PDF 原檔：260528_3017_奇鋐_ms_avc_original.pdf
原始內容
M May 28, 2026 07:19 AM GMT
Asia Vital Components Co. Ltd. | Asia Pacific
Takeaways from Asia AI Summit 2026
- AVC retains its 2026 outlook for sequential growth from both a revenue and margin perspective. In 2027-28, AI ASIC projects will add incremental drivers through shipment volume increases and high customization requirements. Beyond 2028, China AI projects will see contribution growth as an additional driver.
- AVC expects the new cold plate module project for the next-generation GPU platform to begin volume shipments in 3Q26, while the new AI ASIC project should start in late 3Q26 or early 4Q26.
- Two-phase liquid cooling represents a new thermal solution that AVC is currently developing, targeting a 15% improvement in thermal performance. Current tasks focus on pump design and air pressure management within liquid loops.
- The capacity expansion plan this year aims to increase cold plate module capacity by 5x. By end-2026, AVC targets a 50:50 capacity split between China and Vietnam. The current plan for next year is to double the land area at its Vietnam site.
- LEO satellite thermal solutions remain under development to meet high reliability requirements across a wide operating temperature range.
Update
| Morgan Stanley Taiwan Limited+ Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com | +886 2 2730-2865 |
|---|---|
| Samantha Chen Research Associate | |
| Samantha.Chen@morganstanley.com | +886 2 2730-2876 |
Asia Vital Components Co. Ltd. (3017.TW, 3017 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Stock Rating | Stock Rating | Stock Rating | Overweight |
|---|---|---|---|---|
| Industry View | Industry View | Industry View | Industry View | In-Line |
| Price target | Price target | Price target | Price target | NT$3,333.00 |
| Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | 29 |
| Shr price, close (May 28, 2026) | Shr price, close (May 28, 2026) | Shr price, close (May 28, 2026) | NT$2,580.00 | NT$2,580.00 |
| 52-Week Range | 52-Week Range | 52-Week Range | NT$3,010.00-601.00 | NT$3,010.00-601.00 |
| Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | 376 | 376 |
| Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | NT$970,214 | NT$970,214 |
| EV, curr (mn) | EV, curr (mn) | EV, curr (mn) | NT$936,959 | NT$936,959 |
| Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | NT$9,837 | NT$9,837 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 49.03 | 96.50 | 145.03 | 191.80 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 49.29 | 93.64 | 134.74 | 160.78 |
| Revenue, net (NT$ mn) | 139,639 | 215,747 | 284,159 | 354,092 |
| EBITDA (NT$ mn) | 30,417 | 58,794 | 85,632 | 111,735 |
| ModelWare net inc (NT | 19,129 | 37,654 | 56,588 | 74,837 |
| $ mn) | ||||
| P/E | 30.8 | 26.7 | 17.8 | 13.5 |
| P/BV | 11.7 | 12.5 | 8.2 | 5.8 |
| RNOA (%) | 106.1 | 240.7 | 239.4 | 216.6 |
| ROE (%) | 57.1 | 74.5 | 70.0 | 61.0 |
| EV/EBITDA | 18.3 | 15.6 | 10.3 | 7.5 |
| Div yld (%) | 0.7 | 0.7 | 1.4 | 2.1 |
| FCF yld ratio (%)** | 4.1 | 2.9 | 4.4 | 6.2 |
| Leverage (EOP) (%) | (75.9) | (74.4) | (73.6) | (75.1) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates e = Morgan Stanley Research estimates
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