PDF 原檔：260605_2317_鴻海_ms_HH_original.pdf
原始內容
M June 5, 2026 12:43 PM GMT
Hon Hai Precision | Asia Pacific
May Revenue - 9% Beat; 2Q26 Outlook Raised
Key Takeaways
- May revenue of NT$859bn (+3% MoM, +40% YoY) was 9% above our estimate.
- 2Q26 revenue growth outlook is raised to better than +14% QoQ, thanks to ongoing AI server/rack shipment strength
- Stay OW. We expect AI server/rack shipment strength to drive strong profit growth in 2026-28e.
May revenue details:
- The consumer segment, mainly iPhone assembly work, grew MoM thanks to strong pull-in momentum.
- Server-related revenue stayed roughly flat MoM, despite ongoing rack delivery ramp.
- Computing segment revenue slowed MoM for seasonal adjustment
Better than expected 2Q26 outlook:
- Our checks suggest that 2Q26 revenue will grow more than 14% QoQ, better than the visibility offered a month ago.
- AI server/rack shipment strength should help mitigate light season impacts from both the consumer and computing segments.
- That implies June revenue of at least NT$757bn (up 40% YoY despite down 12% MoM)
- We see potential upside to our 2Q26 revenue forecast of NT$2,329bn, up 9% QoQ and 30% YoY.
Stay OW: We have GB300 server rack order visibility till the end of next year. Mass production of VR NVL72 server racks is scheduled by the end of 3Q26 and VR racks should become mainstream in 1Q27. AI ASIC server rack delivery will also increase, with contribution increasing to 30% of AI server revenue in 2H26.
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
Hon Hai Precision (2317.TW, 2317 TT)
Greater China Technology Hardware | Taiwan
Stock Rating Industry View
Overweight In-Line
Price target
NT$310.00
Up/downside to price target (%)
9
Shr price, close (Jun 5, 2026)
NT$284.50
52-Week Range
NT$314.00-152.00
Sh out, dil, curr (mn)
13,863
Mkt cap, curr (mn)
NT$3,944,021
EV, curr (mn)
NT$3,564,733
Avg daily trading value (mn)
NT$14,561
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 13.61 | 16.38 | 19.90 | 23.03 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 14.77 | 17.63 | 21.38 | 24.70 |
| Revenue, net (NT$ bn) | 8,103.1 | 9,712.011,098.812,314.3 | ||
| EBITDA (NT$ bn) | 357.0 | 463.8 | 555.5 | 650.1 |
| ModelWare net inc (NT | 189.4 | 229.7 | 279.0 | 322.9 |
| $ bn) P/E | 16.9 | 17.4 | 14.3 | 12.4 |
| P/BV | 1.6 | 1.9 | 1.8 | 1.7 |
| RNOA (%) | 13.6 | 16.5 | 16.7 | 17.5 |
| ROE (%) | 10.2 | 11.7 | 13.3 | 14.4 |
| EV/EBITDA | 7.9 | 8.0 | 6.8 | 5.9 |
| Div yld (%) | 3.1 | 3.4 | 4.1 | 4.8 |
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
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.
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