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229KB | 真資料圖 | Citi 評等與目標價沿革圖＋短線觀點沿革圖（2023–2026，TP 由 330 至 2,500 的歷次紀錄；股價圖） |
原始內容
[讀者資訊已遮蔽] citi
Chroma ATE (2360.TW)
3Q26 Another Strong Beat; September Revenue 3x YoY
CITI'S TAKE
Chroma ATE reported Sep revenue that tripled YoY to NT$6,860mn (+22% MoM), concluding 3Q26 with revenue of NT$17,926mn (+180% YoY/+32% QoQ), another quarterly record and beating Street/Citi estimates by 23%/25%, respectively. We believe the robust revenue was mainly driven by datacenter power testers (HDVC, China's ESS build) and photonics (CPO ramp-up), and the 3Q revenue beat suggests upside to Street estimates for FY26 and FY27. Looking ahead, we expect robust AI-driven revenue growth to continue for Chroma across segments, including power tester (HVDC), SLT (GPU & ASIC), metrology (CoWoS, panel), and photonics. CPO shipment remains at an early stage and could expand several times next year. New products in metrology, FT handler, burn-in system could see more meaningful contribution starting 2027. We maintain our positive view and Buy rating for Chroma.
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 Oct 26 13:30) | NT$2,350.00 |
|---|---|
| Target price | NT$2,500.00 |
| Expected share price return | 6.4% |
| Expected dividend yield | 0.8% |
| Expected total return | 7.2% |
| Market Cap | NT$999,327M |
| US$31,497M |
Kevin Chen AC
+852-2501-2125 kevin.y.chen@citi.com
Kyna Wong
kyna.wong@citi.com
Karen Huang
karen.xw.huang@citi.com
Yiming Li, CFA
yiming.li@citi.com [讀者資訊已遮蔽]
Figure 2. Chroma ATE - 3Q26 Preliminary Results vs. Estimates
| (NT$ mn) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26 - Prelim | 3Q26 - BBG | 3Q26 - Diff | 3Q26 - Citi est | 3Q26 - Diff |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6,865 | 6,455 | 6,410 | 8,580 | 11,859 | 13,529 | 17,926 | 14,618 | 23% | 14,314 | 25% |
| YoY % | 55% | 17% | 14% | 42% | 73% | 110% | 180% | 128% | 123% | ||
| Gross Proft | 4,148 | 4,224 | 3,835 | 5,217 | 7,424 | 8,185 | 9,032 | 8,755 | |||
| GPM | 60.4% | 65.4% | 59.8% | 60.8% | 62.6% | 60.5% | 61.8% | 61.2% | |||
| Opex | (1,984) | (2,027) | (1,987) | (2,229) | (2,627) | (2,943) | (3,036) | (2,816) | |||
| Opex % | 28.9% | 31.4% | 31.0% | 26.0% | 22.2% | 21.8% | 20.8% | 19.7% | |||
| EBIT | 2,164 | 2,197 | 1,848 | 2,988 | 4,797 | 5,242 | 5,997 | 5,938 | |||
| EBIT margin | 31.5% | 34.0% | 28.8% | 34.8% | 40.5% | 38.7% | 41.0% | 41.5% | |||
| Pre-Tax Profit- Adj. | 2,597 | 2,438 | 2,288 | 3,408 | 5,094 | 6,514 | 6,268 | 6,183 | |||
| Net Profit - Adj. | 2,123 | 1,953 | 1,880 | 2,549 | 3,864 | 5,123 | 5,091 | 4,923 | |||
| YoY % | 122% | 39% | 32% | 73% | 82% | 162% | 171% | 162% | |||
| EPS (NT$) - Adj. | 4.98 | 4.60 | 4.42 | 5.9 | 9.07 | 12.10 | 11.85 | 11.63 |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Company Reports, Bloomberg, Citi Research Estimates
Figure 3. Chroma ATE - 12M Fwd. P/E Band
Figure 4. Chroma ATE - 12M Fwd. P/E Chart
RELATED:
Chroma ATE (2360.TW): August Revenue +156% YoY, Another Record High
Chroma ATE (2360.TW): Chroma Plans 13.6mn Share GDR Issuance; Dilution Manageable with Long-Term Upside Potential
Chroma ATE (2360.TW): 2Q Beat on Non-Op, Positive Outlook Intact [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$2,500 is based on 40x 2027E P/E, at close to 1x PEG. Chroma shares have re-rated above its historical range as its growth outlook is now strongly tied to AI infrastructure build out. We estimate 60%+ of its revenue is now AIrelated, with strong growth across product segments including power testers, SLT, metrology, and photonics. Chroma has a commanding market share in most of these segments and should be well positioned to capitalize on the global AI expansion.
Risks
Downside risks to achieving our target price include: 1) softer AI/CPO growth expectation due to changes in capex outlook or production bottleneck; 2) fewer SLT needed as a result of shortened cycle time as GPU yield rate improves; 3) disappointing metrology shipment due to changes at ramp-up schedule; 4) testing process change leading to loss in market share; 5) FX risks (50-60% of Chroma's sales are in US$, 10-20% in Rmb).
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