PDF 原檔：報告_MS_ABF載板_20260804_original.pdf
圖片清單（已驗證 2026-08-06）
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62KB | 真資料圖 | Exhibit 1：AT&S EBIT margins by product segment，Electronic Solutions（PCB and module，藍線）vs Microelectronics（ABF substrate，卡其線）季度折線，1Q22–2Q26；ABF 線 2Q26 達 24.7%（QoQ +730bp） |
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63KB | 真資料圖 | Nan Ya PCB（8046.TW）股價走勢圖 + 評等/目標價歷史步階線（U/I、O/I 標記），08/2023–08/2026；最新目標價 NT$1,550（2026-07-07，O/I 評等） |
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63KB | 真資料圖 | Unimicron／欣興（3037.TW）股價走勢圖 + 評等/目標價歷史步階線（U/I、E/I、O/I 標記），08/2023–08/2026；最新目標價 NT$1,465（2026-07-07，O/I 評等） |
原始內容
M August 4, 2026 10:06 AM GMT
Greater China Technology Hardware | Asia Pacific
ABF Substrates - Implications of AT&S' F1Q26/27 Results
Key Takeaways
- AT&S' strong numbers align with the positive view from Unimicron's earnings call (report here).
- AT&S' planned investments are also support by long-term customer commitments, similar to those of ABF substrate companies in our coverage.
- Raised guidance from AT&S further supports our confidence in Unimicron and NYPCB.
Results:
- AT&S (ATSV.VI, not covered) reported C2Q revenue of €549mn (+15% q/q): Electronics Solutions (+10% q/q) and Microelectronics (ABF; +18% q/q).
- C2Q/F1Q Microelectronics (ABF) EBIT margin jumped by 730bp q/q to 24.7%, which management attributed to higher volumes and a better pricing environment.
Guidance updated:
- Revenue: +45-55% y/y, raised from +30-35% y/y previously.
- EBITDA margin: +32-37%, raised from 25-29% previously.
Capacity expansion:
- The expansion in Kulim, Malaysia, includes the fit-out of the existing structure of plant 2 and the construction of a new manufacturing site for both substrate cores and advanced PCBs.
- AT&S says its planned investments of €1.5-2.0B in Kulim are fully supported by long-term customer commitments.
- AT&S has also decided to expand capacity in Chongqing, China, with required capex of 'a double-digit million' euros, which the company says will also be supported by long-term customer agreements.
Update
Morgan Stanley Taiwan Limited+
Howard Kao
Equity Analyst
Howard.Kao@morganstanley.com
+886 2 2730-2989
Irene Yen
Research Associate
Irene.Yen@morganstanley.com
+886 2 2730-2869
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst
Andy.Meng@morganstanley.com
+852 2239-7689
Greater China Technology Hardware
Asia Pacific
Industry View
In-Line
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