報告_Citi_精測6510_20260728

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citivelocity.com

28 Jul 2026 05:38:44 ET │ 11 pages

CHPT (6510.TWO)

First Take on 2Q26 Results - Bottom-Line Beat Again Driven by AI Demand and Disciplined Cost Control

CITI'S TAKE

CHPT reported 2Q26 net profit of NT$494mn (+44% QoQ/+129% YoY), beating Citi/cons forecasts by 25%/15%. The outperformance was again driven by solid top-line growth, margin expansion, and disciplined opex control. GPM further improved to 57.5% (+0.7 ppt QoQ/+1.7 ppts YoY), supported by a richer mix of high-margin AI/HPC orders (56% in 2Q26 vs. 45% in 1Q26). Opex ratio lowered to 22.8% due to disciplined cost control and improved production efficiency. CHPT will host its 2Q26 earnings call on Jul 29. We believe the key focus remains on AI GPU/ASIC testing board ramping progress, probe card total solution opportunities, and capacity expansion schedule. Reiterate Buy.

Prepared for Kevin Lu

Flash |

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. CMPl - <24o earnings review

2Q26

943

57.5%

570

1Q26

Actual

1,357

771

56.8%

Q/Q

21%

22%

+0.7 ppt.

2Q25

Actual

1,216

679

55.8%

397

43%

314

Figure 1. CHPT - 2Q26 earnings review

Y/Y

35%

39%

+1.7 ppt

82%

+8.9 ppt

2Q26

Citi

1,547

871

56.3%

483

31.3%

Diff.

6%

8%

+1.2 ppt

18%

+3.5 ppt

2Q26

Cons.

1,608

903

56.1%

516

32.1%

Diff.

2%

4%

+1.4 ppt

10%

+2.7 ppt.

(NT$mn)

Revenue

Gross profit

Gross margin

Op. profit

OP margin

Net income

EPS (NT$)

€ 2026 Citicroun Ine Mo rodictribution without Citigroun'e writton normiccion

© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.

Source: Company Reports, Citi Research Estimates, Bloomberg consensus

Prepared for Kevin Lu

Prepared for Kevin Lu

CHPT

Valuation

We value CHPT using a PE-based approach that factors in earnings momentum and the structural shift towards high-end testing. Our target price of NT$4,900 is derived from applying 40x to 2027E EPS, near the high end of its historical PE range, which we believe is justified given the company's entrenched position in the 2nm/3nm testing segment, rising contribution from US AI GPU & AI ASIC projects, and the unique competitive advantage of its "All-in-House" vertical integration model. With these structural drivers in place, and as we believe the market is starting to value it as an AI/HPC play (rather than a consumer electronics stock), we expect the multiple to hold at a premium relative to its historical averages.

Risks

Our quant system rates the CHPT stock as High Risk for its share-price volatility.

Key downside risks that could impede the stock from reaching our target price, and to our earnings forecasts, include: 1) margin compression from lower-than-expected utilization rates; 2) execution delays in concentrated US AI GPU and ASIC programs; 3) intensifying competition in testing boards from global peers; and 4) structural gross margin dilution from a shift towards high-end burn-in boards.

CHPT (6510.TWO)

Analyst: Michael Hung

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

*Indicates Change