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原始內容
Figure 1. Chroma AlE - Monthly Revenue Irend
(NTS mn)
citivelocity.com
6,000
5,000
4,000
3,000
2,000
1,000
Prepared for Kevin Lu
06 Aug 2026 05:39:59 ET │ 13 pages
Chroma ATE (2360.TW)
July Revenue Exceeded NT$5.4bn, Bright Outlook Remains Intact
2024
• 2025
• 2026
CITI'S TAKE
Chroma ATE began 3Q26 with another record-breaking monthly revenue of NT$5,434mn (+175% YoY /+32% MoM) for July, already reaching 39% BBG consensus/Citi est. for 3Q26 revenue. The ParentCo revenue also came in at record-high of NT$4,180mn (+145% YoY /+22% MoM) indicating strong tester demand and battery revenue. While 2Q26 margin miss and market share debate weighed on the share price lately, we believe Chroma's AI testing growth thesis and robust 2027-28 growth outlook remain intact. CPO revenue began in July and could expand several times next year. New products in metrology, FT handler, burn-in system could see more meaningful contribution starting 2027. The expanded revenue scale should lead to better operating leverage going forward. We maintain our positive view and Buy rating for Chroma. Progress in CPO tester and new metrology tools 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 (06 Aug 26 13:30)
NT$1,975.00
Target price
NT$2,500.00
Expected share price return
26.6%
Expected dividend yield
1.0%
Expected total return
27.6%
Market Cap
NT$839,860M
US$26,020M
Kevin Chen AC
+852-2501-2125 kevin.y.chen@citi.com
Kyna Wong
kyna.wong@citi.com
Karen Huang
karen.xw.huang@citi.com
Yiming Li, CFA
yiming.li@citi.com
Figure <. Chroma Alt -12m Fwa. r/E band
NT$
3000
2500
2000
1500
1000
500
0
Aug-21
1 2026 Citicroun Ine Mo rodictribution without Citicroun' c writton normiccion
Figure s. Chroma Alt - 12m Fwa. P/e Chart
X
50 -
45
40
35
Figure 2. Chroma ATE - 12M Fwd. P/E Band
35
+2std
+1std
Figure 3. Chroma ATE - 12M Fwd. P/E Chart
Aug-22
A 2026 Citiornun Ine No rodictribution without Citiornun'e writton normiccion
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: dataCentral, Citi Research
RELATED:
Chroma ATE (2360.TW): 2Q Beat on Non-Op, Positive Outlook Intact Greater China Semiconductors: US Marketing Takeaways
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: dataCentral, Citi Research
Prepared for Kevin Lu
NT$
3,138
2,615
2,092
1,569
1,046
523
0
Aug 25
NT$ 2,500.00
A 27% Upside
Bull/Bear: Chroma ATE
06 Aug 26
• Revenue growth to NT$52bn/69bn in 2026E/27E
• Net profit growth to NT$18.8bn/26.5bn in 2026E/27E
• Valuation re-rating to 40x 2027E P/E
- BEAR Assumptions
- i · Revenue growth to NT$50bn/65bn in 2026E/27E · Net profit growth to NT$17.5bn/24.3bn in 2026E/27E
• Valuation re-rating to 25x 2027E P/E
NT$1,975.00
NT$ 1,370.00
• 31% Downside
• NT$3,135.00
• NT$2,500.00
Prepared for Kevin Lu
Prepared for Kevin Lu
Prepared for Kevin Lu
Chroma ATE
Valuation
Our target price of NT$2,500 is based on 40x 2027E P/E, at close to 1x PEG. Chroma shares have re-rated above its historical range as its growth outlook is now strongly tied to AI infrastructure build out. We estimate 60%+ of its revenue are now AIrelated, with strong growth across product segments including power testers, SLT, metrology, and photonics. Chroma has a commanding market share in most of these segments and well positioned to capitalized on the global AI expansion.
Risks
Downside risks to our target price include: 1) softer AI/CPO growth expectation due to changes in capex outlook or production bottleneck; 2) fewer SLT needed as a result of shortened cycle time as GPU yield rate improves; 3) disappointing metrology shipment due to changes at ramp-up schedule; 4) testing process change leading to loss in market share; 5) FX risks (50-60% of Chroma's sales are in US$, 10-20% in Rmb).
Chroma ATE (2360.TW)
Analyst: Kevin Chen
Date
Appendix A-1
[2 21-Feb-2411:50:58
1
*280.00
227.50
[ 30-Apг-25 14:29:54