PDF 原檔：報告_Citi_國巨2327_20260810_original.pdf
圖片清單（已驗證 2026-08-11）
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76KB | 真資料圖 | Figure 1 Yageo 季營收趨勢圖：1Q21–2Q26 藍柱季營收（NT$mn）＋淺藍 QoQ%／黑線 YoY% 雙折線，季營收於 2Q26 升至約 45,000 附近高點 |
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80KB | 真資料圖 | Figure 2 Yageo 月營收趨勢圖：Jan-24 至 Jul-26 藍柱月營收（NT$mn）＋淺藍 MoM%／黑線 YoY% 雙折線，Jul-26 月營收升至約 16,000（圖上可見 YoY 線近期站上約 50%） |
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253KB | 真資料圖 | 上半 Ratings and Target Price History：股價走勢圖＋評等/目標價變動表（3 個分表，共 13 筆編號紀錄），最新第 13 筆日期 29-Jul-26 12:38:28、Target Price NT$1,450.00、Closing Price NT$507.00；下半 Short-Term View/Catalyst Watch History 走勢圖＋變動紀錄表（14 筆），最新第 14 筆 14-Jul-26 21:42:32 Remove STV |
原始內容
citivelocity.com
10 Aug 2026 06:52:57 ET │ 11 pages
Yageo (2327.TW)
Jul-26 Continues to Trend Up; Capacitor Price Adjustment PassThrough Begins
CITI'S TAKE
Yageo reported record Jul-26 revenues of NT$16.1bn (+5% MoM/+52% YoY), with 3Q26 QTD tracking at 33% of Citi/cons estimates, potentially ahead of mgmt's "moderate growth" guidance. We believe Jul marks the first month where capacitor price adjustments begin flowing through, with commodity & distributor business to see earlier effect compared to specialty & direct business (more contract base), adding a ASP tailwind that was largely absent from 2Q26's volume-driven beat. This dynamic, combined with both commodity and specialty UTR now exceeding 90% and an elevated BB ratio of 2.2x, points to a volume and price compounding effect through the remainder of 3Q26. Growing customer interest in LTAs at premium pricing provides further structural upside for 2H26 and beyond. Reiterate Buy.
Prepared for Kevin Lu
Flash |
Buy
Price (10 Aug 26 13:30) Target price
NT$573.00 NT$1,450.00 153.1% 1.8% 154.9% NT$1,179,653M US$36,577M
Expected share price return
Expected dividend yield Expected total return Market Cap
Michael Hung AC
+886-2-8726-9092 michael.hung@citi.com
Laura (Chia Yi) Chen +886-2-8726-9090 laura.cy.chen@citi.com
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
Figure 1. Yageo - quarterly sales trend
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Figure <. lageo - Monthly sales trend
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© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Company Reports, Citi Research
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© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Company Reports, Citi Research
Prepared for Kevin Lu
Prepared for Kevin Lu
Yageo
Valuation
We set our target price at NT$1,450, based on 35x average 2027E-28E earnings. We value Yageo based on PE as we believe the company's earnings performance and industry dynamics would be the key focuses of the market. Our target multiple of 35x is at the higher end of the trading range since 2022. During this period the company has gone through the cycles, successfully integrated the acquired business to enhance its product offerings, and started to deliver stable margins and earnings.
Risks
Key downside risks to our target price and rating include: 1) slower-than-expected demand recovery; 2) intensified peer and pricing competition; 3) execution risks associated with M&A integration and synergies; and 4) FX and interest rate fluctuations.
Yageo (2327.TW)
Analyst: Michael Hung
TWD
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If you are visually impaired and would like to speak to a Citi representative regarding the details of the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the US +1-210-677-3788
Date
Appendix A-1
229- Feb-24 11:30:38
1
*155.88
116.75
17-Apr-25 08:52:57