260531_2395_研華_ms_advantech

PDF 原檔：260531_2395_研華_ms_advantech_original.pdf

原始內容

Asia Summer School 2026

M May 31, 2026 04:04 PM GMT

Advantech | Asia Pacific

Asia AI Summit 2026 Feedback

• 2Q26 seeing some upside : The company sees revenue tracking to the upper end of guidance at US$650-670mn (based on USDTWD 31.5), with some probability of going above that. It sees limited impact on GM from elevated component prices as they will be mitigated by continuous price hikes.
• 2026 outlook strong : It expects revenue to grow by double-digit% YoY in 2026, on top of the 19% YoY growth in 2025. Book-to-Bill ratio continues to stay strong, driven by real client demand in all three major regions - North America, China and Europe. Sectors such as semi equipment, robotics and smart manufacturing see strong demand.
• Edge AI witnessing solid demand : Revenue contribution was 20.5% in 1Q26, and management aims to reach 30% by end of 2026, vs. 18%/9%/4% of revenue in 2025/2024/2023, respectively. GM for edge AI related projects are slightly higher than corporate average GM at ~40%. Major applications for edge AI include factory automation, energy & utilities, intelligent manufacturing systems, healthcare, retail, etc.

Update

Morgan Stanley Taiwan Limited+

Derrick Yang

Equity Analyst

Derrick.Yang@morganstanley.com

+886 2 2730-2862

Vivi Huang

Research Associate

Vivi.Huang@morganstanley.com

+886 2 2730-2860

Sharon Shih

Equity Analyst

Sharon.Shih@morganstanley.com

+886 2 2730-2865

Advantech (2395.TW, 2395 TT)

Greater China Technology Hardware | Taiwan

Stock Rating Industry View

Overweight In-Line NT$400.00 NT$495.00 NT$530.00-271.00 863 US$13,611 US$12,832

Price target

Shr price, close (May 29, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

US$28

Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.

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