PDF 原檔：報告_Citi_金像電2368_20260929_original.pdf
圖片清單（已驗證 2026-09-30）
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
報告_Citi_金像電2368_20260929_001.png |
267KB | 真資料圖 | 兩張股價走勢圖疊評等/目標價異動標記：上圖「Ratings and Target Price History」，藍線為 Covered 股價走勢（2024-2026），標記 1–20 個評等/目標價變動點，下方三欄表列每次異動日期、評等（皆為 1／Buy）、目標價（由 2023-11 的 NT$275 逐步上修至 2026-08-13 的 NT$1,630，最新收盤 NT$964）；下圖「Short-Term View/Catalyst Watch」為同期 Citi 短期觀點（Add/Remove CW、STV）疊圖與對照表。 |
原始內容
[讀者資訊已遮蔽] citi
29 Sep 2026 07:24:34 ET │ 10 pages
Gold Circuit Electronics (2368.TW)
Strong position reinforced by AWS's strategic investment; Buy
CITI'S TAKE
On Sep 29 after the market, Gold Circuit (GCE) announced Amazon had participated in its private placement, acquiring c1.856mn shares at a purchasing price of NT$856/share. Through this deal, Amazon would eventually have a 0.36% shareholding in GCE. We believe this strategic investment will strengthen the partnership between Amazon and GCE, helping to ease the market concern over GCE's HDI capability for the nextgen Trainium PCB. GCE also announced additional new capex of NT$7.9bn, with spending starting from 4Q26 onwards for new land acquisition, facility build-out and equipment purchase, for further expansion, which we think highlights GCE's confidence in the long-term demand growth opportunity. We view Amazon's direct investment in GCE as an important milestone, as we rarely see end-customers strengthen partnerships with PCB names via direct shareholding investments, with long-term contracts more often preferred. We expect GCE's share price to thus react positively and we reiterate our Buy rating.
Flash | Research
Buy
Price (29 Sep 26 13:30)
NT$1,120.00
Target price NT$1,630.00
Expected share price return
Expected dividend yield
Expected total return Market Cap
45.5%
1.7% 47.2% NT$585,685M
US$18,425M
Jack Chen AC
+886-2-8726-9091 jack1.chen@citi.com
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations [讀者資訊已遮蔽]
Gold Circuit Electronics
Valuation
Our TP of NT$1,630 for GCE is based on 25x our 2027E EPS estimate, which is higher than 22x or +2std level of its 1-yearforward PE over the past three years. We believe the 25x multiple is justified by GCE's high AI server/networking sales exposure, market share gain in existing ASIC customer and new AI ASIC customer wins from 4Q26, which drives its AI ASIC sales growth and margin profile. Recall that TSMC expects close to a 50%+ CAGR in the next five years for its AI-related demand, which is stronger than any other applications. Thus, we believe investors would be willing to pay for high-growth AI names (especially ASIC) with high PE multiples. Our target price is equivalent to 44x/25x our 2026/27E EPS estimates and 16.5x/9.9x our 2026/27E BVPS.
Risks
Key downside risks that could prevent the shares from reaching our target price include: 1) weaker-than-expected server recovery; 2) slower ramp-up pace of new server platform; 3) less-than-expected AI demand; 4) more PCB peers added into AI supply chain; and 5) stricter practice of China+1 by customers due to geopolitical concerns.
[讀者資訊已遮蔽] 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