PDF 原檔：260610_2382_廣達_ms_quanta_original.pdf
原始內容
M June 10, 2026 08:49 AM GMT
Quanta Computer Inc. | Asia Pacific
May sales down 8% m/m, up 94% y/y
Key Takeaways
- May sales were NT$311B (-8% m/m, +94% y/y).
- April + May revenues are 56% of our 2Q26 estimate of NT$1,174B (+45% q/q, +133% y/y) and 68% of consensus estimate of NT$960B (+19% q/q, +90% y/y).
- May notebook shipments were 3.5M units (flat m/m, -8% y/y), in-line with our estimate.
Our view:
- Unaudited April + May revenues are tracking below our 2Q revenues estimates but roughly in-line with the Street's.
- We estimate that Quanta shipped 1.8-1.9K GB200/300 server racks in May, lower than ~2.1K in April, on our estimates.
- Quanta's NB shipments came in broadly in-line with our estimate, at 3.5M units (flat m/m, -8% y/y).
- We believe Quanta will ship ~6.7K GB200/300 racks in 2Q26 (+40% q/q), slightly below our previous estimate of ~7K, with the lowered rack shipments pushed out into 2H and the full-year remaining unchanged at ~18.7K racks.
- We stay OW on Quanta.
Exhibit 1 : Quanta's NB shipment vs. its share price
Source: Company data, TEJ, Morgan Stanley Research. Note: Past performance is no guarantee of future results. Results shown do not include transaction costs.
Morgan Stanley Taiwan Limited+
Howard Kao
Equity Analyst
Howard.Kao@morganstanley.com
+886 2 2730-2989
Sharon Shih
Equity Analyst
Sharon.Shih@morganstanley.com
+886 2 2730-2865
Irene Yen
Research Associate
Irene.Yen@morganstanley.com
+886 2 2730-2869
Quanta Computer Inc. (2382.TW, 2382 TT)
Greater China Technology Hardware | Taiwan
Stock Rating
Overweight In-Line
Industry View
Price target
NT$385.00
Up/downside to price target (%)
1
Shr price, close (Jun 10, 2026)
NT$380.50
52-Week Range
NT$438.00-252.50
Sh out, dil, curr (mn)
3,862
Mkt cap, curr (mn)
US$46,528
EV, curr (mn)
US$48,581
Avg daily trading value (mn)
NT$6,664
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 19.42 | 24.66 | 28.80 | 30.80 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 18.43 | 23.57 | 28.51 | 32.28 |
| Revenue, net (NT$ bn) | 2,123.7 | 3,582.6 | 3,937.2 | 4,276.9 |
| EBITDA (NT$ bn) | 99.8 | 135.1 | 158.3 | 169.0 |
| ModelWare net inc (NT | 75.0 | 95.2 | 111.2 | 118.9 |
| $ bn) | ||||
| P/E | 14.0 | 15.4 | 13.2 | 12.4 |
| P/BV | 4.1 | 4.7 | 3.9 | 3.3 |
| RNOA (%) | 27.9 | 31.5 | 23.7 | 23.4 |
| ROE (%) | 32.6 | 37.2 | 35.8 | 31.5 |
| EV/EBITDA | 11.2 | 12.3 | 10.3 | 9.5 |
| Div yld (%) | 3.9 | 3.0 | 3.2 | 3.5 |
| FCF yld ratio (%)** | (2.4) | (6.0) | 4.8 | 5.5 |
| Leverage (EOP) (%) | 31.3 | 67.4 | 48.5 | 33.4 |
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.