20260528_信邦電子2026年AIC：2026年展望積極，未來機會可期_UBS

PDF 原檔：20260528_信邦電子2026年AIC：2026年展望積極，未來機會可期_UBS_original.pdf

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First Read

Sinbon Electronics

2026 AIC: Positive 2026 outlook, with more opportunities ahead

Management sounded more positive about the order outlook

We hosted Sinbon at the 2026 Asia Investment Conference (2026 AIC). Management sees stronger order growth momentum, primarily driven by the semiconductor, automotive and medical sectors. Meanwhile, it expects the multi-year growth of humanoid robots and drones to remain intact during 2026-28. To support such order growth, Sinbon plans to add more shifts and expand new capacities in Taiwan, scheduled to begin in H227 and 2029, respectively. Regarding the gross margin, management remains conservative and expects it to be flattish due to a higher contribution from automotive sales (relatively lower margins) and rising raw material costs, while it thinks the operating margin could improve on positive operating leverage.

Stronger-than-expected orders from industrial (semi), auto and medical

Semi orders, including cables and assembly services, have grown strongly YTD, benefiting from the semi WFE capex upcycle. Sinbon just added a second work shift in Q226 and plans to add a thrid shift in 2027. In automotive, order growth is stronger than expected in China and new customers (Japan brands) could contribute to sales in Q426. Medical orders are also stronger than expected, as Sinbon's customers successfully expand into Southeast Asian markets.

Humanoid robots and drones to boost 2027-28 growth

Sinbon has confirmed orders with five customers and expects initial cable shipments for humanoid robots and power charging facilities in H226, with scale-up starting in 2027 and becoming much more meaningful in 2028. Separately, Sinbon has confirmed orders for drones and power charging stations, with small volume in H226/2027 and scale-up in 2028. Sinbon is also engaged in low-orbit-satellite projects, with initial shipments expected in 2027. All these orders enjoy margins above the corporate average.

Valuation: Maintain Buy rating and price target of NT$340

We maintain our Buy rating and price target of NT$340 (20x 2027E PE).

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$ 302.50 on 28-May-2026 22:30:09 CST

Ally Chen

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

Megan Li

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

Forecast returns

Company Description

Established in 1989 and listed on Taiex in 2002, Sinbon Electronics provides cables and connectors to customers across five industries - medical health, automotive, green energy, industrial applications, and communications (MAGIC). With strong R&D capability, Sinbon provides total solutions to clients as a one-stop-shop supplier. Sinbon is headquartered in Taiwan and has production plants in mainland China, Taiwan, the US, and Europe.

Valuation Method and Risk Statement

We base our price target on 20x 2026E PE.

Company-specific risks are: 1) a global economic slowdown impacting end-demand; 2) volatile green energy demand driven by changes in government policies; 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.

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.

Sinbon Electronics

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: 28 May 2026 04:15 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 coauthor 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 ubs-quantanswers@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.

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