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224KB | 真資料圖 | Citi 致茂（Kevin Chen）評等與目標價歷史：TP 280→…→900（2025-10）→1,200→1,650→2,500→2,900（2026-10-29）；下半為 Short-Term View／Catalyst Watch 歷史。屬評等歷史，不嵌 lib |
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原始內容
[讀者資訊已遮蔽] citi
05 Nov 2026 02:44:55 ET │ 11 pages
Chroma ATE (2360.TW)
October Revenue Tracking Ahead, Battery Contribution Likely Lower
CITI'S TAKE
Chroma ATE began 4Q26 with October revenue of NT$6,254mn (+163% YoY /-9% MoM), tracking ahead of expectations at 39%/35% of BBG consensus/Citi est. for 4Q26 revenue. The ParentCo revenue grew QoQ to NT$4,919mn (+163% YoY /+4% MoM), indicating strong tester demand and less ESS battery revenue contribution. While the 3Q26 GPM miss and AI demand debate weighed on the share price lately, we expect solid growth in 2027 supported by broadening customer base and CPO rampup. Its CPO customer plans to complete pilot phase by end-2026 and begin mass production next year (PO received for 1Q27), expanding tester demand for Insertion 3 to 4x-5x YoY and multiple time more for next-gen CPO products. New products in ATC handler, burn-in system could see more meaningful contribution starting 2027. The expanded revenue scale should lead to better operating leverage going forward. Progress in CPO, above-seasonal revenue momentum are likely positive share catalysts.
Figure 1. Chroma ATE - Monthly Revenue Trend
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Company Reports, Citi Research
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
| Buy | |
|---|---|
| Price (04 Nov 26 13:30) | NT$1,470.00 |
| Target price | NT$2,900.00 |
| Expected share price return | 97.3% |
| Expected dividend yield | 2.4% |
| Expected total return | 99.6% |
| Market Cap | NT$625,111M |
| US$19,021M |
Kevin Chen AC
+852-2501-2125 kevin.y.chen@citi.com
Kyna Wong
kyna.wong@citi.com
Karen Huang
karen.xw.huang@citi.com
Yiming Li, CFA
yiming.li@citi.com [讀者資訊已遮蔽]
Figure 2. Chroma ATE - 12M Fwd. P/E Band
Figure 3. Chroma ATE - 12M Fwd. P/E Chart
RELATED:
Chroma ATE (2360.TW): 3Q26 Mix Weighed on Margins; Robust Growth Outlook Intact Chroma ATE (2360.TW): Chroma Plans 13.6mn Share GDR Issuance; Dilution Manageable with Long-Term Upside
Potential [讀者資訊已遮蔽]
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: dataCentral, Citi Research
Chroma ATE
Valuation
Our target price of NT$2,900 is based on 40x 2027E P/E, at close to 1x PEG. Chroma shares have re-rated above its historical range as its growth outlook is now strongly tied to AI infrastructure build out. We estimate 60%+ of its revenue are now AIrelated, with strong growth across product segments including power testers, SLT, metrology, and photonics. Chroma has a commanding market share in most of these segments and well positioned to capitalized on the global AI expansion.
Risks
Downside risks to achieving our target price include: 1) softer AI/CPO growth expectation due to changes in capex outlook or production bottleneck; 2) fewer SLT needed as a result of shortened cycle time as GPU yield rate improves; 3) disappointing metrology shipment due to changes at ramp-up schedule; 4) testing process change leading to loss in market share; 5) FX risks (50-60% of Chroma's sales are in US$, 10-20% in Rmb).
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