PDF 原檔：報告_Citi_致茂2360_20260907_original.pdf
原始內容
Figure 1. Chroma Alt - Monthly nevenue Irend
(NTS mn)
citivelocity.com
6,000
5,000
4,000
Jul + Aug
3,000
2,000
1,000
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+165% YoY
07 Sep 2026 04:34:39 ET │ 12 pages
Chroma ATE (2360.TW)
August Revenue +156% YoY, Another Record High
• 2024
2025
• 2026
CITI'S TAKE
Chroma ATE reported Aug consolidated revenue of NT$5,632mn (+156% YoY/+4% MoM), tracking ahead with Jul+Aug revenue at 77% of 3Q26 consensus of NT$14,435mn. The ParentCo's revenues grew 192% YoY (+30% MoM) to NT$5,420mn, indicating strong tester demand. Looking ahead, we expect robust AI-driven revenue growth in 2026-28 for Chroma across segments, including power tester (HVDC), SLT (GPU & ASIC), metrology (CoWoS, panel), and photonics. CPO revenue began in July and we think could expand several times next year. New products in metrology, FT handler, burn-in system could see more meaningful contribution starting 2027E. Recent announcement of GDR issuance could help fund its overseas expansion for future growth opportunities. Chroma shares rose +10% (daily limit) today, likely driven by positive sentiment towards growing CPO demand post SEMICON Taiwan. We maintain our positive view and Buy rating for Chroma. Progress in CPO tester and new metrology tools should provide positive share catalysts.
© 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 (07 Sep 26 13:30)
NT$2,230.00
Target price
NT$2,500.00
Expected share price return
12.1%
Expected dividend yield
0.9%
Expected total return
13.0%
Market Cap
NT$948,298M US$29,975M
Kevin Chen AC
+852-2501-2125 kevin.y.chen@citi.com
Kyna Wong
kyna.wong@citi.com
Karen Huang
karen.xw.huang@citi.com
Yiming Li, CFA
yiming.li@citi.com
Figure <. Chroma Alt -12m Fwa. r/E band
NT$
3000
2500
2000
1500
1000
500
Sep-21
€ 2006 Citiceoun Ine Mo rodictribution without Citicroun'Curitton normiccion
Figure s. Chroma Alt - 12m Fwa. P/e Chart
X
55
50
45
40
35
30
Figure 2. Chroma ATE - 12M Fwd. P/E Band
25
20
+2std
+1 std
Figure 3. Chroma ATE - 12M Fwd. P/E Chart
Sep-22
€ 2006 Citicenun Ine No rodictribution without Citicroun'e writton normicecion
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: dataCentral, Citi Research
RELATED:
Chroma ATE (2360.TW): Chroma Plans 13.6mn Share GDR Issuance; Dilution Manageable with Long-Term Upside Potential
Chroma ATE (2360.TW): July Revenue Exceeded NT$5.4bn, Bright Outlook Remains Intact
Chroma ATE (2360.TW): 2Q Beat on Non-Op, Positive Outlook Intact
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: dataCentral, Citi Research
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Bull/Bear: Chroma ATE
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Chroma ATE
Valuation
Our target price of NT$2,500 is based on 40x 2027E P/E, at close to 1x PEG. Chroma shares have re-rated above its historical range as its growth outlook is now strongly tied to AI infrastructure build out. We estimate 60%+ of its revenue is now AIrelated, with strong growth across product segments including power testers, SLT, metrology, and photonics. Chroma has a commanding market share in most of these segments and should be well positioned to capitalize on the global AI expansion.
Risks
Downside risks to achieving our target price include: 1) softer AI/CPO growth expectation due to changes in capex outlook or production bottleneck; 2) fewer SLT needed as a result of shortened cycle time as GPU yield rate improves; 3) disappointing metrology shipment due to changes at ramp-up schedule; 4) testing process change leading to loss in market share; 5) FX risks (50-60% of Chroma's sales are in US$, 10-20% in Rmb).
Chroma ATE (2360.TW)
Analyst: Kevin Chen
Date
07-Aug-24 18:28:11
2 13- Sep-24 00:34:47
[J 04-Nov-24 12:53:01
[02-Feb-25 19:44:53
CW - Catalyst Watch, STV - Short-Term View
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TWD
3,000
2,000
1,000
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Date
Appendix A-1
- 21-Feb-2411:50:58
1
*280.00
227.50
30-Apг-25 14:29:54