報告_GS_英業達2356_20260519
PDF 原檔：報告_GS_英業達2356_20260519_original.pdf
原始內容
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19 May 2026 | 11:20PM HKT
Inventec (2356.TW): Asia Communacopia + Technology - Key Takeaways: AI servers in expansion
We hosted Inventec CFO at our Asia Communacopia + Technology conference
(May 18-19) in Hong Kong. Management remains positive on general servers and AI servers business, while PC shipments could be fl at in 2026 under rising memory costs. We remain positive on Inventec’s AI servers shipment ramp up and business extend from L6 to L10 - L11, while we remain our Neutral rating given the relatively fair valuation.
Key Takeaways
- PC outlook: Management highlights their PCs exposures are mainly to commercial models and high-end consumer models (e.g. gaming PCs), supporting their shipment under rising memory costs. In addition, the growing AI PCs (NPU with 40+ TOPS) penetration rate would continue to grow in 2026, along with the Win10 replacement cycle, to better support their shipment. Management sees the strong 1Q26 as customers pull in under the rising memory costs, which could a ff ect 2H26 demand, and continue to expect a fl at shipment YoY in 2026, while the ASP would continue to increase on product mix upgrade and rising memory costs.
- Servers outlook: Management highlights general servers in solid demand, with demand from CSP customers continue to outperform brand customers (mainly for enterprises); however, given the demand from enterprise is a low base in 2025, which could also bring upside of growth in 2026. The supply shortage of memory and CPUs continues to be the downside risks for the shipment. On AI servers, Management highlights their comprehensive customer base across GPU and ASIC, and across US CSPs and China CSPs, along with extension from L6 to L10 - 11. The company remains the targets of doubling capex in 2026, mainly on capacity expansion from L6 to L10 - 11, across US, Mexico, and Thailand, along with capacity expansion for their automotive electronics.
Verena Jeng
+852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C.
Allen Chang
+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.
Yifan Hu
+852-2978-0996 | yifan.hu@gs.com Goldman Sachs (Asia) L.L.C.
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Valuation/Risks
Price Target Risks and Methodology - Inventec
We are Neutral rated on Inventec with a 12-month target price of NT$49.0. Our TP is based on 13.4x 2027E P/E, which is derived from PC/server peers’ EPS growth vs. P/E multiple correlation. We see EPS growth as a major factor for the stock’s performance.
Key upside/downside risks: 1) stronger-/weaker-than-expected PC market recovery, 2) faster-/slower-than-expected AI server ramp-up, and 3) stronger-/weaker-than-expected demand on general servers.
| 2356.TW | 12m Price Target: NT$49.00 | 12m Price Target: NT$49.00 | Price: NT$51.70 | Price: NT$51.70 | Downside: 5.2% | Downside: 5.2% |
|---|---|---|---|---|---|---|
| Neutral | Neutral | GS Forecast | GS Forecast | GS Forecast | GS Forecast | GS Forecast |
| Market c ap: NT 5 . 9 E nterpr is e v a lu e: NT$1 93 . 2 bn / | Market c ap: NT 5 . 9 E nterpr is e v a lu e: NT$1 93 . 2 bn / | Revenue (NT mn) EPS (NT$) P/E (X) | 12/25 17,216.1 2.42 | 12/26E 778, 5 70. 5 19,266. 5 | 12/27E 829,046.9 23,248.0 | 12/28E 866,014.3 2 5 ,248.1 |
| bn | 691,190.3 | |||||
| $6.1bn | 2.92 | 3.62 | 4.0 5 | |||
| 3m AD T V : NT 3 8. 0m n | 18.1 | 17.7 | 14.3 | 12.8 | ||
| Ta iw an | P/B (X) | 2.1 | 2.4 | 2.3 | 2.2 | |
| G reater Chi na Te ch n ology M &A R ank: 3 | Dividend yield (%) | 4. 5 | 4.6 | 5 .8 | 6. | 5 |
| L ea s e s i n cl . i n net d ebt & EV? : N o | N debt/EBITDA (ex lease,X) | 1.7 | 0.3 | 0.2 | (0. 5 ) | |
| CROCI (%) | 10.6 | 1 5 .9 | 18.6 | 18.1 | ||
| FCF yield (%) | 3.1 | 16.7 | 6.0 | 1 5 . 5 | ||
| 12/25 | 3/26E | 6/26E | 9/26E | |||
| EPS (NT$) | 0. 5 8 | 0. 5 2 | 0.76 | 0.80 |
Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 19 May 2026 close.
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