圖片清單（已驗證 2026-10-30）
ingest 時建立的「眼見為憑」圖片索引，是 lib/ 嵌圖的唯一真相來源；建立步驟見
ingest_steps.mdStep 2.5。
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
報告_Citi_致茂2360_20261029_001.png |
18KB | 真資料圖（股價） | 致茂股價 2025-10 至 2026-10 走勢折線（TWD 約 500-2,500），期末約 1,900-2,000 |
報告_Citi_致茂2360_20261029_002.png |
31KB | 真資料圖（估值） | Figure 4：致茂 12 個月遠期本益比區間（7x、13x、20x、26x、33x）2021-10 至 2026-10，股價近期落在 26x-33x 帶，高點約 2,500 |
報告_Citi_致茂2360_20261029_003.png |
26KB | 真資料圖（估值） | Figure 5：12 個月遠期本益比走勢，2021-2025 多在 13-26x，2026 年高點約 43x，期末約 28x，標示均值與 ±1／±2 標準差 |
報告_Citi_致茂2360_20261029_004.png |
94KB | 真資料圖（情境） | Bull/Bear：bull NT$3,515（+81%）、base NT$2,900（+49%）、bear NT$1,680（-14%），現價 NT$1,945（2026-10-29） |
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224KB | 文字卡（評等歷史） | Citi 對致茂評等與目標價歷史（Kevin Chen）：全程 Buy，目標價自 2024-02 的 280 起歷次調升，最近一次 2,500（2026-05-03）；另含 Short-Term View／Catalyst Watch 歷史 |
報告_Citi_致茂2360_20261029
PDF 原檔：報告_Citi_致茂2360_20261029_original.pdf
原始內容
Prepared for [讀者資訊已遮蔽]
29 Oct 2026 17:43:43 ET │ 14 pages
Chroma ATE (2360.TW)
3Q26 Mix Weighed on Margins; Robust Growth Outlook Intact
CITI'S TAKE
We maintain Buy on Chroma ATE and lift our TP to NT$2,900 (from NT$2,500) on 40x 2027E raised earnings. While 3Q26 GPM slipped 3ppt QoQ, we view the dip as a temporary product mix shift (China ESS battery) and should return to normalized 60%+ level over time. Net profit still beat expectations on strong revenue growth and operating leverage. We see robust structural growth ahead across AI power, SLT, photonics, with CPO offering significant upside potential as scale-out product enters mass production next year, driving 4-5x testing tool demand. We stay positive on Chroma.
3Q26 GPM missed on product mix, profit beat - Revenue (pre-announced) grew 180% YoY (+33% QoQ) to another record-high of NT$17.9bn driven by strong AI server power testing (ATS: +147% YoY) and semi/photonics (nearly 3x YoY). GPM fell 3ppts QoQ to 57.5% (below Street/Citi est. of 61.8%/61.2%) largely due to China ESS battery bulk delivery, while like-on-like GPM remained stable. Opex grew 58% YoY on expanded scale and employee bonuses. Net profit 3x YoY to NT$5.6bn, at 8%/15% above Street/Citi est.
Outlook remains strong, CPO offers significant growth potential - CPO customer intends to complete pilot phase by end-2026. Chroma already received 1Q27 PO for Spectrum mass production. Tester demand for Insertion 3 could be 4-5x entering mass production (vs. pilot run) and expand by multiple times for future Quantum.
SLT growth broadening across customers - SLT revenue already doubled YoY this year. Looking ahead, mgmt. sees increasing SLT adoption at new customers. New inference capacity build (CPU, LPU, ASIC) could drive SLT demand 4Q26-1H27.
New products for additional growth - ATC handlers have obtained qualifications at HPC and CSP customers, with revenue expected in 2027 given the orders on hand. Burn-in has an initial CSP customer, with new HPC customer expected next year. Mgmt. sees industry trend from wafer burn-in towards die burn-in.
Raise forecast & TP; Buy - We view the 3Q26 GPM dip a temporary hiccup due to product mix shift, which should bounce back as ESS battery contribution falls in 4Q. Overall growth outlook remains robust, with CPO ramp drives upside potential. We lift our 2027E/28E EPS forecast to NT$72/90 to reflect the strong growth outlook. Our new TP of NT2,900 is based on an unchanged 40x 2027E P/E.
Earnings Summary
| Year to 31 Dec | Net Profit (NT$M) | Diluted EPS (NT$) | EPS growth (%) | P/E (x) | P/B (x) | ROE (%) | Yield (%) |
|---|---|---|---|---|---|---|---|
| 2024A | 5,264 | 12.37 | 32.0 | 157.2 | 33.3 | 22.5 | 0.3 |
| 2025A | 8,505 | 19.99 | 61.6 | 97.3 | 25.9 | 30.0 | 0.7 |
| 2026E | 20,902 | 49.32 | 146.7 | 39.4 | 20.8 | 58.4 | 1.8 |
| 2027E | 30,561 | 72.20 | 46.4 | 26.9 | 16.6 | 68.3 | 2.6 |
| 2028E | 38,188 | 90.21 | 25.0 | 21.6 | 13.6 | 69.0 | 3.2 |
Source: Powered by dataCentral
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
n Buy
Price (29 Oct 26 13:30)
NT$1,945.00
Target price NT$2,900.00↑
from NT$2,500.00
Expected share price return
49.1%
Expected dividend yield
1.8%
Expected total return
50.9%
Market Cap NT$827,103M
US$25,537M
Price Performance (RIC: 2360.TW, BB: 2360 TT)
Kevin Chen AC
+852-2501-2125 kevin.y.chen@citi.com
Kyna Wong
kyna.wong@citi.com
Karen Huang
karen.xw.huang@citi.com
Yiming Li, CFA yiming.li@citi.com
Prepared for [讀者資訊已遮蔽] Prepared for [讀者資訊已遮蔽]
| Profit & Loss (NT$m) | 2360.TW: Fiscal year end 31-Dec - 2024 | 2025 | 2026E | 2027E | 2028E | Price: NT$1,945.00; TP: NT$2,900.00; - Valuation ratios | Market Cap: NT$827,103m; Recomm: Buy - 2024 | Market Cap: NT$827,103m; Recomm: Buy - 2025 | Market Cap: NT$827,103m; Recomm: Buy - 2026E | Market Cap: NT$827,103m; Recomm: Buy - 2027E | Market Cap: NT$827,103m; Recomm: Buy - 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales revenue | 21,604 | 28,310 | 60,936 | 81,017 | 96,891 | PE (x) | na | 97.3 | 39.4 | 26.9 | 21.6 |
| Cost of sales | -8,859 | -10,886 | -24,542 | -31,160 | -36,143 | PB (x) | 33.3 | 25.9 | 20.8 | 16.6 | 13.6 |
| Gross profit | 12,745 | 17,424 | 36,394 | 49,857 | 60,748 | EV/EBITDA (x) | na | 81.9 | 32.0 | 21.5 | 17.1 |
| Gross Margin (%) | 59.0 | 61.5 | 59.7 | 61.5 | 62.7 | FCF yield (%) | 0.3 | 0.4 | 0.6 | 2.6 | 3.4 |
| EBITDA (Adj) | 6,316 | 10,020 | 25,684 | 38,225 | 47,773 | Dividend yield (%) | 0.3 | 0.7 | 1.8 | 2.6 | 3.2 |
| EBITDA Margin (Adj) (%) | 29.2 | 35.4 | 42.1 | 47.2 | 49.3 | Payout ratio (%) | 53 | 70 | 70 | 70 | 70 |
| Depreciation | -818 | -806 | -816 | -827 | -925 | ROE (%) | 22.5 | 30.0 | 58.4 | 68.3 | 69.0 |
| Amortisation | -17 | -17 | -17 | -17 | -17 | Cashflow (NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E |
| EBIT (Adj) | 5,481 | 9,197 | 24,852 | 37,382 | 46,830 | EBITDA | 6,316 | 10,020 | 25,684 | 38,225 | 47,773 |
| EBIT Margin (Adj) (%) | 25.4 | 32.5 | 40.8 | 46.1 | 48.3 | Working capital | -1,390 | -4,323 | -13,114 | -8,717 | -9,966 |
| Net interest | 48 | 56 | 40 | 29 | 80 | Other | -82 | -457 | -3,520 | -6,374 | -8,194 |
| Associates | 0 | 0 | 0 | 0 | 0 | Operating cashflow | 4,844 | 5,240 | 9,051 | 23,134 | 29,613 |
| Non-Op/Except/Other Adj | 1,179 | 1,478 | 1,938 | 870 | 789 | Capex | -2,005 | -2,283 | -4,000 | -2,000 | -2,000 |
| Pre-tax profit | 6,708 | 10,731 | 26,831 | 38,281 | 47,699 | Net acq/disposals | -2,387 | -865 | 935 | 244 | 39 |
| Tax | -1,309 | -1,991 | -5,498 | -7,273 | -9,063 | Other | 2,501 | 4,577 | -3,093 | -2,420 | -2,420 |
| Extraord./Min.Int./Pref.div. | -135 | -235 | -430 | -446 | -448 | Investing cashflow | -1,891 | 1,428 | -6,158 | -4,175 | -4,380 |
| Reported net profit | 5,264 | 8,505 | 20,902 | 30,561 | 38,188 | Dividends paid | -2,807 | -3,828 | -8,360 | -14,632 | -21,393 |
| Net Margin (%) | 24.4 | 30.0 | 34.3 | 37.7 | 39.4 | Financing cashflow | -2,997 | -4,548 | -4,349 | -14,632 | -21,393 |
| Core NPAT | 5,264 | 8,505 | 20,902 | 30,561 | 38,188 | Net change in cash | 27 | 2,105 | -1,431 | 4,329 | 3,842 |
| Per share data | 2024 | 2025 | 2026E | 2027E | 2028E | Free cashflow to s/holders | 2,839 | 2,957 | 5,051 | 21,134 | 27,613 |
| Reported EPS ($) | 12.37 | 19.99 | 49.32 | 72.20 | 90.21 | ||||||
| Core EPS ($) | 12.37 | 19.99 | 49.32 | 72.20 | 90.21 | ||||||
| DPS ($) | 6.60 | 14.00 | 34.41 | 50.31 | 62.86 | ||||||
| CFPS ($) | 11.38 | 12.32 | 21.36 | 54.65 | 69.96 | ||||||
| FCFPS | 6.67 | 11.92 | |||||||||
| ($) | 6.95 | 49.93 | 65.23 | ||||||||
| BVPS ($) Wtd avg ord shares (m) | 58.49 421 | 75.01 422 | 93.40 423 | 117.19 423 | 143.01 423 | ||||||
| Wtd avg diluted shares (m) | 426 | 425 | 424 | 423 | 423 | ||||||
| Growth rates | 2024 | 2025 | 2026E | 2027E | 2028E | ||||||
| Sales revenue (%) | 15.7 | 31.0 | 115.2 | 33.0 | 19.6 | ||||||
| EBIT (Adj) (%) | 17.3 | 67.8 | 170.2 | 50.4 | 25.3 | ||||||
| Core NPAT (%) | 32.3 | 61.6 | 145.8 | 46.2 | 25.0 | ||||||
| Core EPS (%) | 32.0 | 61.6 | 146.7 | 46.4 | 25.0 | ||||||
| Balance Sheet (NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E | ||||||
| Cash & cash equiv. | 4,099 | 6,222 | 5,145 | 10,067 | 14,468 | ||||||
| Accounts receivables | 5,827 | 8,814 | 20,034 | 24,416 | 29,200 | ||||||
| Inventory | 5,458 | 7,919 | 17,482 | 21,343 | 24,755 | ||||||
| Net fixed & other | 14,718 | 15,763 | 19,079 | 19,373 | 19,830 | ||||||
| tangibles Goodwill & intangibles | 289 | 325 | 420 | 420 | 420 | ||||||
| Financial & other assets | 6,917 | 8,107 | 9,976 | 10,250 | 10,276 | ||||||
| Total assets | 37,308 | 47,150 | 72,136 | 85,869 | 98,948 | ||||||
| Accounts payable | 3,059 | 4,054 | 10,086 | 12,806 | 14,853 | ||||||
| Short-term debt | 1,417 | 14 | 854 | 3,254 | 3,254 | ||||||
| Long-term debt | 2,108 | 3,304 | 6,402 | 4,002 | 4,002 | ||||||
| Provisions & other liab | 5,273 | 7,216 | 14,357 | 15,250 | 15,305 | ||||||
| Total liabilities | 11,858 | 14,587 | 31,700 | 35,313 | 37,415 | ||||||
| Shareholders' equity | 24,877 | 31,898 | 39,716 | 49,836 | 60,814 | ||||||
| Minority interests | 573 | 665 | 720 | 720 | 720 | ||||||
| Total equity | 25,450 | 32,563 | 40,436 | 50,556 | 61,534 | ||||||
| Net debt (Adj) | -574 | -2,904 | 2,112 | -2,810 | -7,211 | ||||||
| Net debt to equity (Adj) (%) For definitions of the items in this table, | -2.3 please click here. | -8.9 | 5.2 | -5.6 | -11.7 |
Figure 1. Chroma ATE - 3Q26 Results Comparison
| (NT$ mn) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26 - Actual | 3Q26 - BBG | 3Q26 - Diff | 3Q26 - Citi est | 3Q26 - Diff |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6,865 | 6,455 | 6,410 | 8,580 | 11,859 | 13,529 | 17,926 | 14,974 | 20% | 14,314 | 25% |
| YoY % | 55% | 17% | 14% | 42% | 73% | 110% | 180% | 134% | 123% | ||
| Gross Profit | 4,148 | 4,224 | 3,835 | 5,217 | 7,424 | 8,185 | 10,308 | 9,250 | 11% | 8,755 | 18% |
| GPM | 60.4% | 65.4% | 59.8% | 60.8% | 62.6% | 60.5% | 57.5% | 61.8%-4.3ppts | 61.2%-3.7ppts | ||
| Opex | (1,984) | (2,027) | (1,987) | (2,229) | (2,627) | (2,943) | (3,141) | (3,111) | 1% | (2,816) | 12% |
| Opex % | 28.9% | 31.4% | 31.0% | 26.0% | 22.2% | 21.8% | 17.5% | 20.8% | -3.3ppts | 19.7% | -2.2ppts |
| EBI T | 2,164 | 2,197 | 1,848 | 2,988 | 4,797 | 5,242 | 7,167 | 6,139 | 17% | 5,938 | 21% |
| EBIT margin | 31.5% | 34.0% | 28.8% | 34.8% | 40.5% | 38.7% | 40.0% | 41.0% | -1.0ppts | 41.5% | -1.5ppts |
| Pre-Tax Profit - Adj. | 2,597 | 2,438 | 2,288 | 3,408 | 5,094 | 6,514 | 7,353 | 6,426 | 14% | 6,183 | 19% |
| Net Profit - Adj. | 2,123 | 1,953 | 1,880 | 2,549 | 3,864 | 5,123 | 5,647 | 5,206 | 8% | 4,923 | 15% |
| YoY % | 122% | 39% | 32% | 73% | 82% | 162% | 200% | 177% | 162% | ||
| EPS (NT$) - Adj. | 4.98 | 4.60 | 4.42 | 5.99 | 9.07 | 12.10 | 13.34 | 12.24 | 9% | 11.63 | 15% |
Source: Company Reports, Bloomberg, Citi Research Estimates
Figure 2. Chroma ATE - Forecast Revisions
| (NT$ mn) | 2026E - Old | 2026E - New | 2026E - Diff | 2027E - Old | 2027E - New | 2027E - Diff | 2028E - Old | 2028E - New | 2028E - Diff |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 54,290 | 60,936 | 12% | 70,689 | 81,017 | 15% | 84,380 | 96,891 | 15% |
| YoY % | 92% | 115% | 30% | 33% | 19% | 20% | |||
| Gross Profit | 33,379 | 36,394 | 9% | 44,279 | 49,857 | 13% | 53,002 | 60,748 | 15% |
| GPM | 61.5% | 59.7%-1.8ppts | 62.6% | 61.5%-1.1ppts | 62.8% | 62.7%-0.1ppts | |||
| Opex | (11,217) | (11,542) | 3% | (12,199) | (12,475) | 2% | (13,609) | (13,917) | 2% |
| Opex % | 20.7% | 18.9% | -1.7ppts | 17.3% | 15.4% | -1.9ppts | 16.1% | 14.4% | -1.8ppts |
| EBIT | 22,162 | 24,852 | 12% | 32,080 | 37,382 | 17% | 39,394 | 46,830 | 19% |
| EBIT margin | 40.8% | 40.8% | 0.0ppts | 45.4% | 46.1% | 0.8ppts | 46.7% | 48.3% | 1.6ppts |
| Pre-Tax Profit | 24,204 | 26,831 | 11% | 33,011 | 38,281 | 16% | 40,273 | 47,699 | 18% |
| Net Profit | 19,011 | 20,902 | 10% | 26,368 | 30,561 | 16% | 32,250 | 38,188 | 18% |
| YoY % | 124% | 146% | 39% | 46% | 22% | 25% | |||
| EPS (NT$) - adj. | 44.85 | 49.32 | 10% | 62.28 | 72.20 | 16% | 76.17 | 90.21 | 18% |
Source: Citi Research Estimates
Figure 3. Chroma ATE - Forecast Comparison (Citi vs. Consensus)
| (NT$ mn) | 2026E - Street | 2026E - Citi | 2026E - Diff | 2027E - Street | 2027E - Citi | 2027E - Diff | 2028E - Street | 2028E - Citi | 2028E - Diff |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 55,827 | 60,936 | 9% | 77,706 | 81,017 | 4% | 94,553 | 96,891 | 2% |
| YoY % | 97% | 115% | 39% | 33% | 22% | 20% | |||
| Gross Profit | 34,458 | 36,394 | 6% | 49,109 | 49,857 | 2% | 60,199 | 60,748 | 1% |
| GPM | 61.7% | 59.7%-2.0ppts | 63.2% | 61.5%-1.7ppts | 63.7% | 62.7%-1.0ppts | |||
| Opex | (11,881) | (11,542) | -3% | (14,318) | (12,475) | -13% | (16,593) | (13,917) | -16% |
| Opex % | 21.3% | 18.9% | -2.3ppts | 18.4% | 15.4% | -3.0ppts | 17.5% | 14.4% | -3.2ppts |
| EBIT | 22,577 | 24,852 | 10% | 34,791 | 37,382 | 7% | 43,606 | 46,830 | 7% |
| EBIT margin | 40.4% | 40.8% | 0.3ppts | 44.8% | 46.1% | 1.4ppts | 46.1% | 48.3% | 2.2ppts |
| Pre-Tax Profit | 24,802 | 26,831 | 8% | 36,212 | 38,281 | 6% | 44,436 | 47,699 | 7% |
| Net Profit | 19,525 | 20,902 | 7% | 28,854 | 30,561 | 6% | 35,591 | 38,188 | 7% |
| YoY % | 130% | 146% | 48% | 46% | 23% | 25% | |||
| EPS (NT$) | 45.69 | 49.32 | 8% | 67.55 | 72.20 | 7% | 83.62 | 90.21 | 8% |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Bloomberg, Citi Research Estimates
Prepared for [讀者資訊已遮蔽]
Figure 4. Chroma ATE - 12M Fwd. P/E Band
Figure 5. Chroma ATE - 12M Fwd. P/E Chart
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: dataCentral, Citi Research
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: dataCentral, Citi Research
RELATED:
Chroma ATE (2360.TW):3Q26 Another Strong Beat; September Revenue 3x YoY
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 Prepared for [讀者資訊已遮蔽]
Bull/Bear: Chroma ATE (2360.TW)
Spread 94pp
Current Price and expected returns (upside/downside) as of 29 Oct 2026
BULLAssumptions
- Revenue growth to NT$62bn/85bn in 2026E/27E
- Net profit growth to NT$21.5bn/33.1bn in 2026E/27E
- Valuation re-rating to 45x 2027E P/E
BASE Assumptions
中
- Revenue growth to NT$61bn/81bn in 2026E/27E
- Net profit growth to NT$20.9bn/30.6bn in 2026E/27E
- Valuation re-rating to 40x 2027E P/E
BEAR Assumptions
- Revenue growth to NT$60bn/77bn in 2026E/27E
- Net profit growth to NT$20.2bn/28.4bn in 2026E/27E
- Valuation re-rating to 25x 2027E P/E
Prepared for [讀者資訊已遮蔽]
Chroma ATE
Company description
Chroma ATE is a leading supplier of testing and instrumentation equipment, automated testing systems (ATS), and turnkey solutions. Its products are used for testing power electronics, semiconductor, IC, EV component, display, and other electronics applications.
Investment strategy
We rate Chroma Buy as we expect structural and robust growth ahead, driven by: 1) strong power tester demand for AI data center/servers; 2) expanding SLT (system level testing) demand driven by new generation model launch and new customers ramp-up; 3) strong metrology growth from increasing foundry capex investment in advanced packaging; and 4) solid silicon photonics equipment demand, with CPO a key incremental upside.
Valuation
Our target price of NT$2,900 is based on 40x 2027E P/E, at close to 1x PEG. Chroma shares have re-rated above its historical range as its growth outlook is now strongly tied to AI infrastructure build out. We estimate 60%+ of its revenue are now AI-related, with strong growth across product segments including power testers, SLT, metrology, and photonics. Chroma has a commanding market share in most of these segments and well positioned to capitalized on the global AI expansion.
Risks
Downside risks to achieving our target price include: 1) softer AI/CPO growth expectation due to changes in capex outlook or production bottleneck; 2) fewer SLT needed as a result of shortened cycle time as GPU yield rate improves; 3) disappointing metrology shipment due to changes at ramp-up schedule; 4) testing process change leading to loss in market share; 5) FX risks (50-60% of Chroma's sales are in US$, 10-20% in Rmb).
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