報告_UBS_研華2395_20260915

PDF 原檔：報告_UBS_研華2395_20260915_original.pdf

圖片清單（已驗證 2026-09-16）

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Advantech

UBS Taiwan Summit 2026 key takeaways: Four growth engines to drive robust orders

Upbeat FY26 outlook reinforced

Advantech delivered a positive message at the UBS 2026 Taiwan Summit, backed by an upward-trending monthly book-to-bill (BB) ratio and accumulating design win projects in its major market in the US. The company continues to see solid order placement, not impacted by higher pricing. Advantech's component sourcing further improved QoQ to support robust order momentum. On profitability, Advantech can pass on over 70% of component cost increases. Despite positive operating leverage, management noted possibly higher opex due to restricted stock award (RSA) expenses, which have relatively higher amortization during the first few years, starting in 2027.

Leading indicators support robust order growth

Advantech's sustained order momentum is not impacted by higher pricing, with no signs of client double booking. Some clients even offer 100% down-payments seeking Advantech's on-time delivery. Management sees an upward trending BB ratio, healthy at less than 2x. Pipeline visibility is further reinforced by North American design wins of US$444m in H126. Orders are mainly supported by three major end applications: 1) factory automation (particularly AMRs and cobots), semi equipment (front- and backend equipment), 2) healthcare, 3) green energy infrastructure. Management expects those and edge AI projects to be the major order drivers in the next three to five years.

Margin pressure to ease as component headwinds subside

Advantech's GM fell to 37.7% in Q226 due to escalating component costs, particularly across tech inputs such as GPUs, CPUs, MLCCs, memory and PCBs. After initial price hikes in Oct 2025, Advantech has maintained bi-weekly price adjustments for board products and monthly adjustments for systems in 2026, allowing it to pass on over 70% of cost increases. To mitigate supply constraints, Advantech has signed LTAs and qualified more alternative component suppliers. It has also worked through specialized PCB bottlenecks. Its supply sufficiency has further improved in Q326 vs. Q226. Management maintained guidance of flat QoQ GM and OPM for Q326, while remaining confident the long-term GM will recover to its historical 39-40% range and OPM will continue to trend upward, driven by expanding operating leverage.

Valuation: Raise price target to NT$782; maintain Buy

We raise our 2026-28E earnings, mainly to reflect: 1) stronger-than-expected top-line growth; 2) lower GM on continued input cost pressure and time lags for price increases to be reflected in its P&L; and 3) possibly higher opex starting in 2027 on RSA expense amortization. The RSA was approved by the board but not yet issued, pending regulatory authority approval. We raise our price target from NT$744 to NT$782 and reiterate our Buy rating on the solid top-line momentum.

Source: Company accounts, LSEG Eikon, UBS estimates. Metrics marked as (UBS) have had analyst adjustments applied. Valuations: based on an average share price that year, (E): based on a share price of NT$ 670.00 on 14-Sep-2026

Equities

Taiwan

Electric Components & Equipment

Trading data and key metrics

Ally Chen

Analyst ally.chen@ubs.com +886-2-8722 7347

Jonathan Wu

Analyst jonathan.wu@ubs.com +886-2-8722 7390

Megan Li

Analyst megan.li@ubs.com +886-2-8722 7393

Figure 1: Earnings estimate changes

Source: UBS estimates

Forecast returns

Company Description

Established in 1981 and listed on the Taiex in 1999, Advantech is a world-leading Taiwanese IPC supplier. Its product offerings involve embedded boards and chassis, industrial computers and controls, and after-sales services with applications spanning manufacturing automation, healthcare, transportation, energy and networking industries. To serve the global market, it has three manufacturing sites in Taiwan, Japan and China and direct subsidiaries in 27 countries.

Valuation Method and Risk Statement

We base our price target for Advantech on 30x 2027E PE.

Industrial PC sector risks include: slower global economic growth; uncertain trade tariff negotiations; higher interest rates that could result in weaker capex investment; readiness and supply chain bottlenecks of IT technology that could slow project execution; currency movement; and changes in component pricing that could bring downside to profitability.

In our view, key company-specific risks include: 1) slower-than-expected edge-AI product adoption; 2) competition in the non-AI IPC segment, especially in China; 3) rising component prices; 4) NTD appreciation against the USD; 5) slower macroeconomic growth that could negatively impact overall capex allocation; and 6) demand growth that could attract more new suppliers to join the market, which may intensify competition and possibly bring price pressure.

Quantitative Research Review

UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence of a number of short term factors in a product known as the 'Quantitative Research Review'. The views for this month can be found below. Views contained in this assessment on a particular stock reflect only the views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS Global Research reports; and (ii) where no applicable research report was published that month, the Quantitative Research Review which can be found at https://neo.ubs.com/quantitative, or contact your UBS sales representative for access to the report or the Quantitative Research Team on ubs-quant-answers@ubs.com. A consolidated report which contains all responses is also available and again you should contact your UBS sales representative for details and pricing or the Quantitative Research Team on the email above.

Advantech

Required Disclosures

This document has been prepared by UBS Securities Pte. Ltd., Taipei Branch, an affiliate of UBS AG. UBS AG, its subsidiaries, branches and affiliates, including former Credit Suisse AG and its subsidiaries, branches and affiliates are referred to herein as "UBS".

For information on the ways in which UBS manages conflicts and maintains independence of its UBS Global Research product; historical performance information; certain additional disclosures concerning UBS Global Research recommendations; and terms and conditions for certain third party data used in research report, please visit https://www.ubs.com/disclosures. Unless otherwise indicated, information and data in this report are based on company disclosures including but not limited to annual, interim, quarterly reports and other company announcements. The figures contained in performance charts refer to the past; past performance is not a reliable indicator of future results. Additional information will be made available upon request. UBS Securities Co. Limited is licensed to conduct securities investment consultancy businesses by the China Securities Regulatory Commission. UBS acts or may act as principal in the debt securities (or in related derivatives) that may be the subject of this report. This recommendation was finalized on: 14 September 2026 05:51 PM GMT. UBS has designated certain UBS Global Research department members as Derivatives Research Analysts where those department members publish research principally on the analysis of the price or market for a derivative, and provide information reasonably sufficient upon which to base a decision to enter into a derivatives transaction. Where Derivatives Research Analysts co-author research reports with Equity Research Analysts or Economists, the Derivatives Research Analyst is responsible for the derivatives investment views, forecasts, and/or recommendations. Quantitative Research Review: UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence of a number of short term factors in a product known as the 'Quantitative Research Review'. Views contained in this assessment on a particular stock reflect only the views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set out in this note. For the latest responses, please see the Quantitative Research Review Addendum at the back of this report, where applicable. For previous responses please make reference to (i) previous UBS Global Research reports; and (ii) where no applicable research report was published that month, the Quantitative Research Review which can be found at https:// neo.ubs.com/quantitative, or contact your UBS sales representative for access to the report or the Quantitative Research Team on ubsquant-answers@ubs.com. A consolidated report which contains all responses is also available and again you should contact your UBS sales representative for details and pricing or the Quantitative Research team on the email above.