校正紀錄

落地時比對同場法說 memo 與 CTBC／MS 同日報告，下列為轉寫／口徑註記；原文未動。 - 「4Q26 revenue at US$95-10mn」：缺字，應為 US$95–105mn（公司指引，與法說 memo、CTBC 一致） - 「EPS up 0.3ppts QoQ but down 26.4ppts YoY」：單位誤寫，3Q26 EPS NT$7.69，QoQ 約 +0.3 元、YoY 約 -26.4%（去年同期 NT$10.45） - 「2026 shipments above 50k units」（in-cell tTED）：與公司法說、CTBC、MS 的「逾 500 萬顆（5mn units）」不符，疑為單位漏寫，[數字存疑]，lib 以 500 萬顆為準 - 「4Q26 sales down 23.6% QoQ at midpoint」：以 US$100mn 中點對 3Q26 US$130.8mn 約 -23.6%，與法說 memo 的「約 -24%」同義

LINE memo 2026-10-29 07:50

🔥KGI Taiwan research/ Lucas Liu

⭐️Analyst meeting takeaway—Parade Technologies (4966 TT)

2026/10/28

💎Valuation & Action

Though we updated our view in the 10/13 report, the company guidance announced today indicates that the PC/NB outlook in 4Q26 is worse than feared again, with 4Q26 sales guidance at the midpoint is way below our forecast. We reiterate our cautious view on PC/NB demand. In our October Radar monthly report, we also noted that non-AI IC design companies are facing the dual pressure of weakening demand and rising costs. We believe company ASIC-like business remain intact in the mid to long term, but near term outlook shows more headwinds. Our target price of NT$515 is based on 16x 2027F EPS. Maintain Neutral.

💎Key message

1. 3Q26 revenue was NT$4,185mn, down 1.5% QoQ and 4.4% YoY, due to (1) OEMs pulled in orders in 1H26 on expected component and DRAM price hikes, alongside with OEM notebook price increases in July suppressed consumer demand, sharply weakening notebook demand in 2H26; (2) AI capex crowded out enterprise budgets, pressuring commercial notebook purchases. 3Q26 gross margin was 40.3%, up 0.1ppts QoQ but down 2.2ppt YoY, due to rising costs, with price adjustments not yet fully implemented for some customers. 3Q26 EPS came in at NT$7.69, up 0.3ppts QoQ but down 26.4ppts YoY, missing our forecast of NT$8.45.

2. Management guided 4Q26 revenue at US$95-10mn, down 23.6% QoQ at the midpoint, reflecting continued notebook demand weakness. 4Q26 gross margin is guided at 41-45%, with management expecting to recover over the coming quarters, driven by (1) cost-driven price adjustments began at the end of 2Q26 and were gradually reflected in 3Q26, with some customers still negotiating and not yet fully implemented; and (2) product mix is shifting toward higher-end products such as tTED, high-speed products and retimers. Management targets a 2027 gross margin moving toward the midpoint of the guidance range, although the trajectory still depends on manufacturing costs such as foundry and substrate.

3. 2027 revenue is expected to exceed 2026. On notebooks, OEMs expect overall 2027 demand to be similar to 2026, subjecting to DRAM prices, with AI notebooks likely to lift ASPs. In-cell tTED is the primary growth engine, with 2026 shipments above 50k units and entry into oxide panels, expected to deliver high single-digit growth on sales. High-speed products for high-end AI notebooks, along with retimers, DP Hubs and USB Hubs, continue to contribute, and automotive is expected to grow double digits YoY. ASIC-like revenue is expected to begin in 2H27, with the ramping time subject to customer forecasts and revenue landing in late 2027 or 2028. 800G/1.6T ultra-fast ACC has passed qualification and is expected to start contributing revenue in 2027.

【For internal use only. Do not distribute to external parties】