PDF 原檔：260607_2345_智邦_ms_accton_original.pdf
原始內容
M June 7, 2026 07:15 AM GMT
Accton Technology Corporation | Asia Pacific
May Sales +5% MoM/+57% YoY
In this report, we focus on Accton's monthly sales, which we believe could be a catalyst for share price movement.
Details:
- May sales were NT$28,623mn (+5% MoM/+57% YoY).
- QTD reached 67% of our 2Q26 estimate at NT$83,911mn (+20% QoQ/+38% YoY) and 69% of consensus at NT$81,092mn (+16% QoQ/+34% YoY).
Our view:
- We see 2Q26 revenue tracking largely in line with our expectations.
- Looking ahead, we expect momentum in the network switch business to sustain amid the 800G migration and new projects, while the AI accelerator module business should pick up into 2H26 alongside its major customer's new model ramp.
- We expect optical solutions to start generating revenue from 2027, as the company engages potential customers, with more meaningful contribution likely in 2028.
- We remain positive on Accton due to its networking expertise, strong customer relationships, and solid execution. Maintain OW.
Exhibit 1 : Accton's monthly sales vs. its share price since 2015
Past performance is no guarantee of future results. Results shown do not include transaction costs. Source: Company data, TEJ, Morgan Stanley Research.
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
Accton Technology Corporation (2345.TW, 2345 TT)
Top Pick
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$3,350.00 |
| Up/downside to price target (%) | 35 |
| Shr price, close (Jun 5, 2026) | NT$2,490.00 |
| 52-Week Range | NT$2,695.00-699.00 |
| Sh out, dil, curr (mn) | 559 |
| Mkt cap, curr (mn) | NT$1,391,681 |
| EV, curr (mn) | NT$1,331,030 |
| Avg daily trading value (mn) | NT$6,750 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 47.13 | 75.77 | 100.77 | 128.77 |
| EPS (NT$)§ | 45.42 | 71.83 | 103.96 | 145.91 |
| Revenue, net (NT$ mn) | 248,320 | 350,263 | 450,342 | 558,300 |
| EBITDA (NT$ mn) | 33,894 | 56,388 | 74,543 | 94,327 |
| ModelWare net inc (NT | 26,342 | 42,347 | 56,319 | 71,972 |
| $ mn) | ||||
| P/E | 25.1 | 32.9 | 24.7 | 19.3 |
| P/BV | 11.5 | 15.4 | 10.4 | 7.4 |
| RNOA (%) | 622.3(1,329.4) | (19,752. | 2,729.8 | |
| 6) | ||||
| ROE (%) | 72.6 | 73.5 | 62.5 | 54.0 |
| EV/EBITDA | 17.8 | 23.1 | 16.9 | 12.8 |
| Div yld (%) | 0.9 | 0.7 | 0.9 | 1.2 |
| FCF yld ratio (%)** | 4.5 | 2.8 | 3.8 | 4.9 |
| Leverage (EOP) (%) | (101.7) | (98.1) | (96.6) | (95.7) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates
e = Morgan Stanley Research estimates
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.
圖片清單（已驗證 2026-07-02）
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| 檔名 | size | 分類 | 親眼所見內容 |
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260607_2345_智邦_ms_accton_001.png |
52KB | 真資料圖 | 雙軸折線圖，藍線 Share price（左軸 NT$）、黃線 Monthly Sales（右軸 NT$mn），橫軸 2015-2026，兩線自 2024 年起明顯陡升 |
260607_2345_智邦_ms_accton_003.png |
65KB | 真資料圖 | 股價走勢與目標價變動歷史圖，藍線為股價、紅色虛線為目標價階梯，標有 E/I、NA/I、O/I 標記與數值 285、295、550、625、700、850、880、830、1250、1170、1430、1620、1850、2750、3150、3350 等，橫軸為 2023/06 至 2026/06 |