PDF 原檔：260529_3533_嘉澤_ms_lotes_original.pdf
原始內容
M May 29, 2026 05:27 AM GMT
Lotes Co. Ltd | Asia Pacific
Asia AI Summit 2026 Feedback
- 2Q GM to see pressure, but expect improvements in 2H: 2Q GM will still see some pressure because the price of plastics started to rise only in March, with a full quarter of reflection in 2Q, but GM will kick in from 2H, so expect to see margin improvements in 2H. AMD's Venice Socket is expected to ramp from 2H26, while Intel's OakStream is expected to ramp in CY27.
- Desktop seeing some deterioration vs beginning of year: Expects desktop to fall 10-15% y/y in CY26 (vs down 5-10% y/y at beginning of year).
- Server demand remains robust: Expects CY26 volumes to grow 15-20% y/y, and preliminary forecast also points to +15% y/y in CY27.
- ARM-based CPU to use socket? Currently only Ampere and Microsoft use CPU socket. Lotes continues to engage in discussions with other CSPs, but there is no confirmation that CPU socket will be adopted.
- SOCAMM production to kick off in 2H , starting from 3Q.
- Two NPO opportunities currently , one through LINTES (with Lotes being its outsourcing partner), and one through Lotes directly. But there is no further details provided vs 1Q earnings call.
Update
| Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ |
|---|---|---|---|
| Howard Kao | Howard Kao | Howard Kao | Howard Kao |
| Equity Analyst Howard.Kao@morganstanley.com | Equity Analyst Howard.Kao@morganstanley.com | Equity Analyst Howard.Kao@morganstanley.com | +886 2 2730-2989 |
| Sharon Shih | Sharon Shih | Sharon Shih | |
| Equity Analyst | Equity Analyst | Equity Analyst | |
| Sharon.Shih@morganstanley.com | Sharon.Shih@morganstanley.com | Sharon.Shih@morganstanley.com | +886 2 2730-2865 |
| Irene Yen | Irene Yen | Irene Yen | |
| Research Associate | Research Associate | Research Associate | |
| Irene.Yen@morganstanley.com | Irene.Yen@morganstanley.com | Irene.Yen@morganstanley.com | +886 2 2730-2869 |
| Lotes Co. Ltd. (3533.TW, 3533 TT) | Lotes Co. Ltd. (3533.TW, 3533 TT) | Lotes Co. Ltd. (3533.TW, 3533 TT) | |
| Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | |
| Stock Rating | Stock Rating | Stock Rating | Equal-weight |
| Industry View | Industry View | Industry View | In-Line |
| Price target | Price target | Price target | NT$2,350.00 |
| Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | (5) |
| Shr price, close (May 28, 2026) | Shr price, close (May 28, 2026) | Shr price, close (May 28, 2026) | NT$2,485.00 |
| 52-Week Range | 52-Week Range | 52-Week Range | NT$2,955.00- |
| 1,140.00 | |||
| Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | 105 |
| Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | NT$260,389 |
| EV, curr (mn) | EV, curr (mn) | EV, curr (mn) | NT$247,153 |
| Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | NT$2,079 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e 12/28e |
| EPS (NT$)** | 70.18 | 94.03 | 116.81 144.67 |
| Prior EPS (NT$)** | - | - | - - |
| EPS (NT$)§ | 68.94 | 96.70 | 128.88 157.74 |
| Revenue, net (NT$ mn) | 33,783 | 41,507 | 48,413 57,189 |
| EBITDA (NT$ mn) | 12,955 | 15,582 | 18,798 22,583 |
| ModelWare net inc (NT | 7,866 | 10,539 | 13,092 16,215 |
| $ mn) | |||
| P/E | 18.5 | 26.4 | 21.3 17.2 |
| P/BV | 3.6 | 5.9 | 5.1 4.3 |
| RNOA (%) | 37.7 | 38.2 | 46.7 55.7 |
| ROE (%) | 20.7 | 26.1 | 27.9 29.6 |
| EV/EBITDA | 10.2 | 15.5 | 12.5 10.0 |
| Div yld (%) | 3.3 | 1.4 | 1.9 2.3 |
| FCF yld ratio (%)** | 2.1 | 3.5 | 4.3 5.2 |
| Leverage (EOP) (%) | (32.8) | (40.1) | (46.6) (51.8) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
§ = Consensus data is provided by Refinitiv Estimates
** = Based on consensus methodology e = Morgan Stanley Research estimates
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.
圖片清單（已驗證 2026-07-02）
回補驗證：僅涵蓋已被 lib 頁嵌入的圖片，非全量驗證。
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75KB | 真資料圖 | 股價走勢與目標價變動歷史圖，藍線為股價、紅色虛線為目標價階梯，標有 O/I、E/I 標記與數值 1100、955、1000、1650、1750、1850、1880、1980、1450、1580、1480 等，橫軸為 2023/05 至 2026/05 |