PDF 原檔：260602_citi_airtac_original.pdf
原始內容
citivelocity.com
02 Jun 2026 07:18:38 ET │ 11 pages
Airtac (1590.TW)
Strong QTD Sales Suggest Upside to Market's Expectation
CITI'S TAKE
Airtac reported May-26 sales of NT$3.9bn (or Rmb844mn, +26% y/y) rose 40% y/y driven mostly by sustained strong demand for pneumatics. Daily shipment of pneumatics increased 27% y/y and flat m/m to Rmb38.5mn bolstered by solid demand from battery, machine tools and machinery. Mgmt continues to observe strong order backlog, and expects positive policy support along with upward FA cycle to boost pneumatic demand for the remainder of the year. QTD sales grew 32% y/y, achieving 75%/79% of 2Q26E our/BBG sales estimates vs. historical range of 66-70%, suggesting upside to expectations. Despite solid fundamentals with intact share gains and strong margin expansion, Airtac's share price retreated 17% from its recent peak vs. TAIEX +9% over the same period, which we attribute to unfavorable fund rotation to tech sector. Any further pullback would look like a good entry point to us. Reiterate buy.
Earnings Summary
| Year to 31Dec | Net Profit (NT$M) | DilutedEPS (NT$) | EPSgrowth (%) | P/E (x) | P/B (x) | ROE (%) | Yield (%) |
|---|---|---|---|---|---|---|---|
| 2024A | 7,624 | 38.12 | 9.4 | 33.6 | 5.3 | 16.8 | 1.7 |
| 2025A | 8,400 | 42 | 10.2 | 30.5 | 4.9 | 16.7 | 2.2 |
| 2026E | 11,060 | 55.3 | 31.7 | 23.1 | 4.6 | 20.3 | 2.9 |
| 2027E | 12,601 | 63 | 13.9 | 20.3 | 4.3 | 21.7 | 3.4 |
| 2028E | 14,152 | 70.76 | 12.3 | 18.1 | 4 | 22.7 | na |
Source: Powered by dataCentral
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
| Buy | Buy |
|---|---|
| Short-Term View: Upside, expires07-JUN-26 | Short-Term View: Upside, expires07-JUN-26 |
| Price (02 Jun 2613:30) | NT$1,280.00 |
| Target price | NT$1,750.00 |
| Expected share price return | 36.7% |
| Expected dividend yield | 2.9% |
| Expected total return | 39.6% |
| MarketCap | NT$256,000M |
| US$8,136M |
Angela Hsu AC
+886-2-8726-9083
angela.hc.hsu@citi.com
Figure 1. Airtac: Daily Kun Kate of Pneumatics by Month (Based on Our
Calculations)
Rmb mn
40
36
32
28
24
20
16
12
8
4
Figure 2. Airtac: Sales Growth by Industry in May-2o (Direct Sales Only)
60%
50%
40%
30%
20%
Figure 1. Airtac: Daily Run Rate of Pneumatics by Month (Based on Our Calculations)
12%
Electronic Battery Automotive Machine Packaging equipment
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research
@ 2026 Citigroun Inc. No redistribution without Citioroun's written nermission.
10%
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research
55%
15%
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research
35%
35%
46%
Airtac
Valuation
We derive our target price of NT$1,750 for Airtac by using a P/E methodology, as we believe the margin and earnings growth outlooks will be the key drivers of the stock. We apply a P/E of 30x for 2Q26-1Q27E, which we derive from the mid range of prior upcycle valuation 25-35x during 2021 in view of a strong upcycle with solid FA demand and ongoing share gains.
Risks
Key downside risks that could impede the Airtac stock from reaching our target price include: 1) a softer-than-expected China macro economy, resulting in downside to our sales forecasts; 2) intensifying competition leading to gross margin pressures; and 3) slower-than-expected progress of its linear guide business, causing low utilization of capacity.
Airtac (1590.TW)
Analyst: Angela Hsu
If you are visually impaired and would like to speak to a Citi representative regarding the details of the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the US +1-210-677-3788
J FM A
Target Price Closing Price
856.00
*1,000.00
1|
*1.100.00
1 *1,350.00
Appendix A-1
Date
/ 30-Apr-24 10:21:43
*1,350.00
1,160.00
30-Oct-25 09:57:38
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。
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
260602_citi_airtac_002.png |
35KB | 真資料圖 | Figure 2. Airtac: Sales Growth by Industry in May-26（Direct Sales Only）長條圖，各產業別業績成長率：Electronic equipment 12%、Battery 55%、Automotive 15%、Machine tool 35%、Packaging 20%、General machinery 35%、Textile 46%、Energy and Lighting -5% |