260603_gs_gigabyte

原始內容

Gigabyte (2376.TW): Computex 2026: In fi nity series motherboard launched with enhanced performance; Local AI system capturing edge

We visited Gigabyte booth on June 2 at our Computex tour in Taipei. Gigabyte launched its new In fi nity series products, such as next generation motherboards with enhanced computing and heat dissipation performance, and local AI system. We remain positive on Gigabyte's product mix upgrade towards AI and Gaming PCs, which carries a higher margin and ASP than conventional products, while the rising memory price cost would cap the near-term end demand. Maintain Neutral.

Key takeaways: Gigabyte introduced its new In fi nity series products (link), designed to ful fi ll end users' gaming and AI computing needs. X870 Aorus In fi nity motherboard delivers up to 20% faster system responsiveness through ultra-high memory speeds of up to DDR5 11,400 MT/s and CL24 low latency tuning. X870E Aorus In fi nity Next adopts 3D metal printing heat dissipation module, along with Quad OptiMOS power architecture, Enhancing heat dissipation e ffi ciency and long-term stability under AI and high-performance computing. Considering the rising edge AI applications, Gigabyte also launched its local AI system, AI Top 100 B850, supporting models with over 200B of parameters and targeting the needs of developers and researchers in the era of AI Agents. Gigabyte continues to expand AI application scenarios through hardware and software integration, capturing the end demand for AI PC, Gaming PC, edge AI, etc.

Allen Chang

+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.

Verena Jeng

+852-2978-1681 | verena.jeng@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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Exhibit 1: Gigabyte's AI workstation

Source: Company data

Exhibit 2: Gigabyte's storage processor

Source: Company data

Price Target Risks and Methodology - Gigabyte

We are Neutral rated on Gigabyte with a 12-month target price of NT$299 . Our TP is based on a 12.8x 2027E P/E which is based on PC/server peers' EPS growth vs. P/E multiple correlation. We see EPS growth as a major factor for the stock's share performance.

Key upside/downside risks include: 1) stronger-/weaker-than-expected PC market recovery, 2) faster-/slower-than-expected gaming PC growth, and 3) faster-/slower-than-expected AI server ramp-up.

2376.TW	12m Price Target: NT$299.00	Price: NT$390.50	Price: NT$390.50	Downside: 23.4%	Downside: 23.4%
Neutral	Neutral
Market c ap: NT$282.0bn / $ 9 .0bn E nterpr is e v a lu e: NT$2 4 8.8bn / $ 7 . 9 bn 3m AD T V : NT$ 3 . 6 bn / $ 115 . 1m n Ta iw an G reater Chi na Te ch n ology M &A R ank: 3 L ea s e s i n cl . i n net d ebt & EV? : Y e s	Revenue (NT$ mn) EBITDA (NT$ mn) EPS (NT$) P/E (X) P/B (X) Dividend yield (%) N debt/EBITDA (ex lease,X) CROCI (%) FCF yield (%)	12/25 336,936.7 17,673.7 18.20 14.5 3.3 2.5 0.1 23.7 2.2	12/26E 383,154.3 19,060.7 20.87 18.7 4.2 2.0 (1.7) 27.7 15.4	12/27E 434,297.7 22,224.6 25.09 15.6 3.6 2.4 (1.6) 37.7 2.7	12/28E 478,033.2 25,171.2 28.38 13.8 3.2 2.7 (1.5) 35.6 3.9

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 2 Jun 2026 close.