報告_Daiwa_儒鴻1476_20260519

PDF 原檔：報告_Daiwa_儒鴻1476_20260519_original.pdf

原始內容

Taiwan

Eclat Textile (1476 TT)

Target price:

TWD560.00 (from TWD540.00)

Share price (19 May):

TWD320.00

|

Up/downside:

+75.0%

1Q26 results review: solid 2026 outlook

• 1Q26 results: a strong beat on gross and operating margins
• Order outlook remains on track for 2026
• Reaffirming our Buy (1) rating; raising 12-month TP to TWD560

What’s new: Eclat held an investor conference on 19 May to discuss its 1Q26 results (see our Memo , 7 May) and its outlook for 2026. We reaffirm our Buy (1) rating, as we believe Eclat is in a solid position to gain market share through vendor consolidation and to benefit from a trend towards functionality upgrades designed to navigate macroeconomic uncertainties, such as inflation and oil price hikes.

What’s the impact: Key highlights of 1Q26 results: a strong beat. Its 1Q26 gross margin came in at 32.2% (vs. 30.2% in both 4Q25 and 1Q25), beating our estimate (28.5%) and the consensus (29.7%), thanks to new product lines and gross margin improvements in both its garment and fabric segments. The company maintains its gross margin target of 28-32%, and will update in mid-2026. Its revenue momentum for 4M26 was mainly driven by the garment segment.

Unchanged 2026 order outlook and gross margin guidance. Its order visibility remains at 6 months, and the company aims to deliver monthly revenue of TWD3bn+ for the remaining months of 2026. Despite the inflationary environment in the US, the company believes order placement momentum remains intact. YTD, revenue contribution from new clients was 10.3%, and revenue contribution from new products was 15-20%. The order outlook from its key clients is largely on track, with some rush orders in between, despite macro uncertainty. Its new plant in Indonesia will be established in 2H26 and ramp up capacity in 2H27, with garment capacity added first and fabric capacity considered thereafter. Its mid- to long-term revenue drivers are new product development (including functionality upgrades and high value-added products) on top of its innovation capability. During the meeting, management highlighted that it will gradually raise its cash dividend payout ratio onward, vs. 75% in 2025. We slightly raise our 2026E EPS by 4%, mainly on our more aggressive gross margin assumptions, but trim our 2027E EPS by 2% on more conservative revenue forecasts. We also introduce our 2028 forecasts.

What we recommend: We reaffirm our Buy (1) rating and raise our 12month TP to TWD560 (from TWD540), still based on a target PER of 22x (close to the mid-point of its past-5-year range of 13-27x [average PER of 21x]), and on 1-year forward EPS. Key downside risks: slower-thanexpected gross margin expansion; lower-than-expected demand; and high inflation and tariff uncertainty.

How we differ: Our 2026E EPS is 2% above consensus, likely as we are slightly more aggressive on Eclat’s gross margin assumptions.

19 May 2026

Daiwa

5

3

→

2

1

Buy

Helen Chien

Helen Chien

(886) 2 8758 6254

helen.chien@daiwacm-cathay.com.tw

Neil Teng (886) 2 8758 6256 neil.teng@daiwacm-cathay.com.tw

Forecast revisions (%)

Year to 31 Dec	26E	27E	28E
Revenue change	(3.2)	(3.2)	n.a.
Net profit change	4.0	(1.4)	n.a.
Core EPS (FD) change	3.8	(1.5)	n.a.

Source: Daiwa forecasts

Share price performance

12-month range	318.00-466.00
Market cap (USDbn)	2.78
3m avg daily turnover (USDm)	17.11
Shares outstanding (m)	274
Major shareholder	Zhen-Hai Hong (Chairman) (3.3%)

Financial summary (TWD)

Year to 31 Dec	26E	27E	28E
Revenue (m)	40,561	43,894	47,534
Operating profit (m)	8,396	9,218	10,077
Net profit (m)	6,797	7,396	8,077
Core EPS (fully-diluted)	24.729	26.908	29.385
EPS change (%)	23.1	8.8	9.2
Daiwa vs Cons. EPS (%)	1.7	(0.0)	(0.6)
PER (x)	12.9	11.9	10.9
Dividend yield (%)	5.8	6.3	6.9
DPS	18.6	20.2	22.1
PBR (x)	2.7	2.5	2.4
EV/EBITDA (x)	9.2	8.3	7.5
ROE (%)	21.9	22.1	22.5

Source: FactSet, Daiwa forecasts

Eclat: revenue and earnings forecasts revisions

	2026E	2026E	2026E	2027E	2027E	2027E	2028E	2028E	2028E
(TWDm)	New	Previous	Change	New	Previous	Change	New	Previous	Change
Fabric revenue	13,286	13,286	0.0%	13,823	13,823	0.0%	14,381	n.a.	n.a.
Garment revenue	27,275	28,599	-4.6%	30,071	31,531	-4.6%	33,153	n.a.	n.a.
Sales	40,561	41,885	-3.2%	43,894	45,353	-3.2%	47,534	n.a.	n.a.
Gross profit	12,371	12,147	1.8%	13,475	13,606	-1.0%	14,641	n.a.	n.a.
Gross profit margin	30.5%	29.0%	1.5pp	30.7%	30.0%	0.7pp	30.8%	n.a.	n.a.
Operating profit	8,396	8,084	3.9%	9,218	9,297	-0.9%	10,077	n.a.	n.a.
Operating profit margin	20.7%	19.3%	1.4pp	21.0%	20.5%	0.5pp	21.2%	n.a.	n.a.
Net profit	6,797	6,537	4.0%	7,396	7,502	-1.4%	8,077	n.a.	n.a.
Net profit margin	16.8%	15.6%	1.2pp	16.9%	16.5%	0.3pp	17.0%	n.a.	n.a.
EPS (TWD)	24.73	23.81	3.8%	26.91	27.33	-1.5%	29.38	n.a.	n.a.

Source: Daiwa forecasts

Eclat: 1Q26 results vs. Daiwa and Bloomberg forecasts

(TWDm)	Eclat’s 1Q26 results	Daiwa’s previous forecast	Difference	Bloomberg consensus	Difference
Revenue	9,621	9,122	5.5%	9,460	1.7%
Gross profit	3,095	2,600	19.0%	2,814	10.0%
Operating profit	2,195	1,665	31.9%	1,911	14.9%
Profit before tax	2,291	1,699	34.8%	1,948	17.6%
Net profit	1,835	1,367	34.2%	1,550	18.3%
Basic EPS (TWD)	6.69	4.98	34.2%	5.62	19.0%
Margin
Gross margin	32.2%	28.5%	3.7pp	29.7%	2.4pp
Operating margin	22.8%	18.2%	4.6pp	20.2%	2.6pp
Pre-tax margin	23.8%	18.6%	5.2pp	20.6%	3.2pp
Net margin	19.1%	15.0%	4.1pp	16.4%	2.7pp

Source: Company, Bloomberg, Daiwa forecasts

Eclat: quarterly P&L

	2026E	2026E	2026E	2026E		2027E			2026E	2027E	2028E
(TWDm)	1Q26	2Q26E	3Q26E	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E
Revenue	9,621	10,264	10,500	10,176	10,300	10,900	11,100	11,594	40,561	43,894	47,534
Gross profit	3,095	3,079	3,203	2,995	3,296	3,325	3,441	3,414	12,371	13,475	14,641
Operating profit	2,195	2,069	2,173	1,960	2,326	2,260	2,351	2,281	8,396	9,218	10,077
Pre-tax profit	2,291	2,100	2,203	1,991	2,357	2,290	2,382	2,312	8,585	9,342	10,201
Net profit	1,835	1,522	1,743	1,697	1,888	1,660	1,884	1,964	6,797	7,396	8,077
Basic EPS (TWD)	6.69	5.55	6.35	6.19	6.88	6.05	6.87	7.16	24.77	26.96	29.44
Margin
Gross margin	32.2%	30.0%	30.5%	29.4%	32.0%	30.5%	31.0%	29.4%	30.5%	30.7%	30.8%
Operating margin	22.8%	20.2%	20.7%	19.3%	22.6%	20.7%	21.2%	19.7%	20.7%	21.0%	21.2%
Pre-tax margin	23.8%	20.5%	21.0%	19.6%	22.9%	21.0%	21.5%	19.9%	21.2%	21.3%	21.5%
Net margin	19.1%	14.8%	16.6%	16.7%	18.3%	15.2%	17.0%	16.9%	16.8%	16.9%	17.0%
YoY
Revenue	2.6%	5.6%	9.0%	9.8%	7.1%	6.2%	5.7%	13.9%	6.8%	8.2%	8.3%
Gross profit	9.3%	23.5%	16.0%	7.1%	6.5%	8.0%	7.4%	14.0%	13.7%	8.9%	8.6%
Operating profit	11.1%	37.9%	18.0%	10.4%	6.0%	9.2%	8.2%	16.4%	18.4%	9.8%	9.3%
Pre-tax profit	9.8%	153.2%	5.5%	1.5%	2.9%	9.1%	8.1%	16.2%	23.2%	8.8%	9.2%
Net profit	9.2%	153.2%	5.5%	7.3%	2.9%	9.1%	8.1%	15.7%	23.2%	8.8%	9.2%
QoQ
Revenue	3.9%	6.7%	2.3%	-3.1%	1.2%	5.8%	1.8%	4.4%
Gross profit	10.7%	-0.5%	4.0%	-6.5%	10.1%	0.9%	3.5%	-0.8%
Operating profit	23.6%	-5.7%	5.0%	-9.8%	18.7%	-2.9%	4.0%	-3.0%
Pre-tax profit	16.9%	-8.3%	4.9%	-9.7%	18.4%	-2.8%	4.0%	-2.9%
Net profit	16.0%	-17.0%	14.5%	-2.6%	11.2%	-12.1%	13.5%	4.2%

Source: Company, Daiwa forecasts

Eclat: margin trend

Source: Company, Daiwa forecasts

Eclat: 1-year forward PER

Source: Bloomberg, Daiwa forecasts

Eclat Textile (1476 TT): 19 May 2026

Daiwa

Financial summary

Key assumptions

Year to 31 Dec	2021	2022	2023	2024	2025	2026E	2027E	2028E
Garment revenue growth (YoY %)	16.9	5.2	(22.6)	23.9	6.2	8.2	10.3	10.3
Fabric revenue growth (YoY %)	52.9	21.8	(22.4)	12.5	(2.3)	4	4	4
Gross margin (%)	26.4	27.8	31.4	30.9	28.6	30.5	30.7	30.8

Profit and loss (TWDm)

Year to 31 Dec	2021	2022	2023	2024	2025	2026E	2027E	2028E
Garment revenue	23,552	24,774	19,174	23,755	25,220	27,275	30,071	33,153
Fabric revenue	12,284	14,962	11,617	13,073	12,770	13,286	13,823	14,381
Other Revenue	81	0	0	0	0	0	(0)	0
Total Revenue	35,917	39,736	30,790	36,828	37,990	40,561	43,894	47,534
Other income	0	0	0	0	0	0	0	0
COGS	(26,426)	(28,671)	(21,111)	(25,460)	(27,108)	(28,190)	(30,418)	(32,894)
SG&A	(2,930)	(3,168)	(2,977)	(3,442)	(3,614)	(3,772)	(4,038)	(4,326)
Other op.expenses	(163)	(160)	(153)	(171)	(176)	(203)	(219)	(238)
Operating profit	6,398	7,737	6,549	7,755	7,092	8,396	9,218	10,077
Net-interest inc./(exp.)	(2)	(23)	(2)	38	99	84	84	84
Assoc/forex/extraord./others	(11)	826	128	557	(225)	105	40	40
Pre-tax profit	6,386	8,540	6,676	8,351	6,966	8,585	9,342	10,201
Tax	(1,237)	(1,750)	(1,499)	(1,710)	(1,451)	(1,788)	(1,945)	(2,124)
Min. int./pref. div./others	0	0	0	0	0	0	0	0
Net profit (reported)	5,149	6,790	5,176	6,641	5,515	6,797	7,396	8,077
Net profit (adjusted)	5,149	6,790	5,176	6,641	5,515	6,797	7,396	8,077
EPS (reported)(TWD)	18.765	24.749	18.867	24.204	20.101	24.774	26.957	29.438
EPS (adjusted)(TWD)	18.765	24.749	18.867	24.204	20.101	24.774	26.957	29.438
EPS (adjusted fully-diluted)(TWD)	18.764	24.747	18.866	24.203	20.087	24.729	26.908	29.385
DPS (TWD)	12.000	17.000	13.500	17.000	15.000	18.580	20.218	22.078
EBIT	6,398	7,737	6,549	7,755	7,092	8,396	9,218	10,077
EBITDA	7,031	8,531	7,430	8,642	7,968	9,255	10,158	11,090

Cash flow (TWDm)

Year to 31 Dec	2021	2022	2023	2024	2025	2026E	2027E	2028E
Profit before tax	6,386	8,540	6,676	8,351	6,966	8,585	9,342	10,201
Depreciation and amortisation	632	794	881	886	876	859	940	1,012
Tax paid	(1,237)	(1,750)	(1,499)	(1,710)	(1,451)	(1,788)	(1,945)	(2,124)
Change in working capital	(3,020)	3,828	(708)	(2,365)	1,283	(1,260)	(226)	(957)
Other operational CF items	16	905	(686)	(442)	(104)	0	0	0
Cash flow from operations	2,778	12,318	4,664	4,720	7,570	6,396	8,110	8,132
Capex	(2,490)	(1,796)	(303)	(484)	(370)	(2,480)	(2,000)	(2,000)
Net (acquisitions)/disposals	5	0	46	93	0	0	0	0
Other investing CF items	(13)	(3,011)	(1,579)	(401)	(1,497)	0	0	0
Cash flow from investing	(2,498)	(4,807)	(1,836)	(792)	(1,866)	(2,480)	(2,000)	(2,000)
Change in debt	4	431	(1,154)	1,181	(1,171)	0	0	0
Net share issues/(repurchases)	0	0	0	0	0	0	0	0
Dividends paid	(3,018)	(3,292)	(4,664)	(3,704)	(4,664)	(4,116)	(5,098)	(5,547)
Other financing CF items	525	(393)	(233)	(586)	(18)	0	0	0
Cash flow from financing	(2,489)	(3,254)	(6,052)	(3,109)	(5,854)	(4,116)	(5,098)	(5,547)
Forex effect/others	(54)	5	15	(15)	(59)	0	0	0
Change in cash	(2,264)	4,262	(3,209)	804	(209)	(200)	1,012	585
Free cash flow	287	10,522	4,361	4,236	7,200	3,916	6,110	6,132

Source: FactSet, Daiwa forecasts

Eclat Textile (1476 TT): 19 May 2026

Daiwa

Financial summary continued …

Balance sheet (TWDm)

Year to 31 Dec	2021	2022	2023	2024	2025	2026E	2027E	2028E
Cash & short-term investment	1,760	6,022	2,814	3,618	3,409	3,210	4,222	4,807
Inventory	8,276	4,625	4,402	5,522	5,931	6,141	6,641	7,174
Accounts receivable	5,209	4,087	4,967	6,638	4,817	6,227	6,152	6,980
Other current assets	578	3,621	5,215	5,730	7,210	7,210	7,210	7,210
Total current assets	15,823	18,355	17,398	21,508	21,367	22,787	24,225	26,170
Fixed assets	12,065	13,627	12,288	12,994	12,328	13,944	15,004	15,992
Goodwill & intangibles	19	19	25	27	20	20	20	20
Other non-current assets	1,372	1,362	2,122	1,337	1,326	1,326	1,326	1,326
Total assets	29,279	33,364	31,833	35,865	35,042	38,078	40,575	43,508
Short-term debt	1,347	1,778	624	1,804	547	547	547	547
Accounts payable	4,144	3,526	3,137	3,793	3,625	3,985	4,184	4,587
Other current liabilities	1,536	2,274	2,320	1,169	1,090	1,090	1,090	1,090
Total current liabilities	7,027	7,577	6,081	6,767	5,263	5,623	5,822	6,225
Long-term debt	1,037	563	0	0	0	0	0	0
Other non-current liabilities	66	81	81	177	137	137	137	137
Total liabilities	8,129	8,222	6,162	6,943	5,400	5,760	5,958	6,362
Share capital	2,744	2,744	2,744	2,744	2,744	2,744	2,744	2,744
Reserves/R.E./others	18,406	22,398	22,927	26,178	26,893	29,575	31,873	34,403
Shareholders’ equity	21,149	25,142	25,671	28,922	29,637	32,319	34,617	37,147
Minority interests	0	0	0	0	0	0	0	0
Total equity & liabilities	29,279	33,364	31,833	35,865	35,037	38,078	40,575	43,508
EV	88,421	84,116	85,608	85,984	84,935	85,135	84,123	83,538
Net debt/(cash)	624	(3,681)	(2,190)	(1,814)	(2,862)	(2,662)	(3,675)	(4,259)
BVPS (TWD)	77.084	91.636	93.563	105.412	108.020	117.793	126.170	135.390

Key ratios (%)

Year to 31 Dec	2021	2022	2023	2024	2025	2026E	2027E	2028E
Sales (YoY)	27.5	10.6	(22.5)	19.6	3.2	6.8	8.2	8.3
EBITDA (YoY)	13.4	21.3	(12.9)	16.3	(7.8)	16.2	9.8	9.2
Operating profit (YoY)	16.4	20.9	(15.4)	18.4	(8.6)	18.4	9.8	9.3
Net profit (YoY)	21.0	31.9	(23.8)	28.3	(17.0)	23.2	8.8	9.2
Core EPS (fully-diluted) (YoY)	21.0	31.9	(23.8)	28.3	(17.0)	23.1	8.8	9.2
Gross-profit margin	26.4	27.8	31.4	30.9	28.6	30.5	30.7	30.8
EBITDA margin	19.6	21.5	24.1	23.5	21.0	22.8	23.1	23.3
Operating-profit margin	17.8	19.5	21.3	21.1	18.7	20.7	21.0	21.2
Net profit margin	14.3	17.1	16.8	18.0	14.5	16.8	16.9	17.0
ROAE	25.5	29.3	20.4	24.3	18.8	21.9	22.1	22.5
ROAA	18.5	21.7	15.9	19.6	15.6	18.6	18.8	19.2
ROCE	28.7	30.3	24.4	27.2	23.3	26.6	27.1	27.7
ROIC	26.6	28.5	22.6	24.4	20.8	23.6	24.1	25.0
Net debt to equity	2.9	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
Effective tax rate	19.4	20.5	22.5	20.5	20.8	20.8	20.8	20.8
Accounts receivable (days)	53.7	42.7	53.7	57.5	55.0	49.7	51.5	50.4
Current ratio (x)	2.3	2.4	2.9	3.2	4.1	4.1	4.2	4.2
Net interest cover (x)	4,206.8	337.2	3,882.0	n.a.	n.a.	n.a.	n.a.	n.a.
Net dividend payout	63.9	68.7	71.6	70.2	74.6	75.0	75.0	75.0
Free cash flow yield	0.3	12.0	5.0	4.8	8.2	4.5	7.0	7.0

Source: FactSet, Daiwa forecasts

Company profile

Eclat Textile (Eclat) is a technology-based Taiwanese textiles company that supplies functional and flexible knitwear fabrics, as well as sports apparel products, to a diversified client base. Its major clients include Nike, Gap (Athleta), Under Armour and Lululemon.

Eclat Textile (1476 TT): 19 May 2026

Daiwa

ESG analysis

ESG risks

Risks		Management	Analyst comments
G	Executive/board quality	1	The CEO and Chairman of Eclat are not the same individual. The Chairman leads the board and the 2 independent CEOs manage its fabric and garment divisions, respectively. The board includes 4 independent directors and 1 female member. Moreover, 3 of the board members (including the Chairman) are founding members, with more than 40 years of experience in Eclat’s business, indicating strong leadership and management capability.
G	Capital management	1	Eclat has maintained its payout ratio at 64-75% over 2019-25. As it is expanding its capacity in Indonesia, we believe the current payout level is reasonable.
G	Related party & transaction	1	Eclat’s garment division sources partially from its fabric division, with an internal transfer ratio of 40%. We believe this is a strong sign to its clients about the company’s competitive advantages in production cost and quality.
S	Supply chain management	1	Eclat adheres to the ZDHC regulation (MRSL) and has adopted the Higg Index to evaluate its sustainability. It is also a partner of the Bluesign system. Eclat has also set up its ERP system, which could save 50k+ hours per year. To lower supplier-related risks, it adopts a decentralised procurement strategy that conducts collaborative R&D with suppliers. Its capacity allocation has expanded to different regions in the past few years, including Taiwan, Vietnam, Cambodia and Indonesia. We believe the risk-mitigation measures from the decentralised procurement strategy can offset the costs incurred from managing suppliers from various locations.
E	Materials sourcing & efficiency	1	As one of the few textile companies that have R&D capability to develop innovative products, Eclat has invested substantially in its environment-friendly products on the back of the ESG trend in the fashion industry. Also, Eclat has been increasing its recycled yarn percentage every year (2022: 17.23%) and is dedicated to improving its local-to-local sourcing ratio (2022: 85.43% in Taiwan; 45.81% in Vietnam), which saves transportation costs and energy, and lowers carbon emissions.

Note: Management score represents a company’s ability to manage/benefit from certain ESG topics. The scores range from 1 to 3, with 1 being the strongest.

Update Date: 19 May 2026

Source: Daiwa, Company

Eclat Textile (1476 TT): 19 May 2026

Daiwa