharan@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited

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Completed 24 Jul 2026 05:52 AM HKT

Disseminated 24 Jul 2026 05:52 AM HKT