PDF 原檔：報告_Citi_精測6510_3Q26_20261028_original.pdf
原始內容
Prepared for [讀者資訊已遮蔽] citi
28 Oct 2026 10:49:41 ET │ 14 pages
CHPT (6510.TWO)
Scale-Up to Outweigh Margin Dilution with Multiple Projects Underpin 2027E Growth; Revised TP; Buy
CITI'S TAKE
CHPT delivered another record quarter in 3Q26, with sales up 16% QoQ and OPM expanding to 35.2% despite a slight GPM dip on early new product contribution. Looking into 4Q26E, we expect the AI ASIC project ramp, high-power burn-in/SLT board shipments and the start of engineering probe card shipments for AI ASIC to drive 20%+ QoQ sales growth. While GPM should soften on a heavier new product mix, leverage should keep OPM at elevated levels. Mgmt. expects 2027E sales growth to sustain the 2026E pace, underpinned by multiple AI/HPC testing board and probe card total solution projects. We lower our 2027E forecasts on a higher opex ratio assumption but raise 2028E, cut our TP to NT$4,000, and reiterate Buy.
Revenue scale to offset new product margin headwinds - Following another record quarter in 3Q26, we expect the AI ASIC project and its new products (highpower burn-in/SLT board) to continue scaling up and support sales growth into 4Q26E. We also note that engineering probe cards for AI ASIC have started shipping. We forecast 4Q26E sales to grow 22% QoQ. Although GPM should decline to 53.5% on a rising contribution from lower-margin new products, we expect the opex ratio to fall to 20.5% on leverage, keeping OPM at 33.0%.
Multiple opportunities to drive long-term growth - Mgmt. expects 2027E sales growth to match 2026E's pace, driven by multiple AI/HPC testing board and probe card total solution projects. Verification of the project for a US auto maker is nearing completion, with contribution from 2H27E, while a CPU project for a US CSP samples in Nov, with results in 1Q27E. Mgmt. targets probe card total solutions at 30% of sales in the long-term. CHPT has secured FT orders for the US CSP's nextgen AI ASIC and is now pursuing burn-in/SLT board. Longer term, we expect margins to expand on new product scale-up, better yields and a richer probe card mix.
Implications - We lower our 2027 earnings forecasts by 8% but raise 2028E by 8%, reflecting updated guidance and a higher opex ratio assumption. We revise our TP to NT$4,000, based on an unchanged 35x 2027E EPS, as we view the 2027E cut as opex-driven rather than from a change in structural growth. We believe the multiple is justified by CHPT's leading position in high-end testing boards and its unique 'Allin-House' business model. With solid industry trends and robust AI/HPC demand, we reiterate our Buy rating.
Earnings Summary
| Year to 31 Dec | Net Profit (NT$M) | Diluted EPS (NT$) | EPS growth (%) | P/E (x) | P/B (x) | ROE (%) | Yield (%) |
|---|---|---|---|---|---|---|---|
| 2024A | 510 | 15.55 | na | na | 13.1 | 6.5 | 0.0 |
| 2025A | 997 | 30.41 | 95.6 | 105.2 | 12.0 | 11.9 | 0.2 |
| 2026E | 2,015 | 61.30 | 101.6 | 52.2 | 9.6 | 20.1 | 0.5 |
| 2027E | 3,746 | 113.89 | 85.8 | 28.1 | 7.2 | 28.5 | 1.0 |
| 2028E | 5,257 | 159.82 | 40.3 | 20.0 | 5.3 | 29.8 | 1.8 |
Source: Powered by dataCentral
n Buy / High Risk
Price (28 Oct 26 15:00) NT$3,200.00
Target price NT$4,000.00↓
from NT$4,350.00
Expected share price return
25.0%
Expected dividend yield
1.0%
Expected total return
26.0%
Market Cap NT$105,373M US$3,250M
Price Performance (RIC: 6510.TWO, BB: 6510 TT)
Michael Hung AC
+886-2-8726-9092 michael.hung@citi.com
Laura (Chia Yi) Chen +886-2-8726-9090 laura.cy.chen@citi.com
Jack Chen +886-2-8726-9091 jack1.chen@citi.com
Nicholas Lai +886-2-8726-9093 nicholas.lai@citi.com
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
Prepared for [讀者資訊已遮蔽] Prepared for [讀者資訊已遮蔽]
| 6510.TWO: Fiscal year end 31-Dec - Profit & Loss (NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E | Price: NT$3,200.00; TP: NT$4,000.00; Market Cap: NT$105,373m; Recomm: Buy/High Risk - Valuation ratios | Price: NT$3,200.00; TP: NT$4,000.00; Market Cap: NT$105,373m; Recomm: Buy/High Risk - 2024 | Price: NT$3,200.00; TP: NT$4,000.00; Market Cap: NT$105,373m; Recomm: Buy/High Risk - 2025 | Price: NT$3,200.00; TP: NT$4,000.00; Market Cap: NT$105,373m; Recomm: Buy/High Risk - 2026E | Price: NT$3,200.00; TP: NT$4,000.00; Market Cap: NT$105,373m; Recomm: Buy/High Risk - 2027E | Price: NT$3,200.00; TP: NT$4,000.00; Market Cap: NT$105,373m; Recomm: Buy/High Risk - 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales revenue | 3,605 | 4,806 | 7,226 | 11,758 | 15,644 | PE (x) | na | na | 52.2 | 28.1 | 20.0 |
| Cost of sales | -1,678 | -2,138 | -3,177 | -5,193 | -6,855 | PB (x) | 13.1 | 12.0 | 9.6 | 7.2 | 5.3 |
| Gross profit | 1,927 | 2,668 | 4,049 | 6,565 | 8,789 | EV/EBITDA (x) | na | 69.5 | 37.7 | 20.8 | 14.6 |
| Gross Margin (%) | 53.5 | 55.5 | 56.0 | 55.8 | 56.2 | FCF yield (%) | 0.4 | 1.4 | -0.5 | 0.0 | 3.1 |
| EBITDA (Adj) | 774 | 1,465 | 2,690 | 4,880 | 6,839 | Dividend yield (%) | 0.0 | 0.2 | 0.5 | 1.0 | 1.8 |
| EBITDA Margin (Adj) (%) | 21.5 | 30.5 | 37.2 | 41.5 | 43.7 | Payout ratio (%) | 3 | 26 | 25 | 27 | 36 |
| Depreciation | -285 | -275 | -284 | -313 | -410 | ROE (%) | 6.5 | 11.9 | 20.1 | 28.5 | 29.8 |
| Amortisation | 0 | 0 | 0 | 0 | 0 | Cashflow (NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E |
| EBIT (Adj) | 489 | 1,190 | 2,406 | 4,568 | 6,429 | EBITDA | 774 | 1,465 | 2,690 | 4,880 | 6,839 |
| EBIT Margin (Adj) (%) | 13.6 | 24.8 | 33.3 | 38.8 | 41.1 | Working capital | 38 | 177 | -88 | 0 | 0 |
| Net interest | 27 | 44 | 44 | 45 | 45 | Other | -196 | -68 | -2,617 | -2,246 | -2,327 |
| Associates | 0 | 0 | 0 | 0 | 0 | Operating cashflow | 616 | 1,574 | -15 | 2,634 | 4,512 |
| Non-Op/Except/Other Adj | 37 | -9 | 22 | 0 | 0 | Capex | -146 | -153 | -508 | -2,600 | -1,200 |
| Pre-tax profit | 553 | 1,225 | 2,471 | 4,612 | 6,474 | Net acq/disposals | -25 | -42 | -123 | 0 | 0 |
| Tax | -68 | -238 | -462 | -867 | -1,218 | Other | -17 | -177 | 0 | 0 | 0 |
| Extraord./Min.Int./Pref.div. | 25 | 11 | 5 | 1 | 1 Investing cashflow | -188 | -372 | -632 | -2,600 | -1,200 | |
| Reported net profit | 510 | 997 | 2,015 | 3,746 | 5,257 | Dividends paid | -16 | -256 | -502 | -1,013 | -1,884 |
| Net Margin (%) | 14.1 | 20.7 | 27.9 | 31.9 | 33.6 | Financing cashflow | -43 | -285 | 2,442 | 951 | 498 |
| Core NPAT | 510 | 997 | 2,015 | 3,746 | 5,257 | Net change in cash | 400 | 911 | 1,795 | 985 | 3,810 |
| Per share data | 2024 | 2025 | 2026E | 2027E | 2028E | Free cashflow to s/holders | 470 | 1,421 | -524 | 34 | 3,312 |
| Reported EPS ($) | 15.55 | 30.41 | 61.30 | 113.89 | 159.82 | ||||||
| Core EPS ($) | 15.55 | 30.41 | 61.30 | 113.89 | 159.82 | ||||||
| DPS ($) | 0.50 | 7.80 | 15.23 | 30.78 | 57.23 | ||||||
| CFPS ($) | 18.78 | 48.01 | -0.46 | 80.09 | 137.19 | ||||||
| FCFPS | 14.32 | 43.34 | -15.93 | 1.04 | 100.71 | ||||||
| ($) BVPS ($) | 244.83 | 267.06 | 333.45 | 444.21 | 599.64 | ||||||
| Wtd avg ord shares (m) | 32.8 | 32.8 | 32.9 | 32.9 | 32.9 | ||||||
| Wtd avg diluted shares (m) | 32.8 | 32.8 | 32.9 | 32.9 | 32.9 | ||||||
| Growth rates | 2024 | 2025 | 2026E | 2027E | 2028E | ||||||
| Sales revenue (%) | 25.0 | 33.3 | 50.4 | 62.7 | 33.1 | ||||||
| EBIT (Adj) (%) | na | 143.5 | 102.1 | 89.9 | 40.8 | ||||||
| Core NPAT (%) | na | 95.6 | 102.0 | 85.9 | 40.3 | ||||||
| Core EPS (%) | na | 95.6 | 101.6 | 85.8 | 40.3 | ||||||
| Balance Sheet (NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E | ||||||
| Cash & cash equiv. | 3,093 | 4,004 | 5,799 | 6,784 | 10,594 | ||||||
| Accounts receivables | 1,048 | 688 | 1,523 | 2,143 | 2,701 | ||||||
| Inventory | 571 | 787 | 2,210 | 2,921 | 3,689 | ||||||
| Net fixed & other tangibles | 4,197 | 3,980 | 4,112 | 6,280 | 6,913 | ||||||
| Goodwill & intangibles | 25 | 18 | 124 | 124 | 124 | ||||||
| Financial & other assets | 225 | 474 | 3,153 | 4,498 | 5,708 | ||||||
| Total assets | 9,158 | 9,951 | 16,920 | 22,750 | 29,729 | ||||||
| Accounts payable | 380 | 263 | 854 | 1,127 | 1,422 | ||||||
| Short-term debt | 0 | 0 | 5 | 5 | 5 | ||||||
| Long-term debt | 0 | 0 | 1,908 | 2,859 | 3,356 | ||||||
| Provisions & other liab | 721 | 907 | 2,871 | 3,733 | 4,663 | ||||||
| Total liabilities | 1,101 | 1,170 | 5,638 | 7,723 | 9,447 | ||||||
| Shareholders' equity | 8,037 | 11,277 | 15,023 | 20,279 | |||||||
| Minority interests | 21 | 8,770 10 | 5 | 4 | 3 | ||||||
| Total equity | 8,058 | 8,780 | 11,282 | 15,027 | 20,282 | ||||||
| Net debt (Adj) | -3,093 | -4,004 | -3,886 | -3,920 | -7,233 | ||||||
| Net debt to equity (Adj) (%) | -38.4 | ||||||||||
| For definitions of the items in this table, | please click here. | -45.6 | -34.4 | -26.1 | -35.7 |
Figure 1. CHPT - 3Q26 earnings review
| (NT$mn) | 3Q26 - Actual | 2Q26 - Actual | 3Q25 - Q/Q | 3Q25 - Actual | 3Q26 - Y/Y | 3Q26 - Citi | 3Q26 - Diff. | 3Q26 - Cons. | 3Q26 - Diff. |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,905 | 1,640 | 16% | 1,242 | 53% | 1,957 | -3% | 1,968 | -3% |
| Gross profit | 1,091 | 943 | 16% | 700 | 56% | 1,081 | 1% | 1,091 | 0% |
| Gross margin | 57.3% | 57.5% | -0.3 ppt | 56.3% | +0.9 ppt | 55.2% | +2.0 ppt | 55.4% | +1.8 ppt |
| Op. profit | 671 | 570 | 18% | 307 | 118% | 670 | 0% | 688 | -3% |
| OP margin | 35.2% | 34.7% | +0.5 ppt | 24.7% | +10.5 ppt | 34.2% | +1.0 ppt | 35.0% | +0.2 ppt |
| Net income | 551 | 494 | 12% | 276 | 100% | 541 | 2% | 578 | -5% |
| EPS (NT$) | 16.76 | 15.02 | 12% | 8.41 | 99% | 16.51 | 1% | 17.47 | -4% |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research Estimates, Bloomberg consensus
Figure 2. CHPT - Earnings estimates revision
| (NT$mn) | 2026E - New | 2026E - Old | 2026E - Chg. | 2027E - New | 2027E - Old | 2027E - Chg. | 2028E - New | 2028E - Old | 2028E - Chg. |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 7,226 | 7,219 | 0% | 11,758 | 12,464 | -6% | 15,644 | 14,825 | 6% |
| Sequential growth | 50% | 50% | 63% | 73% | 33% | 19% | |||
| Gross profit | 4,049 | 4,041 | 0% | 6,565 | 6,861 | -4% | 8,789 | 8,052 | 9% |
| Opex | 1,643 | 1,588 | 3% | 1,997 | 1,890 | 6% | 2,360 | 2,075 | 14% |
| Operating profit | 2,406 | 2,453 | -2% | 4,568 | 4,971 | -8% | 6,429 | 5,977 | 8% |
| Pre-tax profit | 2,471 | 2,508 | -1% | 4,612 | 5,007 | -8% | 6,474 | 6,012 | 8% |
| Net income | 2,015 | 2,044 | -1% | 3,746 | 4,066 | -8% | 5,257 | 4,882 | 8% |
| EPS (NT$) | 61.30 | 62.35 | -2% | 113.89 | 124.01 | -8% | 159.82 | 148.88 | 7% |
| Gross margin | 56.0% | 56.0% | +0.1 ppt | 55.8% | 55.0% | +0.8 ppt | 56.2% | 54.3% | +1.9 ppt |
| Opex ratio | 22.7% | 22.0% | +0.7 ppt | 17.0% | 15.2% | +1.8 ppt | 15.1% | 14.0% | +1.1 ppt |
| Operating margin | 33.3% | 34.0% | -0.7 ppt | 38.8% | 39.9% | -1.0 ppt | 41.1% | 40.3% | +0.8 ppt |
| Net margin | 27.9% | 28.3% | -0.4 ppt | 31.9% | 32.6% | -0.8 ppt | 33.6% | 32.9% | +0.7 ppt |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Citi Research Estimates Prepared for [讀者資訊已遮蔽]
Figure 5. CHPT - Quarterly earnings forecast
| (NT$ in Mn, year-end Dec) | 1Q26 | 2Q26 | 3Q26 | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 1 ,35 7 | 1 ,640 | 1 ,905 | 2 ,325 | 2 ,247 | 2 ,679 | 3,354 | 3,477 | 4,806 | 7,226 | 1 1 ,758 | 1 5 ,644 |
| Gross Profit | 771 | 943 | 1 ,091 | 1 ,245 | 1 ,219 | 1 ,495 | 1 ,892 | 1 ,959 | 2 ,668 | 4,049 | 6,565 | 8,789 |
| OPEX | (373) | (373) | (420) | (477) | (449) | (496) | (517) | (535) | (1,478) | (1,643) | (1,997) | (2,360) |
| Operating profit | 397 | 5 70 | 671 | 768 | 769 | 999 | 1 ,376 | 1 ,423 | 1 ,190 | 2 ,406 | 4,568 | 6 ,429 |
| Total Non-OP | 21 | 26 | 11 | 8 | 8 | 21 | 9 | 8 | 34 | 66 | 45 | 45 |
| Pre-tax profit | 418 | 596 | 682 | 776 | 777 | 1,020 | 1,384 | 1,431 | 1,225 | 2,471 | 4,612 | 6,474 |
| Income tax | (80) | (103) | (131) | (149) | (147) | (190) | (258) | (272) | (238) | (462) | (867) | (1,218) |
| Net Profit | 342 | 494 | 551 | 627 | 630 | 830 | 1 ,126 | 1 ,159 | 997 | 2 ,015 | 3, 746 | 5 ,257 |
| EPS (NT$) | 10.43 | 15 .02 | 1 6 . 76 | 1 9 . 08 | 19. 15 | 25 .24 | 34. 24 | 35 . 25 | 30.41 | 61 . 30 | 113.89 | 159.82 |
| Revenue mix | ||||||||||||
| Wafer testing | 70% | 76% | 68% | 57% | 52% | 50% | 53% | 52% | 65% | 67% | 52% | 47% |
| IC testing | 14% | 18% | 28% | 39% | 45% | 47% | 45% | 46% | 25% | 27% | 46% | 51% |
| Others | 16% | 6% | 4% | 3% | 3% | 3% | 2% | 2% | 10% | 7% | 3% | 2% |
| Margins (%) | ||||||||||||
| Gross profit | 56.8% | 57.5% | 57.3% | 53.5% | 54.2% | 55.8% | 56.4% | 56.3% | 55.5% | 56.0% | 55.8% | 56.2% |
| OPEX to sales | 27.5% | 22.8% | 22.0% | 20.5% | 20.0% | 18.5% | 15.4% | 15.4% | 30.7% | 22.7% | 17.0% | 15.1% |
| Operating Margin | 29.3% | 34.7% | 35.2% | 33.0% | 34.2% | 37.3% | 41.0% | 40.9% | 24.8% | 33.3% | 38.8% | 41.1% |
| Pre-tax profit | 30.8% | 36.3% | 35.8% | 33.4% | 34.6% | 38.1% | 41.3% | 41.2% | 25.5% | 34.2% | 39.2% | 41.4% |
| Net Margin | 25.2% | 30.1% | 28.9% | 27.0% | 28.0% | 31.0% | 33.6% | 33.3% | 20.7% | 27.9% | 31.9% | 33.6% |
| Y/ Y | ||||||||||||
| Net sales | 17.8% | 34.9% | 53.4% | 94.4% | 65.6% | 63.4% | 76.1% | 49.6% | 33.3% | 50.4% | 62.7% | 33.1% |
| Gross profit | 24.3% | 38.9% | 55.9% | 85.9% | 58.2% | 58.5% | 73.5% | 57.4% | 27.4% | 48.6% | 63.4% | 32.0% |
| Operating profit | 58.8% | 81.5% | 118.4% | 140.5% | 93.7% | 75.4% | 105.1% | 85.3% | 143.5% | 102.1% | 89.9% | 40.8% |
| Pre-tax profit | 56.3% | 127.6% | 100.6% | 118.1% | 85.7% | 71.2% | 103.1% | 84.5% | 121.6% | 101.8% | 86.6% | 40.4% |
| Net Margin | 54.6% | 129.1% | 100.0% | 120.3% | 84.3% | 68.1% | 104.3% | 84.8% | 95.6% | 102.0% | 85.9% | 40.3% |
| Q/Q | ||||||||||||
| Net sales | 13.5% | 20.8% | 16.2% | 22.0% | -3.3% | 19.2% | 25.2% | 3.7% | ||||
| Gross profit | 15.1% | 22.4% | 15.6% | 14.1% | -2.1% | 22.7% | 26.6% | 3.5% | ||||
| Operating profit | 24.3% | 43.4% | 17.7% | 14.5% | 0.1% | 29.9% | 37.6% | 3.5% | ||||
| Pre-tax profit | 17.6% | 42.4% | 14.4% | 13.8% | 0.2% | 31.3% | 35.7% | 3.4% | ||||
| Net Margin | 20.0% | 44.5% | 11.6% | 13.8% | 0.4% | 31.8% | 35.7% | 2.9% |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research Estimates Prepared for [讀者資訊已遮蔽]
Bull/Bear: CHPT (6510.TWO)
Spread 72pp
Current Price and expected returns (upside/downside) as of 28 Oct 2026
BULL Assumptions
- Accelerated probe card PCB & load board revenue growth of +60% in 2026E, fueled by a faster-than-expected ramp of nextgen AI GPU architecture and full-scale production of US CSP AI ASIC project.
- Target PE multiple of 4Ox
BASE Assumptions
- Ove e r d e + ppc delivers the highest contribution.
- Target PE multiple of 35x
BEAR Assumptions
- Slower-than-expected revenue growth of +25% in 2026E, caused by sub-optimal capacity utilization or delays in major US AI GPU/ASIC projects.
- Target PE multiple of 20x
Prepared for [讀者資訊已遮蔽]
CHPT
Company description
Chunghwa Precision Test Tech (CHPT), established in 2005, is a global leader in semiconductor test interfaces. Historically focused on the smartphone AP segment, CHPT has successfully pivoted its strategic focus towards highgrowth AI/HPC applications. Utilizing its unique "All-in-House" vertical integration model and leading mechanical design & simulation technology, the company specializes in probe cards, probe card PCBs, and load boards for top-tier chipmakers. This comprehensive portfolio effectively addresses high-frequency signal bottlenecks, providing one-stop-shop solutions that ensure structural reliability across the global AI computing supply chain.
Investment strategy
We rate CHPT at Buy/High Risk (1H). We believe CHPT is well positioned for the AI infrastructure cycle, with leadership supported by its unique "All-inHouse" vertical integration model and broad participation across next-gen AI GPU and US AI ASIC projects. Its technical high ground in advanced nodes solutions and dedicated localized support provide it a defensible position, in our view, as advanced packaging demand expands. The company captures a wider share of the test interface value chain across probe PCBs, load boards, and high-end burn-in boards, providing a multi-layered earnings engine.
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$4,000 is derived from applying 35x to 2027E EPS, implying the company's average forward PE since 2024 +1 SD, 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.
Prepared for [讀者資訊已遮蔽] 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
圖片清單（已驗證 2026-10-29）
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
| 報告_Citi_精測6510_3Q26_20261028_001.png | 18KB | 真資料圖（股價走勢小圖，財務／股價類不嵌 lib） | CHPT 近一年股價折線（TWD，縱軸 1,000–4,000，2025-12 至 2026-09 區間；高點約 3,800 上下、近期回到約 3,000） |
| 報告_Citi_精測6510_3Q26_20261028_002.png | 110KB | 真資料圖（估值帶，財務／股價類不嵌 lib） | Figure 3 Forward P/E band（12x／28x／44x／60x，CHPT 股價落在約 28x 線附近）與 Figure 4 Forward P/B band（1x／5x／9x／13x，另有 Forward ROE 右軸） |
| 報告_Citi_精測6510_3Q26_20261028_003.png | 69KB | 真資料圖（情境目標價，財務／股價類不嵌 lib） | 2026-10-28 股價 NT$3,200 起算的 12 個月情境：Bull NT$4,500、Base NT$4,000、Bear NT$2,200 |
| 報告_Citi_精測6510_3Q26_20261028_004.png | 145KB | 真資料圖（評等沿革，財務／股價類不嵌 lib） | 上圖 Ratings and Target Price History：2026-02-06 TP 5,000（股價 3,700）、2026-04-29 TP 4,900（3,630）、2026-07-29 TP 4,350（2,370），評等皆 1H；下圖 Catalyst Watch：2026-02-06 Add CW Upside 90 天、2026-05-07 Remove CW |