研究_SEMICON2026台灣工業股重點_FirstRead_20260902

PDF 原檔：研究_SEMICON2026台灣工業股重點_FirstRead_20260902_original.pdf

原始內容

First Read

Taiwan Industrial Sector

Highlights from SEMICON Taiwan: Automation upcycle to extend into 2027

Optimistic order outlook shared by component and robot suppliers

Our key takeaway from SEMICON Taiwan 2026 is that the semiconductor capex upcycle remains firmly intact. BizLink, Advantech, Mirle Automation (6464.TW, not rated), Hiwin and Festo (unlisted) all cited robust order momentum, with visibility extending into 2027. Besides the semi industry, demand is particularly strong across PCB/substrate and CPO testing and assembly. Most companies expect the cyclical factory automation upturn to run through 2027, while the more bullish ones foresee that rising AI adoption in robotics, PCs and smartphones, will serve as the next growth driver, post the AI infrastructure capex boom peaks.

Hiwin/Mirle: Expanding product offering in semi/CPO

Hiwin and Mirle are automation solution providers. Hiwin is highly vertically integrated, while Mirle integrates software and hardware. At the booth, Hiwin exhibited new products such as a wafer level testing platform and a coupler/FAU assembly module for CPO testing equipment. These products have started commercial sales. Although the CPO-related product sales mix is still small, order momentum has been brisk. Hiwin also demonstrated a positioning stage that can tilt and move to address sensing failure caused by warpage. Hiwin expects the FA upcycle to last at least into 2027. Hiwin is also bullish about AI-aided special-purpose robotics. Mirle showcased its comprehensive semiconductor factory automation solutions, including OHT (overhead hoist transport) systems, EFEM (equipment front-end module) platforms, robots (robotic dogs) and AMR. Its OHT solutions are used in semi, ABF substrates and panel-level packaging formats, including CoPoS (chip-on-panel-on-substrate) and FOPLP (fan-out panel-level packaging).

BizLink: Solid SPE orders until H227, expanding service scope

BizLink makes 14% of sales from capital equipment (+52 YoY in Q226). Our previous understanding was that BizLink supplies cables, fluid distribution systems and boxbuilding services for semi equipment companies, mainly for semi front-end manufacturing. At the booth, BizLink indicated it also assembles edge-computing server racks, PDUs (power distribution units) and all other sub modules to help semi equipment customers with faster delivery. Order momentum is robust and visibility is high into 2027.

Advantech: Tailored solution for semi - timely image processing

Advantech demonstrated IPC solutions for alignment and AOI (automated optical inspection) and testing. These systems can process large data volume images with no latency. To support more efficient data processing, Advantech demonstrated its offering of high-computing power server racks for support. Separately, Advantech showcased its new tablet solutions for fab operations.

Figure 1: Valuation summary of our covered stocks

Source: Reuters, UBS estimates. Note: Prices as of 3 Sept 2026.

Equities

Taiwan

Electric Components & Equipment

Ally Chen

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

Megan Li

Analyst

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

Valuation Method and Risk Statement

Our price targets for Sinbon, Advantech, BizLink, Hiwin and Airtac are based on PE multiples.

The key risks for Sinbon are: 1) a global economic slowdown impacting end demand; 2) volatile green energy demand driven by changes in government policy; 3) a slower-thanexpected change in the product mix leading to slower-than-expected gross margin expansion; and 4) a rise in raw material prices.

The key risks for Advantech are: 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.

The key risks for BizLink are: 1) a global economic slowdown impacting end-demand; 2) a slower-than-expected change in the product mix leading to slower-than-expected gross margin expansion; and 3) a rise in raw material prices.

The key risks for Hiwin are: 1) weaker than expected capex demand in the China market; and 2) lower than expected margin expansion due to positive operating leverage.

The key risks for Airtac are:) a slower-than-expected cyclical demand recovery; 2) fiercer competition or a price war, which could put downside pressure on sales and profitability; and 3) lower-than-expected margin expansion from scale benefits.

The key industry-specific risks are: unexpected changes in the underlying global macro environment; currency and interest rate movement; and commodity price inflation.

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: 03 September 2026 04:18 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.