PDF 原檔：260528_2449_京元電_ms_kyec_original.pdf
原始內容
M May 28, 2026 03:13 PM GMT
King Yuan Electronics Co Ltd | Asia Pacific
Asia AI Summit 2026 Feedback: More Capacity for Google CPU Demand
Strong Google Arm-based CPU demand: The company mentioned that Google CPU demand has been growing dramatically over the past quarter. The customer (through GUC) is asking for KYEC's Google CPU capacity to increase 3x by the end of 2026, suggesting strong contribution from CPU projects in 2027.
Could see more significant growth for largest customer's XPU business in 3Q26:
Management expects to see R-series XPU from the largest customer to ramp quickly in 3Q26. The B-series XPU could also maintain similar momentum from 1H26, leading to potential strong Q/Q growth in 3Q26.
Mixed performance from smartphone segment into 2H26: Management believes revenue from MediaTek could remain flattish in 2H26 given potential longer testing time for new model, while other smartphone customers - e.g.,. OmniVision - remain weak.
No plan to raise 2026 capex further: Management believes current capex is enough for 2026 production while the major customer will consign more testers itself.
Update
| Morgan Stanley Taiwan Limited+ | |
|---|---|
| Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com | +886 2 2730-1725 |
| Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-2863 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com Morgan Stanley Taiwan Limited+ | +852 2848-7310 |
| Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
| Lucas Wang Research Associate Lucas.Wang@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-2875 |
| Henry Zhao Research Associate Henry.Zhao@morganstanley.com | +852 2239-7731 |
| Ethan Jia Research Associate Ethan.Jia@morganstanley.com | +852 3963-2287 |
King Yuan Electronics Co Ltd (2449.TW, 2449 TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Overweight | Overweight | ||
|---|---|---|---|---|
| Industry View | Attractive | |||
| Price target | NT$338.00 | |||
| Up/downside to price target | (%) | 6 | ||
| Shr price, close (May 28, | 2026) | NT$320.00 | ||
| 52-Week Range | NT$364.50-92.00 | |||
| Sh out, dil, curr (mn) | 1,230 | |||
| Mkt cap, curr (mn) | NT$393,492 | |||
| Avg daily trading value (mn) | Avg daily trading value (mn) | NT$6,099 | NT$6,099 | |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 8.96 | 9.84 | 14.45 | 18.77 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 8.94 | 9.80 | 15.23 | 20.95 |
| Revenue, net (NT$ mn) | 34,934 | 48,325 | 67,496 | 87,196 |
| EBITDA (NT$ mn) | 16,516 | 26,582 | 40,509 | 48,848 |
| ModelWare net inc (NT | 11,016 | 12,085 | 17,747 | 23,055 |
| $ mn) | ||||
| Div yld (%) | 1.8 | 1.5 | 2.9 | 2.9 |
| P/E** | 27.6 | 32.5 | 22.2 | 17.1 |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
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