報告_Citi_研華2395_20261104

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citi R Action|Citi Research 04 Nov 2026 10:44:05 ET | 13 pages Advantech (2395.TW) Strong Orders Into 4Q26E Yet Rich Valuation Limits Upside CITI'S TAKE Advantech's 3Q briefing highlighted sustained demand following record 3Q results, with Oct B/B at1.6õx and US$2.5bn of orders extendinginto 2027E. Semi equipment remains a key driver, supported by broader growth in A Neutral infra, healthcare, and FA. Mgmt's 4Q sales guidance points to a sustained Price (04 Nov 26 13:30) NT$629.00 high sales growth y/y, albert sales slightly lower q/q reflecting seasonality. However, higher CPU/PCB costs and margin-dilutive cost pass-through Target price NT$700.001 remain overhangs on GPM. We lift our TP to NT$700 (29x 2027E PE) from NT$670.00 reflecting our higher earnings estimates. Maintain Neutral as we believe Expected share price current valuation reflects high expectations, while persistent cost inflation 11.3% and moderating 27E sales/earnings growth likely limit further upside. return Expected dividend yield 2.6% Semi equipment and edge Al demand supports broader regional growth — 3Q26 Expected total return 13.9% sal s nt Market Cap NT$546,630M edge Al, and smart healthcare demand. By geo, NA generating the strongest sales US$16,656M growth of +109% y/y, followed by North Asia +82%, Taiwan +80% and China +65%. By segment, iSystem grew 146% y/y, driven by semi projects and cloud/Al infra in NA; Embedded rose 47% on medical and FA demand; iAutomation increased 25% y/y supported by FA and intelligent transportation projects. Price Performance Strong bookings support visibility into 2027E — Oct's B/B remained strong at (RIC: 2395.TW,BB: 2395 TT) 1.60x vs. 1.64x in 3Q, despite record monthly shipment and sales. Semi-related B/B TWD reached 2.62x in recent months per mgmt. For 4Q26E, Advantech calls for revenue 700 of US$970-990mn (up 72-76% y/y but down 3-5% q/q), GPM of 36-38% and OPM of 18-20%. The preliminary 2027E view remains positive, led by ongoing semi 600 capacity expansion and advanced manufacturing investment alongside Al infra, 500 medical equipment and robotics. 400 300 Co by d n mn t nto 36.7%, primarily reflecting higher SSD and memory costs. Mgmt. noted that CPU, 200 31 31 30 30 memory and peripheral components now represent c.70% of server product costs vs. Dec Mar Jun Sep 30% prior. Although higher costs are passed through, transparent pricing limits the markup achievable, diluting the product margin. Mgmt. noted SSD/memory prices have recently stabilized, yet CPU/PCB prices have risen 10-20%/15-20%. The co has adjusted selling prices accordingly, with 4Q GPM expected to remain close to 3Q level. The long-term GPM of 40% is still unchanged, but we believe meaningful recovery requires more stable component pricing and supply. (continued) Angela HsuAC +886-2-8726-9083 Earnings Summary angela.hc.hsu@citi.com Year to Net Profit Diluted EPS EPS growth P/E P/B ROE Yield 31Dec (NT$M) (NT$) (%) (x) (x) (%) (%) 2024A 9,005 10.46 -19.2 60.1 10.6 18.0 1.3 2025A 10,593 12.26 17.2 51.3 9.9 19.9 1.4 2026E 19,262 22.20 81.1 28.3 9.0 33.4 2.6 2027E 21,086 24.29 9.4 25.9 8.0 32.7 2.8 2028E 22,482 25.89 6.6 24.3 7.1 31.0 na Source: Powered by dataCentral Set t - ons.

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Advantech (2395.TW) 04 November 2026 Citi Research 2395.TW: Fiscal year end 31-Dec Price: NT$629.00; TP: NT$700.00; Market Cap: NT$546,630m; Recomm: Neutral Profit & Loss (NT$m) 2024 2025 2026E 2027E 2028E Valuation ratios 2024 2025 2026E 2027E 2028E Sales revenue 59,786 70,882 109,977 124,064 130,028 PE (x) 60.1 51.3 28.3 25.9 24.3 Cost of sales -35,410 -42,685 -68,931 -77,376 -80,729 PB (x) 10.6 9.9 9.0 8.0 Gross profit 24,376 28,198 41,046 46,689 49,299 EV/EBITDA (x) 51.2 40.6 22.5 19.6 18.2 Gross Margin (%) 40.8 398 3273 37.6 37.9 FCF yield (%) 1.3 1.5 3.0 3.6 4.0 EBITDA (Adj) 9894 12,559 22,586 25,714 27,265 Dividend yield (%) 1.3 1.4 2.6 2.8 na EBITDA Margin (Adj) (%) 16.7 17.7 20.5 20.7 21.0 Payout ratio (%) 80 73 73 73 0 Depreciation -934 -992 -1,068 -1,076 -1,076 ROE(%) 18.0 19.9 33.4 32.7 31.0 Amortisation 0 0 0 0 0 Cashflow (NT$m) 2024 2025 2026E 2027E 2028E EBIT (Adj) 9,050 11,567 21,518 24,637 26,188 EBITDA 9,984 12,559 22,586 25,714 27,265 EBIT Margin (Adj) (%) 15.1 16.3 19.6 19.9 20.1 Working capital -1,136 -406 -1,967 -1,347 -543 Net interest 294 252 276 411 586 Other -162 -1,066 -2,320 -3,618 -3,773 Associates -176 -102 63 175 175 Operating cashflow 8,686 11,086 18,299 20,749 22,949 Non-Op/Except/Other Adj 1,807 972 1,290 700 700 Capex -1,852 -3,200 -2,187 -1,000 -1,000 Pre-tax profit 10,975 12,690 23,716 25,923 27,649 Net acq/disposals -125 -97 -1,961 -175 -175 Tax -2,086 -2,189 -4,519 -4,903 -5,234 Other -829 -1,375 -1,599 0 0 Extraord./Min.Int./Pref.div. 117 92 64 67 67 Investing cashflow -2,806 -4,672 -5,748 -1,175 -1,175 Reported net profit 9,005 10,593 19,262 21,086 22,482 Dividends paid -8,120 -7,252 -7,740 -14,075 -15,408 Net Margin (%) 15.1 14.9 17.5 17.0 17.3 Financing cashflow -5.983 -1473 -7,807 -12,995 -14,263 Core NPAT 9,005 10.593 19,262 21,086 22,482 Net change in cash -102 -1,059 4,744 6,579 7,511 Per share data 2024 2025 2026E 2027E 2028E Free cashflow to s/holders 6,834 7,886 16,111 19,749 21,949 Reported EPS ($) 10.46 12.26 22.20 24.29 25.89 Core EPS ($) 10.46 12.26 22.20 24.29 25.89 DPS ($) 8.40 8.94 16.19 17.72 0 CFPS ($) 10.09 12.83 21.09 23.90 26.43 FCFPS ($) 7.94 913 18.57 22.75 25.28 BVPS ($) 59.55 63.46 69.58 78.81 88.18 Wtd avg ord shares (m) 861 864 868 868 868 Wtd avg diluted shares (m) 861 864 868 868 868 Growth rates 2024 2025 2026E 2027E 2028E Sales revenue (%) -7.4 18.6 55.2 12.8 4.8 EBIT (Adj) (%) -25.4 27.8 86.0 14.5 6.3 Core NPAT (%) -16.9 17.6 81.8 9.5 6.6 Core EPS (%) -19.2 17.2 81.1 9.4 6.6 Balance Sheet (NT$m) 2024 2025 2026E 2027E 2028E Cash & cash equiv. 19,528 18,470 23,214 29,793 37,304 Accounts receivables 10,124 10,535 19,040 20,937 21,980 Inventory 10,554 11,835 20,230 21,785 22,882 Net fixed & other tangibles 12,244 14,452 15,571 15,495 15,418 Goodwill & intangibles 0 0 0 0 0 Financial & other assets 19,292 20,426 24,107 24,360 24,627 Total assets 71,742 75,718 102,162 112,370 122,212 Accounts payable 6,911 7,681 13,841 15,250 16,017 Short-term debt 0 0 5,185 5,185 5,185 Long-term debt 156 150 0 0 0 Provisions & other liab 12,878 12,837 22,544 23,319 24,241 Total liabilities 19,945 20,668 41,570 43,754 45,443 Shareholders'equity 51,428 54,947 60,491 68,516 76,669 Minority interests 369 102 100 100 100 Total equity 51,797 55,049 60,591 68,616 76,769 Net debt (Adj) -19,372 -18,319 -18,029 -24,608 -32,119 Net debt to equity (Adj) (%) -37.4 -333 -29.8 -35.9 -41.8 For definitions ofthe items in this table, please click here. 2

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Advantech (2395.TW) 04 November 2026 Citi Research Ip ss - s mrs estimates by 15-20%, reflecting stronger order book and operating leverage despite lower GPM assumptions. We lift our TP to NT$700 based on 29x 2027E P/E, down from prior's 35x reflecting persistent cost pressure and growth moderation into 2027È. We continue to favor Advantech's industrial computing leadership and exposure to edge Al, but maintain our Neutral rating given rich valuation and high expectations. Figure 1. Earnings Estimates Revisions 2026E 2027E 2028E (NT$mn) New PIO Chg. New PIO Chg. New Old Chg. Sales 109,977 97,828 12% 124,064 106,409 17% 130,028 116,736 11% Gross profit 41,046 37,422 10% 46,689 41,773 12% 49,299 46,027 %L Opex 19,529 19,065 2% 22,051 21,678 2% 23,110 23,782 -3% Operatingprofit 21,518 18,357 17% 24,637 20,095 23% 26,188 22,245 18% Pre-tax profit 23,716 19,779 20% 25,923 21,284 22% 27,649 23,573 17% Net income 19,262 16,374 18% 21,086 17,626 20% 22,482 19,515 15% EPS(NT$) 22.20 18.87 18% 24.29 20.30 20% 25.89 22.48 15% Margins (%) Gross margin 37.3 38.3 -0.9 37.6 39.3 -1.6 37.9 39.4 -1.5 Opexratio 17.8 19.5 -1.7 17.8 20.4 -2.6 17.8 20.4 -2.6 Operatingmargin 19.6 18.8 0.8 19.9 18.9 1.0 20.1 19.1 1.1 Net margin 17.5 16.7 0.8 17.0 16.6 0.4 17.3 16.7 0.6 © 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Citi Research, Citi Research Estimates 3

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Advantech (2395.TW) 04 November 2026 Citi Research Bull/Bear: Advantech (2395.TW) NT$770.00 NT$700.00 NT$500.00 ▲22% Upside ▲ 11% Upside 21% Downside $T 04 Nov 26 774 NT$629.00 NT$770.00 W NT$700.00 645 516 NT$500.00 387 258 Nov 25 Nov 26 Nov 27 Spread 43pp Current Price and expected returns (upside/downside) as of 04 Nov 2026 BULL Assumptions • Target multiple of 33x BASE Assumptions · Sales to grow by 55% y-o-y in 2026E with OPM of 19-20% • Target multiple of 29x BEAR Assumptions • Target multiple of 25x 4

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Advantech (2395.TW) 04 November 2026 Citi Research Advantech Company description Advantech, established in 1981, is the largest Industrial PC company globally in terms of sales. Through a series of M&As and alliances, it has established strong domain know-how across various verticals and its diversified customer base, and it provides broad product offerings ranging from single boards, industrial handheld devices, industrial automation equipment, transportation controlling systems, and smart city solutions. North America and China are its largest markets. Investment strategy We rate Advantech shares at Neutral. While we recognize Advantech's leadership in industrial computing and its long-term growth opportunities in edge Al, semi equipment, and industiral automaiton, we believe its rich valuation already reflects high expectations for demand and earnings delivery. Strong bookings and a sizable backlog support near-term sales growth, yet persistent component cost inflation remains a key constraint on GPM recovery. We see limited room for further re-rating without stronger sustained earnings growth (a tough base for 2027E) or clear evidence of margin recovery. Valuation Our target price of NT$700 is based on 29x 2027E EPS, at the high-cycle of the stock's valuation range between 20-35x since 2020, reflecting solid BB ratio, improving margin profile and ROE. Risks Key upside risks that could cause Advantech's shares to trade above our target price include: 1) better-than-expected marcoeconomic outlook; and 2) better-than-expected demand and margin profile. Key downside risks would include: 1) slower-than-expected demand recovery, especially the China market; and 2) further deterioration of demand in US and EU markets. 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 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designated by “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple AC analysts are designated in the author block, each analyst is certifying with respect to the entire research report other than (a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solely with respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts or rating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the report 5

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Advantech (2395.TW) 04 November 2026 Citi Research for which they are responsible: (1) that the views expressed therein accurately reflect their personal views about each issuer and security referenced and were prepared in an independent manner, including with respect to Citigroup Global Markets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in this report. IMPORTANT DISCLOSURES Advantech (2395.TW) TWD Covered Ratings and Target Price History Not covered Fundamental Research 800 Analyst: Angela Hsu 600 400 3 回 200 N D F M M S 0 N F M A M A S N D M M S 2024 2025 2026 Date Rating Target Price Closing Price Date Rating Target Price Closing Price Date Rating Target Price Closing Price 101-Nov-23 09:54:14 2 365.00 331.50 506-Nov-2414:12:12 2 340.00 327.00 906-Aug-25 08:41:29 2 365.00 325.50 206-Mar-24 05:53:58 2 405.00 390.50 610-Dec-2404:40:29 2 350.00 353.50 1005-Nov-2510:30:54 2 340.00 308.00 330-Apr-24 08:15:04 2 392.00 380.00 705-Mar-2507:23:58 2 390.00 390.00 1106-May-2610:02:05 2 405.00 409.50 431-Jul-2407:31:03 2 370.00 346.50 801-May-2511:38:19 2 360.00 337.00 1206-Aug-26 09:47:06 2 670.00 622.00 *Indicates Change Rating/target price changes above reflect Eastern Time Advantech (2395.TW) TWD Short-Term View/Catalyst Watch Short-Term View/Catalyst Watch Research No View 800 Analyst: Angela Hsu 600 400 2 200 N M A M N M M A M M A S 0 2024 2025 2026 Expected Closing Expected Closing Expected Closing Date Action Direction Duration Price Date Action Direction Duration Price Date Action Direction Duration Price 131-Jul-24 03:31:03 Add STV Downside 30 Days 346.50 505-Mar-2502:23:58 Add STV Upside 30 Days 390.00 906-Aug-2504:41:29 Add STV Upside 30 Days 325.50 230-Aug-2414:14:24 Remove STV Downside 30 Days 349.00 604-Apr-2514:15:46 Remove STV Upside 30 Days 390.00 1005-Sep-2514:02:49 Remove STV Upside 30 Days 341.00 306-Nov-2409:12:12 Add STV Downside 90 Days 327.00 01-May-25 07:38:19 Add STV Downside 30 Days 337.00 1105-Nov-25 05:30:54 Add STV Downside 90 Days 308.00 404-Feb-2519:44:16 Remove STV Downside 90 Days 375.00 830-May-2514:27:05 Remove STV Downside 30 Days 342.00 1203-Feb-2619:57:44 Remove STV Downside 90 Days 290.00 CW - Catalyst Watch , STV - Short-Term View Rating/target price changes above reflect Eastern Time Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking services from Advantech in the past 12 months. Ci t d the services provided were non-investment-banking, securities-related: Advantech. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, non-securities-related: Advantech. Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Advantech. (For an explanation of the determination of significant financial interest, please refer to the policy for managing conflicts of interest which can be found at www.citiVelocity.com.) Analysts' compensation is determined by Citi Research management and Citigroup's senior management and is based upon ati s t s s tm) Co ive compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events between 6

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Advantech (2395.TW) 04 November 2026 Citi Research to a Catalyst Watch Upside, Catalyst Watch Downside, STV Upside, or STV Downside call is considered Catalyst Watch/STV No View. For purposes of FINRA ratings distribution-disclosure rules, we correspond Catalyst Watch/STV No View to Hold in our ratings distribution table for our Catalyst Watch/STV Upside/Downside rating system. However, we reiterate that we do not consider No View to be a recommendation. For all Catalyst Watch/STV Upside/Downside calls, risk exists that the catalyst(s) and associated share-price movement will not materialize as expected. Privately held companies: The legal entities through which Citi conducts its business do not permit investment research recommendations, ratings, target prices, or estimates on any privately held companies (“private companies”) referenced herein. Citi Research does not utilize a rating system for private companies. 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