報告_MS_智邦_20260705

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M July 5, 2026 10:54 PM GMT

Accton Technology Corporation | Asia Pacific

Solid Momentum for Network Switches and AI Accelerator Modules in 2H26

Given strong network switch shipments and the earlier ramp of the new AI accelerator module, we think its 2Q26 revenue is tracking to be up 25-30% QoQ vs. our original expectation of up 20% QoQ. Momentum is likely to sustain in 2H26, with sequential revenue growth in 3Q26 and 4Q26. Stay OW.

Spec upgrade and new customer driving the network switch business: On top of the favorable industry dynamics of increasing data traffic from a bigger and more powerful compute installed base, the big theme this year is the migration into the 800G spec in a more aggressive way. Its existing customers shall pull in more 800G network switches in 2H26 along with the new generation ASIC server ramps and the new customer should continue to have good order momentum as it still has new projects in the pipeline for 2H26. Looking into 2027, we might start to see some early adoption of 1.6T switches and our checks indicate that there will be more CSPs shifting toward the ODM direct business model, a positive development for Accton.

AI accelerator modules being 2H loaded: The business was a bit slow in 1H26 due to the model transition, but our checks indicate that shipments picked up slightly earlier than expected from late 2Q26 and will scale up in 2H26. Accton should remain the major supplier of the AI accelerator module business. Furthermore, our supply chain checks indicate that the customer is eager to pull in delivery of existing orders, which could potentially lead to incremental orders later this year. We note that the market has been relatively pessimistic about the demand outlook for ASIC accelerators from its major customer, but we believe sentiment might improve in the coming months along with solid shipments.

2Q26 tracking ahead: As a result of the strong shipment in network switches, we believe that Accton's 2Q26 revenue is tracking more likely to be up by 25-30% QoQ vs. our original expectation of up 20% QoQ. Looking into 2H26, we expect revenue to grow sequentially in 3Q26 and 4Q26.

Stay OW with PT up to NT$3,800: Supported by secular growth in network switches and increasing ODM direct opportunities among major CSPs, as well as the better-than-feared AI accelerator module business, we believe Accton should continue to deliver impressive financial performance in the coming years. We thus raise our 2025-28 earnings and lift our PT to NT$3,800, based on the same 33x 2027 P/E (implying a PEG of 0.7x).

Idea

Accton Technology Corporation (2345.TW, 2345 TT)

Top Pick

Greater China Technology Hardware | Taiwan

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e = Morgan Stanley Research estimates

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