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原始內容
M July 30, 2026 10:56 AM GMT
Hon Precision | Asia Pacific
CPO Handler Shipment Starts From October with Demand Outshines; Reiterate OW
AlphaSignals Earnings Reaction
Strengthens our thesis
Impact to our thesis
Modest upside
Financial results versus consensus
Source: Company data, Morgan Stanley Research
Key takeaways from today's call:
- Capacity outlook: Raised 2026 capacity expansion from at least 40% Y/Y to 45%. 2027 remains on a 50% Y/Y pace, with most new capacity in Taiwan and China.
- FT handler: Sees strong demand from Tesla, xAI, AMD, and ADI. Customers are requesting large package size + advanced ATC (over 10kW) solutions, with shipments starting in Oct 2026.
- SLT handler: Completed first-stage SLT qualification for Rubin Ultra. Now holds 50% SLT share with US clients and 90% in China.
- China demand: Sees strong AI GPU testing demand, with 2026 revenue already growing 60-80% Y/Y and likely to double in 2027, including FT handler and SLT.
- CPO/CPC: Plans to start shipping the Insertion 4OE CPO FT handler in 4Q26, with monthly volume of 20-30 units from October. No competitors seen in this field. It's also working on a CPC handler project with ATE and a US networking customer.
Reiterate OW: We identify Hon Precision as a key beneficiary of the expanding AI testing TAM. We see the recent pullback as an attractive entry point, with the stock now trading at 25x 2027e EPS vs. a 2025-28e earnings CAGR of 75%.
Exhibit 1 : 2Q earnings beat: AI/HPC/ASIC remains the key contributor, while auto demand also picked up
| NT$ mn | 2Q26 | Q/Q | Y/Y | Mse 2Q26 | Diff. | Cons 2Q26e | Diff. |
|---|---|---|---|---|---|---|---|
| Net sales | 13,794 | 29% | 100% | 10,725 | 29% | 12,320 | 12% |
| Gross profit | 7,737 | 28% | 92% | 5,846 | 32% | 7,012 | 10% |
| Operating profit | 6,686 | 25% | 84% | 5,052 | 32% | 6,210 | 8% |
| Net income | 5,476 | 18% | 122% | 4,062 | 35% | 4,983 | 10% |
| Reported EPS | 30.44 | 22.58 | 35% | 28.39 | 7% | ||
| Margins | |||||||
| Gross margin | 56.1% | -0.2ppt | -2.6ppt | 54.5% | 1.6ppt | 56.9% | -0.8ppt |
| Opex ratio | 7.6% | 1.4ppt | 1.9ppt | 7.4% | 0.2ppt | 6.5% | 1.1ppt |
| Operating margin | 48.5% | -1.5ppt | -4.4ppt | 47.1% | 1.4ppt | 50.4% | -1.9ppt |
| Net margin | 39.7% | -3.4ppt | 3.9ppt | 37.9% | 1.8ppt | 40.4% | -0.7ppt |
Source: Company data, Morgan Stanley Research
Modest revision higher
Direction of next 12-month consensus EPS
Update
| Morgan Stanley Taiwan Limited+ Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
|---|---|
| Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com | +886 2 2730-1725 |
| Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com | +886 2 2730-2863 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Lucas Wang Research Associate Lucas.Wang@morganstanley.com | +886 2 2730-2875 |
| Ethan Jia Research Associate Ethan.Jia@morganstanley.com | +852 3963-2287 |
| Henry Zhao Research Associate Henry.Zhao@morganstanley.com | +852 2239-7731 |
Hon Precision (7769.TW, 7769 TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | Attractive |
| Price target | NT$10,008.00 |
| Up/downside to price target (%) | 78 |
| Shr price, close (Jul 30, 2026) | NT$5,620.00 |
| 52-Week Range | NT$8,465.00- |
| 1,400.00 | |
| Sh out, dil, curr (mn) | 162 |
| Mkt cap, curr (mn) | NT$910,499 |
| EV, curr (mn) | NT$856,898 |
| Avg daily trading value (mn) | NT$4,511 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 76.26 | 129.19 | 222.56 | 371.52 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 74.31 | 125.94 | 211.93 | 349.83 |
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.