PDF 原檔：260821_1815_富喬_daiwa_fulltech_original.pdf
圖片清單（已驗證 2026-08-24）
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37KB | 裝飾·logo·banner | 股價走勢縮圖，無座標標示 |
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41KB | 真資料圖 | 折線圖「Fulltech: 1-year-forward PER band」，Aug-19～Aug-26，股價線疊 11x／14x／18x／22x 本益比帶（TWD 10-150 區間） |
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74KB | 文字卡 | 產品線規格表圖（Type of fiberglass／Glass Yarn／Glass Fabric／電子與工業應用），內容與正文 markdown 表格重複 |
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16KB | 真資料圖 | 圓餅圖「Fulltech: 1H26 product mix by fibreglass grade」：LDK1／LDK2／Low-CTE 合計 55%、E-glass 25%、工業級玻纖紗 20% |
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76KB | 真資料圖 | 廠區分布圖「Fulltech: global capacity by region」：台灣—玻纖紗一廠（雲林斗六）、玻纖紗二廠（雲林虎尾）、玻纖布一廠（雲林斗六）；中國—玻纖布二廠（東莞寮步）；泰國—規劃中（Chachoengsao 府），各廠附實景照片 |
原始內容
Taiwan
Fulltech Fiber Glass (1815 TT)
Target price:
n.a.
Share price (21 Aug): TWD112.00 | Up/downside: -
Riding on product optimisation trend
- Rising LDK2 contribution on spec upgrades and capacity constraints
- E-glass price hikes continuing into 2H26
- Rising yarn utilisation on rising fabric shipments in China and Thailand
Background: Established in 1999, Fulltech Fiber Glass is a fibreglass yarn and fabrics vendor in Taiwan focusing on industrial and electronics applications. It has two yarn plants and one fabric plant in Taiwan and one fabric plant in mainland China. It is also ramping its capacity in Thailand on rising demand. Fulltech's specialty grade fibreglass (low dk1 [LDK1], low dk2 [LDK2] and low CTE) accounted for 55% of its 1H26 revenue, followed by E-glass (25%) and industrial-grade fibreglass yarn (20%).
Highlights: New competition landscape driven by AI trend. Fulltech believes the competition landscape for electronics-grade fibreglass yarn & fabric has been changed by rising AI server demand. Per Fulltech, end customers directly come to fibreglass vendors for qualification to reduce the supply chain risks and hence avoid the fierce pricing competition at the client side (eg, CCL vendors). Also, for high-quality fibreglass required by high-end applications, Fulltech still expects that its know-how in yarn will differentiate itself from other Chinese vendors. Recently, Fulltech confirmed that some CSPs will use its LDK2 for next-generation ASIC products and its low CTE yarn has acquired certification from Japanese and overseas clients; it says that it is working on qualifications for low-CTE fabric as well.
Product optimisation trend. Fulltech will gradually shift its Taiwan capacity from LDK1 to LDK2. Per management, they have c.10% LDK2 shipment from total LDK1+2 shipments in 2025. This number increased to 20% in 1H26 and is expected to reach 40%/50% in 3Q26/4Q26 on rising AI demand and continuous spec upgrades. Fulltech also plans to gradually shift its China plants from E-glass to LDK from 2027. Per management, the price of LDK2 fabric is 2.5x higher than LDK1 and LDK1 is 5x higher than E-glass; this will be a key growth revenue and gross margin driver. In addition, they expect E-glass fabric in China will also enjoy a double-digit quarterly price hike in 2H26 given current supply/demand dynamics, which will trigger GM to expand from 33% in 2Q26 to c.40% in 3Q26; per mgmt., this will be the second growth driver. Given the current key bottleneck is in fabric capacity, Fulltech announced in February 2026 the intention to invest TWD3.1bn to expand a new plant in Thailand, which could gradually enter mass production in 2H27; half of its capacity will focus on LDK and the other half will focus on E-glass and aim for LEO products. Fulltech believes it may increase the utilisation rate (UTR) of its yarn plants from 75% in 1H26 given yield rate improvement and the rising demand from Thailand and China plants. Per management, its gross margin diluted c.5-10pp in 1H26 and it will improve by 2-3pp if UTR improves 10% to 85% in 2H26.
Valuation: The stock is trading at 24/15x PERs for 2026/2027E, based on Bloomberg consensus (vs. its 1-year-trading range of 11-22x).
21 August 2026
5
Daiwa
4
2
Sheng Cheng
Sheng Cheng (886) 2 8758 6253 sheng.cheng@daiwacm-cathay.com.tw
| 12-month range | 59.08-127.00 |
|---|---|
| Market cap (USDbn) | 2.05 |
| 3m avg daily turnover (USDm) | 81.66 |
Source: FactSet, Daiwa forecasts
Douliu,
Yunlin County
Fiberglass Fabric # 1|
Douliu,
China
Fiberglass Fabric #2
Liaobu,
Yunlin County
Taiwan
Fiberglass Yarn #2
Huwei,
Yunlin County
Dongguan City
Fulltech: quarterly and yearly P&L sheet
| 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2026 | 2026 | 2024 | 2025 | 1H26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (TWDm) | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | |||
| Net revenue | 763 | 1,079 | 1,118 | 1,287 | 1,383 | 1,422 | 1,533 | 1,637 | 1,881 | 2,131 | 4,247 | 5,975 | 4,013 |
| COGS | (765) | (962) | (920) | (986) | (972) | (1,073) | (1,121) | (1,162) | (1,205) | (1,279) | (3,633) | (4,328) | (2,484) |
| Gross profit | (2) | 117 | 198 | 301 | 411 | 349 | 412 | 475 | 677 | 852 | 614 | 1,647 | 1,528 |
| Operating expenses | (120) | (128) | (135) | (140) | (139) | (147) | (153) | (276) | (275) | (304) | (524) | (714) | (579) |
| Operating profit | (122) | (11) | 62 | 161 | 272 | 202 | 259 | 199 | 402 | 548 | 90 | 933 | 950 |
| Non-operating profit | 34 | 7 | (74) | (2) | (52) | (241) | 82 | 315 | 141 | 408 | (35) | 103 | 549 |
| Pre-tax profit | (88) | (4) | (12) | 159 | 220 | (39) | 341 | 514 | 543 | 955 | 55 | 1,035 | 1,498 |
| Income taxes | 27 | 2 | (1) | (20) | (49) | 6 | (58) | (78) | (85) | (113) | 8 | (179) | (198) |
| Net profit | (61) | (2) | (13) | 139 | 171 | (34) | 283 | 436 | 458 | 843 | 63 | 857 | 1,300 |
| Net EPS (TWD) | -0.13 | -0.01 | -0.03 | 0.27 | 0.33 | -0.06 | 0.54 | 0.75 | 0.78 | 1.44 | 0.12 | 1.46 | 2.22 |
| Operating Ratios | |||||||||||||
| Gross margin | -0.2% | 10.9% | 17.7% | 23.4% | 29.7% | 24.5% | 26.9% | 29.0% | 36.0% | 40.0% | 14.5% | 27.6% | 38.1% |
| Operating margin | -16.0% | -1.0% | 5.6% | 12.5% | 19.7% | 14.2% | 16.9% | 12.2% | 21.4% | 25.7% | 2.1% | 15.6% | 23.7% |
| Pre-tax margin | -11.5% | -0.4% | -1.1% | 12.4% | 15.9% | -2.8% | 22.2% | 31.4% | 28.9% | 44.8% | 1.3% | 17.3% | 37.3% |
| Net margin | -8.0% | -0.2% | -1.2% | 10.8% | 12.4% | -2.4% | 18.5% | 26.6% | 24.3% | 39.5% | 1.5% | 14.3% | 32.4% |
| YoY (%) | |||||||||||||
| Net revenue | -19% | 39% | 44% | 81% | 81% | 32% | 37% | 27% | 36% | 50% | 33% | 41% | 43% |
| Gross profit | n.m. | n.m. | n.m. | n.m. | n.m. | 198% | 108% | 58% | 65% | 144% | n.m. | 168% | 101% |
| Operating profit | n.m | n.m | n.m | n.m | n.m | n.m | 315% | 24% | 48% | 171% | n.m | 934% | 100% |
| Pre-tax profit | n.m | n.m | n.m | n.m | n.m | n.m | n.m | 223% | 147% | n.m | n.m | 1,771% | 730% |
| Net profit | n.m | n.m | n.m | n.m | n.m | n.m | n.m | 212% | 167% | n.m | n.m | 1,262% | 844% |
| QoQ (%) | |||||||||||||
| Net revenue | 8% | 41% | 4% | 15% | 7% | 3% | 8% | 7% | 15% | 13% | |||
| Gross profit | n.m | n.m | 69% | 52% | 37% | -15% | 18% | 15% | 42% | 26% | |||
| Operating profit | n.m | n.m | n.m | 158% | 69% | -26% | 28% | -23% | 102% | 36% | |||
| Pre-tax profit | n.m | n.m | n.m | n.m | 38% | n.m | n.m | 51% | 6% | 76% | |||
| Net profit | n.m | n.m | n.m | n.m | 23% | n.m | n.m | 54% | 5% | 84% |
Source: Company
Fulltech: 1-year-forward PER band
Source: TEJ; Bloomberg
Fulltech: product line
| Type of fiberglass | Type of fiberglass | Type of fiberglass | Glass Yarn | Glass Fabric | Applications in electronics | Applications in industrial fields |
|---|---|---|---|---|---|---|
| E-glass | Thick Yarns/Thick Fabrics Fine Yarns/Thick Fabrics | G75/G67 E110/E225 DE300 D450 D900 C1200 | 7628/7630 1506/2116/2113/2313 3313 1080/1078/1086 106/1067/1035 | Automotive, Computers, Tablets, Server, Communications, Wearable Devices Low Earth Orbit Satellites, | Construction, Aerospace, Fireproofing, Thermal Insulation, Filtering, Medical Use+ | |
| E-glass | Ultra Fine Yarns/Ultra Thin Fabrics | BC1500 BC2250 BC3000 BC3750 | 1037 1027 1015 1017 1010 | Smartphones, IC Substrate | ||
| Low Dk/Df (High Frequency/H igh Speed Applications) | FLD1 | Fine Yarns/Thin Fabrics | E250 DE340 D500 D1000 C1350 | 2013/2116 3313 1080/1078 106/1067/1035 1037 1027 | High Frequency High Speed,Low Loss,High-End Server,High-End Storage Devices,High-End Switch,5G Communication,High-End Automotive,Low Earth OrbitSatellites, | |
| Low Dk/Df (High Frequency/H igh Speed Applications) | Ultra Fine Yarns/Ultra Thin Fabrics | BC1700 | ||||
| Low Dk/Df (High Frequency/H igh Speed Applications) | FLD2 | Fine Yarns/Thin Fabrics | D520 D1040 | 1078 1035 | High-End Server, High-End Switch | |
| Low CTE (Low coefficient of Thermal Expansion) | FLE | Fine Yarns/Thick Fabrics | E225 D450 D900 | 2118/2116 1078 1035 | Communication, Memories, | |
| Low CTE (Low coefficient of Thermal Expansion) | Ultra Fine Yarns/Ultra Thin Fabrics | C1200 BC1500 | 1037 1027 | IC Substrate of Hi-End Server |
Source: Company
Thailand
Planning
Chachoengsao
Province
Fulltech Fiber Glass (1815 TT): 21 August 2026
Fulltech: 1H26 product mix by fibreglass grade
Source: Company
Fulltech: global capacity by region
Source: Company
Daiwa