PDF 原檔：260623_7769_鴻勁_daiwa_Hon Precision_original.pdf
原始內容
Taiwan
Hon Precision (7769 TT)
Hon Precision
Target price:
n.a.
Share price (23 Jun): TWD6,810.00 | Up/downside: -
Test the strength of the AI super cycle
- A local SPE maker specialising in FT and SLT equipment
- Riding on the AI buildout cycle spurring strong HPC demand
- Positioned for a paradigm shift in tech post Moore's Law
Background: Founded in April 2015, Hon Precision (Hon) was listed on the Emerging Stock Board in 2024 and transferred to the Main Board in 2025. As a local semiconductor production equipment (SPE) maker, Hon specialises in automated test equipment which accounts for c.80% of its revenue, focusing on final test (FT) and system-level test (SLT), with customers across outsourced semiconductor assembly & test (OSAT) and integrated device manufacturers (IDM). Thanks to its derivative customers supplying a variety of xPU accelerators and processors to capitalise on the AI buildout cycle, Hon's business recovered in 2024 after the COVID-driven downturn, accelerating its top/bottom line by 116%/134% YoY in 2025 for CAGRs of 79%/101% over 2023-25 since Nvidia led the AI builds.
Highlights: Riding on the AI HPC cycle. Hyperscale cloud service providers' (CSP) arm-racing builds of datacentres to facilitate AI compute and connectivity have spurred demand for AI high-performance compute (HPC) processors and accelerators since 2023, with the AI infrastructure builds scaling in breadth (broadened demand from CSPs to many other vertical industries and sovereign governments globally) and depth (expanded demand from generative to agentic AI) further accelerating the buildout cycle. In a form of xPU (GPU, CPU, TPU, DPU, etc), all these HPC chips require FT and increasingly demand SLT, opening an opportunity for local SPE makers such as Hon, with the opportunity further augmented by a paradigm shift in packaging technology advances in the post-Moore era.
Positioned for the post-Moore era. Near term, amid the strong AI buildouts, management indicated Hon is under-shipping demand, thus raising its capacity expansion target to 50% YoY pa over 2026-28 (from 40%) in order to meet the demand from customers for advanced FT and SLT. Although it gave no guidance for business growth or book-to-bill (B/B) ratios due to the SPE's high revenue volatility on customers' timing of validations, management suggested its expansion target as a proxy for growth, with ASP accretion adding to upside. Hon grew its top/bottom line in 1Q26 by another 81%/80% YoY, sustaining at high levels despite being off a high base. Longer term, Hon believes it is well positioned to capitalise on the paradigm shift in packaging technology advances such as 3D IC and co-packaged optics (CPO) to help extend the life cycle of Moore's Law in the semiconductor migrations, driving demand for its advanced FT and SLT on rising variety and complexity of chip design and manufacture.
Valuation: The stock trades at 2026/27E PER of 56x/33x and PBR of 18x/13x, based on Bloomberg consensus forecasts. Hon plans to pay TWD65/share cash dividend this year, while QFII holding is c.20%.
23 June 2026
5
4
3
2
Rick Hsu
Rick Hsu (886) 2 8758 6261
rick.hsu@daiwacm-cathay.com.tw
Helen Chien (886) 2 8758 6254
helen.chien@daiwacm-cathay.com.tw
| 12-month range | 1,260.00-8,260.00 |
|---|---|
| Market cap (USDbn) | 38.76 |
| 3m avg daily turnover (USDm) | 190.88 |
Source: FactSet, Daiwa forecasts
Hon: key product offerings
Socket
Layout Kit
(SLK)
Cold Plate
ICRAH
Hon: quarterly P&L summary
Hon Precision (7769 TT): 23 June 2026
Handler + ATC
| TWDm | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,440 | 3,011 | 3,582 | 4,960 | 5,913 | 6,885 | 8,198 | 9,276 | 10,725 | 13,469 | 9,489 | 13,992 | 30,271 |
| COGS | -1,227 | -1,180 | -1,609 | -2,277 | -2,419 | -2,847 | -3,468 | -4,423 | -4,693 | 7,236 | 4,823 | 6,293 | 13,157 |
| Gross profit | 1,213 | 1,831 | 1,973 | 2,683 | 3,494 | 4,037 | 4,730 | 4,852 | 6,032 | 6,234 | 4,667 | 7,700 | 17,114 |
| Opex | 234 | 332 | 359 | 490 | 360 | 394 | 565 | 749 | 672 | 1,228 | 901 | 1,415 | 2,068 |
| Operating profit | 978 | 1,499 | 1,614 | 2,193 | 3,133 | 3,643 | 4,166 | 4,104 | 5,360 | 5,006 | 3,766 | 6,285 | 15,046 |
| Pretax profit | 1,142 | 1,557 | 1,499 | 2,485 | 3,235 | 3,156 | 4,524 | 4,669 | 5,798 | 5,690 | 3,887 | 6,683 | 15,584 |
| Income taxes | -223 | -335 | -319 | -520 | -667 | -690 | -907 | -958 | -1,174 | -1,324 | -819 | -1,397 | -3,222 |
| Net profit | 919 | 1,221 | 1,180 | 1,965 | 2,568 | 2,466 | 3,617 | 3,711 | 4,624 | 4,356 | 3,068 | 5,286 | 12,362 |
| EPS (TWD, basic) | 5.75 | 7.63 | 7.30 | 12.25 | 15.89 | 15.26 | 22.39 | 22.73 | 25.70 | 92.77 | 19.17 | 32.95 | 75.71 |
| EPS (TWD, fully diluted) | 5.75 | 7.63 | 7.30 | 12.25 | 15.84 | 15.24 | 22.34 | 22.73 | 25.70 | 92.77 | 18.82 | 32.73 | 75.54 |
| Margin | |||||||||||||
| Gross | 50% | 61% | 55% | 54% | 59% | 59% | 58% | 52% | 56% | 46% | 49% | 55% | 57% |
| Operating | 40% | 50% | 45% | 44% | 53% | 53% | 51% | 44% | 50% | 37% | 40% | 45% | 50% |
| Pretax | 47% | 52% | 42% | 50% | 55% | 46% | 55% | 50% | 54% | 42% | 41% | 48% | 51% |
| Net | 38% | 41% | 33% | 40% | 43% | 36% | 44% | 40% | 43% | 32% | 32% | 38% | 41% |
| Growth (QoQ) | |||||||||||||
| Revenue | na | 23% | 19% | 38% | 19% | 16% | 19% | 13% | 16% | ||||
| Gross profit | na | 51% | 8% | 36% | 30% | 16% | 17% | 3% | 24% | ||||
| Operating profit | na | 53% | 8% | 36% | 43% | 16% | 14% | -1% | 31% | ||||
| Net profit | na | 33% | -3% | 67% | 31% | -4% | 47% | 3% | 25% | ||||
| EPS (basic) | na | 33% | -4% | 68% | 30% | -4% | 47% | 2% | 13% | ||||
| EPS (FD) | na | 33% | -4% | 68% | 29% | -4% | 47% | 2% | 13% | ||||
| Growth (YoY) | |||||||||||||
| Revenue | na | na | na | na | 142% | 129% | 129% | 87% | 81% | 10% | -30% | 47% | 116% |
| Gross profit | na | na | na | na | 188% | 120% | 140% | 81% | 73% | 9% | -25% | 65% | 122% |
| Operating profit | na | na | na | na | 220% | 143% | 158% | 87% | 71% | 16% | -25% | 67% | 139% |
| Net profit | na | na | na | na | 179% | 102% | 207% | 89% | 80% | 37% | -30% | 72% | 134% |
| EPS (basic) | na | na | na | na | 177% | 100% | 207% | 86% | 62% | 37% | -79% | 72% | 130% |
| EPS (FD) | na | na | na | na | 176% | 100% | 206% | 86% | 62% | 37% | -80% | 74% | 131% |
Source: Company
Hon mainly offers handlers, active thermal controls (ATC) and cold plates, together bundled with 3 rd parties' testers for a complete FT system, or test boards for a complete SLT system
In
Shuttle
Test Area
(ICRIBIN)
Out
Shuttle
Fix Tray
Hon: key product offerings
Source: Company
Hon: 1Q26 revenue mix by application
Source: Company
Note: * AP = application processor
Hon: 4-quarter-forward PER bands
Source: TEJ, Bloomberg
Daiwa
Financial summary
Hon: profit & loss (TWDm)
| (year to 31 Dec) | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 12,292 | 13,469 | 9,489 | 13,992 | 30,271 |
| COGS | -6,580 | -7,236 | -4,823 | -6,293 | -13,157 |
| Gross profit | 5,712 | 6,234 | 4,667 | 7,700 | 17,114 |
| SG&A | -352 | -233 | -224 | -236 | -450 |
| R&D | -651 | -691 | -548 | -637 | -1,039 |
| Operating profit | 4,317 | 5,006 | 3,766 | 6,285 | 15,046 |
| Net interest income (expense) | 4 | 14 | 68 | 160 | 306 |
| Other non-op gains (losses) | -190 | 670 | 52 | 239 | 232 |
| Pretax profit | 4,131 | 5,690 | 3,887 | 6,683 | 15,584 |
| Income tax | -933 | -1,324 | -819 | -1,397 | -3,222 |
| Minority interest & others | -23 | -10 | 0 | 0 | 0 |
| Net profit | 3,175 | 4,356 | 3,068 | 5,286 | 12,362 |
| EPS (weighted average) | 68 | 93 | 19 | 33 | 76 |
| EPS (fully diluted) | 68 | 93 | 19 | 33 | 76 |
| DPS (TWD, against pre. year) | 0 | 0 | 0 | 30 | 23 |
| EBITDA | 4,351 | 5,037 | 3,801 | 6,330 | 15,114 |
Source: Company
Hon: cash flow (TWDm)
Source: Company
| (year to 31 Dec) | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pretax profit | 4,131 | 5,690 | 3,887 | 6,683 | 15,584 |
| Depreciation & amortization | 34 | 31 | 35 | 46 | 69 |
| Changes in working capital | -3,788 | -1,059 | 1,494 | -3,545 | -4,100 |
| Other operating CF items | 441 | -1,158 | -132 | -876 | 4,633 |
| Cash flow from operations | 819 | 3,503 | 5,283 | 2,308 | 16,186 |
| Capex | -153 | -404 | -230 | -133 | -286 |
| Net disposals (acquisitions) | 0 | 0 | 0 | 0 | 0 |
| Other investing CF items | -26 | -47 | -676 | -1,189 | 854 |
| Cash flow from investing | -179 | -451 | -906 | -1,322 | 569 |
| Changes in debts | -16 | -158 | 0 | 156 | -152 |
| Net share issues (purchases) | 20 | 0 | 0 | 894 | 34,466 |
| Dividends paid | -328 | -399 | -2,398 | -4,800 | -3,636 |
| Other financing CF items | -9 | -28 | -9 | -9 | -29 |
| Cash flow from financing | -333 | -585 | -2,408 | -3,759 | 30,650 |
| Forex effects & other adjustments | -0 | 1 | -2 | 4 | -2 |
| Change in cash | 306 | 2,468 | 1,968 | -2,769 | 47,402 |
| Free cash flow | 666 | 3,099 | 5,053 | 2,175 | 15,900 |
Hon Precision (7769 TT): 23 June 2026
Daiwa
Financial summary continued …
Hon: balance sheet (TWDm)
Source: Company
| (as at 31 Dec) | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & ST investment | 4,428 | 6,862 | 9,498 | 8,045 | 54,228 |
| Inventory | 4,346 | 5,149 | 4,092 | 8,444 | 12,641 |
| Accounts receivable | 3,231 | 2,544 | 1,111 | 2,913 | 2,935 |
| Other current assets | 98 | 84 | 43 | 135 | 391 |
| Total current assets | 12,104 | 14,638 | 14,744 | 19,537 | 70,195 |
| Fixed assets | 1,241 | 1,580 | 1,771 | 1,888 | 2,106 |
| Goodwill & intangibles | 3 | 11 | 11 | 18 | 35 |
| Other non-current assets | 132 | 163 | 312 | 357 | 761 |
| Total assets | 13,494 | 16,435 | 16,877 | 21,866 | 73,270 |
| Short-term debt | 0 | 0 | 0 | 157 | 0 |
| Accounts payable | 1,801 | 971 | 536 | 3,181 | 3,402 |
| Contract liabilities | 1,703 | 1,889 | 2,597 | 2,398 | 6,591 |
| Other current liabilities | 2,077 | 1,898 | 1,392 | 2,292 | 5,035 |
| Total current liabilities | 5,582 | 4,758 | 4,525 | 8,028 | 15,028 |
| Long-term debt | 177 | 0 | 0 | 0 | 0 |
| Other non-current liabilities | 12 | 22 | 37 | 106 | 211 |
| Total liabilities | 5,770 | 4,781 | 4,562 | 8,134 | 15,239 |
| Share capital | 470 | 470 | 1,600 | 1,616 | 1,799 |
| Reserves, R/E and others | 7,200 | 11,185 | 10,715 | 12,116 | 56,232 |
| Shareholders' equity | 7,670 | 11,654 | 12,315 | 13,732 | 58,031 |
| Minority interest | 54 | 0 | 0 | 0 | 0 |
| Total equity & liabilities | 13,494 | 16,435 | 16,877 | 21,866 | 73,270 |
| Net debt (cash) | -4,251 | -6,862 | -9,498 | -7,888 | -54,228 |
| BVPS (TWD) | 164 | 248 | 76 | 85 | 355 |
Hon: key ratios analysis
Source: Company
| Year to 31 Dec (%) | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue | na | 110% | 70% | 147% | 216% |
| Operating profit | na | 16% | -25% | 67% | 139% |
| Net profit | na | 37% | -30% | 72% | 134% |
| EPS (fully diluted) | na | 37% | -80% | 74% | 131% |
| EBITDA | na | 16% | -25% | 67% | 139% |
| Margin | |||||
| Gross profit | 46% | 46% | 49% | 55% | 57% |
| Operating profit | 35% | 37% | 40% | 45% | 50% |
| Net profit | 26% | 32% | 32% | 38% | 41% |
| EBITDA | 35% | 37% | 40% | 45% | 50% |
| Profitability | |||||
| ROE | 41% | 37% | 25% | 38% | 21% |
| ROA | 24% | 27% | 18% | 24% | 17% |
| ROCE | 89% | 90% | 87% | 67% | 268% |
| Leverage | |||||
| Debt to equity | 75% | 41% | 37% | 59% | 26% |
| Interest-bearing debt to equity | 2% | 0% | 0% | 1% | 0% |
| Net debt to equity | -54% | -59% | -71% | -43% | -92% |
| Efficiency | |||||
| Days receivable | 48 | 69 | 43 | 76 | 35 |
| Days inventory | 121 | 260 | 310 | 490 | 351 |
| Days payable | 50 | 49 | 41 | 184 | 94 |
| Cash cycle | 119 | 280 | 312 | 381 | 292 |
Hon Precision (7769 TT): 23 June 2026
Daiwa
Daiwa's Asia Pacific Research Directory
| HONG KONG | ||||||
|---|---|---|---|---|---|---|
| Hiroyuki GOTO | (852) 2773 8870 | hiroyuki.goto@hk.daiwacm.com | ||||
| Regional Head of Equity, Asia & Oceania; Regional Head of Asia Pacific Research | ||||||
| John HETHERINGTON (852) | 2773 8787 | john.hetherington@hk.daiwacm.com | ||||
| Co-Head of Asia Pacific Research and Head of Research Publications | ||||||
| Li XIONG Strategy (Hong | (852) 2773 8878 Kong/China) | li.xiong@hk.daiwacm.com | ||||
| Yue TAN (852) 2848 4947 yue.tan@hk.daiwacm.com Strategy (Greater China) and Macro Economics (China) | ||||||
| Kelvin LAU | (852) 2848 4467 | kelvin.lau@hk.daiwacm.com | ||||
| Regional Head of Automobiles, Industrials and Transportation | ||||||
| Evelyn ZHANG | (852) 2848 4970 | evelyn.zhang@hk.daiwacm.com | ||||
| Frank YIP | (852) 2773 8842 | frank.yip@hk.daiwacm.com | ||||
| Industrials and Transportation (Hong Kong/China) | ||||||
| Carol XIA | (852) 2532 4349 | carol.xia@hk.daiwacm.com | ||||
| Head of China Consumer; Consumer (Hong Kong/China) | ||||||
| Steven NIE | (852) 2848 4464 | steven.nie@hk.daiwacm.com | ||||
| Siman CHEN | (852) 2532 4350 | siman.chen@hk.daiwacm.com | ||||
| Consumer (Hong Kong/China) | ||||||
| Jing YANG 4308 Head of | (852) | jing.yang@hk.daiwacm.com | 2532 | |||
| China Healthcare | ||||||
| John CHOI | (852) 2773 8730 | john.choi@hk.daiwacm.com | ||||
| Head of China Internet; Regional Head of Emerging Opportunities | ||||||
| Dennis IP | (852) 2848 4068 | dennis.ip@hk.daiwacm.com | ||||
| Derek ZHANG | (852) 2532 4341 | derek.zhang@hk.daiwacm.com | ||||
| and Grid (China), Utilities (Hong Kong) | ||||||
| (852) 2848 | ||||||
| ESG (Asia ex-Japan) | ||||||
| Tina YU | (852) 2532 | tina.yu@hk.daiwacm.com | ||||
| 4106 | ||||||
| Power, Utilities, Renewables and ESS (PURE) - Power Equipment (US) | ||||||
| 4430 | ||||||
| Marco ZENG marco.zeng@hk.daiwacm.com | ||||||
| Power, Utilities, | ||||||
| Wind | (PURE) - Gas, | ESS | Renewables and |
Hon Precision (7769 TT): 23 June 2026
Daiwa
| CHINA | CHINA | CHINA |
|---|---|---|
| Louis LUO | (86) 21 6841 3282 | louis.luo@daiwacm.cn |
| Automobiles and Components, Industrials (China) | Automobiles and Components, Industrials (China) | Automobiles and Components, Industrials (China) |
| Mavis MA | (86) 21 6841 3288 | mavis.ma@daiwacm.cn |
| Leo LU Power, Utilities, | (86) 21 6841 3286 Renewables and ESS (PURE) | leo.lu@daiwacm.cn - Solar, ESS, Lithium, AIDC |
| Skye LIANG | (86) 21 6841 3207 | skye.liang@daiwacm.cn |
| Power, Utilities, Renewables and ESS (PURE) Wind and Grid (China) | Power, Utilities, Renewables and ESS (PURE) Wind and Grid (China) | Power, Utilities, Renewables and ESS (PURE) Wind and Grid (China) |
| William WU | (86) 21 6841 3200 | william.wu@daiwacm.cn |
| Property (China/Hong Kong) | Property (China/Hong Kong) | Property (China/Hong Kong) |
| Bintuo NI | (86) 21 6841 3228 | bintuo.ni@daiwacm.cn |
| SOUTH KOREA | ||
|---|---|---|
| Yoonki BAE (82) 2 787 9168 yoonki.bae@kr.daiwacm.com Automobile Components, Healthcare | Yoonki BAE (82) 2 787 9168 yoonki.bae@kr.daiwacm.com Automobile Components, Healthcare | Yoonki BAE (82) 2 787 9168 yoonki.bae@kr.daiwacm.com Automobile Components, Healthcare |
| Mike OH | (82) 2 787 9179 | mike.oh@kr.daiwacm.com |
| Banking, Capital Goods - Defence, Construction and Shipbuilding, and Utilities | Banking, Capital Goods - Defence, Construction and Shipbuilding, and Utilities | Banking, Capital Goods - Defence, Construction and Shipbuilding, and Utilities |
| Youngho JANG | (82) 2 787 9838 | youngho.jang@kr.daiwacm.com |
| Henny JUNG | (82) 2 787 9182 | henny.jung@kr.daiwacm.com |
| EV Batteries and Battery Materials, IT/Electronics (Small/Mid Cap), Automobiles and Components | EV Batteries and Battery Materials, IT/Electronics (Small/Mid Cap), Automobiles and Components | EV Batteries and Battery Materials, IT/Electronics (Small/Mid Cap), Automobiles and Components |
| Daeho SON Industrials - Robotics | (82) 2 787 9176 | dh.son@kr.daiwacm.com |
| Joon LEE Media | (82) 2 787 9151 | hj.lee@kr.daiwacm.com |
| Thomas Y KWON Pan-Asia Head of Internet | (82) 2 787 9181 & Telecommunications; | yskwon@kr.daiwacm.com Online Games |
| SK KIM Head of Global Memory; | (82) 2 787 9173 IT/Electronics - | sk.kim@kr.daiwacm.com Semiconductors/Displays and Tech Hardware |
| TAIWAN | TAIWAN |
|---|---|
| Rick HSU | (886) 2 8758 6261 rick.hsu@daiwacm-cathay.com.tw |
| Head of Regional Technology; Head of Taiwan Research; Semiconductors (Regional) | Head of Regional Technology; Head of Taiwan Research; Semiconductors (Regional) |
| Sheng CHENG | (886) 2 8758 6253 sheng.cheng@daiwacm-cathay.com.tw |
| Allan WANG IT/Technology Hardware China) | (886) 2 8758 6249 allan.wang@daiwacm-cathay.com.tw (Automation, Datacentre Components and PCB/CCL) (Greater |
| Stacy LIN IT/Technology - | (886) 2 8758 6252 stacy.lin@daiwacm-cathay.com.tw Semiconductors Supply Chain (Taiwan) |
| Helen CHIEN Small/Mid Cap | (886) 2 8758 6254 helen.chien@daiwacm-cathay.com.tw |
Daiwa's Offices
| Office / Branch / Affiliate | Address | Tel | Fax |
|---|---|---|---|
| DAIWA SECURITIES GROUP INC | |||
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DAIWA INSTITUTE OF RESEARCH LTD
| HEAD OFFICE | 15-6, Fuyuki, Koto-ku, Tokyo, 135-8460, Japan | (81) 3 5620 5100 | (81) 3 5620 5603 |
|---|---|---|---|
| MARUNOUCHI OFFICE | Gran Tokyo North Tower, 1-9-1, Marunouchi, Chiyoda-ku, Tokyo, 100-6756 | (81) 3 5555 7011 | (81) 3 5202 2021 |
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Hon Precision (7769 TT): 23 June 2026
Daiwa