PDF 原檔：報告_Citi_順達3211_20260827_original.pdf
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46KB | 真資料圖 | 「Figure 1. Dynapack: Sales Mix」堆疊長條圖，橫軸 2018–2028E，IT 由 94% 降至 24%、Non IT 由 6% 升至 76% |
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45KB | 真資料圖 | 「Figure 2. Dynapack: Monthly Sales Trend」長條圖（月營收 NT$mn）+ YoY 折線，橫軸 Jan-24～Jul-26 |
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65KB | 真資料圖 | Bull/Bear 目標價情境圖，基準 27 Aug 26 NT$397.50，三情境 NT$1,000.00／NT$800.00／NT$300.00 |
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183KB | 真資料圖 | 評等與目標價歷史雙圖：上為 Dynapack International (3211.TWO) TWD 股價與目標價（07-Jul-26 目標價 800.00、收盤 389.00），下為 Samsung SDI (006400.KS) KRW 股價與 10 次評等/目標價變動 |
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75KB | 真資料圖 | Samsung SDI (006400.KS) Short-Term View/Catalyst Watch 歷史圖，標 28-Apr-26 Add CW（收盤 680,000）、21-May-26 Remove CW（收盤 616,000） |
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原始內容
(RIC: 3211.IWO, BB: 321111)
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27 Aug 2026 09:37:14 ET │ 15 pages
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Dynapack International (3211.TWO)
Aug BBU Sales Acceleration+Earlier 8kW/12kW Ramp; Open 90D +CW
CITI'S TAKE
We reiterate our Buy and open 90D +CW on Dynapack underpinned by two near-term catalysts 1) we estimate Aug-26 sales will increase by c.50% m/m, driven by the resumption of a 5kW BBU program in early Aug and continued strong demand for established 3kW/5kW products; 2) shipments of the new 8kW/12kW products now could begin in early 4Q, earlier-thanexpected, which should drive another sales step-up from Oct onward while lifting BBU mix, dollar content, and op leverage. Constructive guidance from Samsung SDI and Azure further validates the strong demand backdrop and attractive industry economics. The stock is trading attractively at 16x on our 2027E EPS against a 62% earnings 2026-28E CAGR.
Aug-26 sales should provide clear validations of the BBU ramp We estimate Dynapack's Aug-26 BBU sales will rise to NT$800-900mn from NT$550-600mn in July, implying c.50% m/m growth at the midpoint. The acceleration is driven by 1) the resumption of shipments for a 5kW BBU project in 1H Aug, and 2) continued strong underlying demand for Dynapack's established 3kW/5kW products. We forecast Aug-26 group sales to reach c.NT$1.55-1.60bn, up 25-30% m/m. The richer BBU mix should be supportive of margins and operating leverage, particularly as the lower-margin IT business becomes a smaller portion of the sales mix.
Earlier 8kW/12kW shipment could drive a second growth leg from Oct-26 Our supply chain checks suggest Dynapack's 8kW & 12kW BBU could begin shipments in early 4Q26E. We had previously assumed only limited initial shipments in the 2H of 4Q26E. The earlier schedule therefore creates upside risk to group sales from Oct26 onward. Furthermore, higher-power products carry greater dollar content per unit and should further improve Dynapack's product mix and capacity utilization.
Positive read-across from cell suppliers - 1) Samsung SDI (006400.KS; covered by Peter Lee): The mgmt. said on the 2Q26 earnings call that it expects sales of batteries for BBU applications to grow by more than 70% y/y in 2026E, driven by AIDC expansion. Samsung SDI emphasized that stringent requirements for instant high-power output, safety and a proven record create high entry barriers, resulting in better profitability. While cell-supplier sales do not translate one for one into Dynapack's orders, the combination of more than 70% sales growth at a leading supplier, higher qualification barriers, and better profitability reinforces our view that BBU is a structural opportunity. (continued on next page)
Earnings Summary
| Year to 31Dec | Net Profit (NT$M) | DilutedEPS (NT$) | EPSgrowth (%) | P/E (x) | P/B (x) | ROE (%) | Yield (%) |
|---|---|---|---|---|---|---|---|
| 2024A | 2,673 | 17.59 | 236.1 | 22.6 | 5.6 | 28 | 3.1 |
| 2025A | 1,382 | 9.05 | -48.5 | 43.9 | 6.1 | 13.4 | 2.9 |
| 2026E | 2,178 | 14.25 | 57.4 | 27.9 | 6.9 | 23.2 | 2.9 |
| 2027E | 3,821 | 25 | 75.5 | 15.9 | 6.3 | 41.5 | 5 |
| 2028E | 5,709 | 37.35 | 49.4 | 10.6 | 5.7 | 56.2 | 7.5 |
Source: Powered by dataCentral
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
n Buy
Catalyst Watch: Upside
Price (27 Aug 26 15:00)
NT$397.50
Target price
NT$800.00
Expected share price return
101.3%
Expected dividend yield
3.0%
Expected total return
104.3%
Market Cap
NT$61,336M
US$1,925M
Price Performance (RIC: 3211.TWO, BB: 3211 TT)
Angela Hsu AC
+886-2-8726-9083 angela.hc.hsu@citi.com
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| 3211.TWO: Fiscalyearend31-Dec | Price: NT$397.50; TP:NT$800.00; MarketCap:NT$61,336m; Recomm:Buy | Price: NT$397.50; TP:NT$800.00; MarketCap:NT$61,336m; Recomm:Buy | Price: NT$397.50; TP:NT$800.00; MarketCap:NT$61,336m; Recomm:Buy | Price: NT$397.50; TP:NT$800.00; MarketCap:NT$61,336m; Recomm:Buy | Price: NT$397.50; TP:NT$800.00; MarketCap:NT$61,336m; Recomm:Buy | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit&Loss(NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E | Valuation ratios | 2024 | 2025 | 2026E | 2027E | 2028E |
| Sales revenue | 13,912 | 13,218 | 17,783 | 24,096 | 31,778 | PE(x) | 22.6 | 43.9 | 27.9 | 15.9 | 10.6 |
| Cost of sales | -12,327 | -11,025 | -13,936 | -17,830 | -22,710 | PB(x) | 5.6 | 6.1 | 6.9 | 6.3 | 5.7 |
| Gross profit | 1,584 | 2,193 | 3,847 | 6,266 | 9,068 | EV/EBITDA(x) | 19.0 | 28.6 | 19.1 | 11.4 | 7.8 |
| Gross Margin (%) | 11.4 | 16.6 | 21.6 | 26.0 | 28.5 | FCFyield (%) | 1.8 | 2.5 | 2.6 | 5.7 | 4.5 |
| EBITDA(Adj) | 2,997 | 1,981 | 2,989 | 5,014 | 7,350 | Dividend yield (%) | 3.1 | 2.9 | 2.9 | 5.0 | 7.5 |
| EBITDAMargin(Adj) (%) | 21.5 | 15.0 | 16.8 | 20.8 | 23.1 | Payout ratio (%) | 71 | 127 | 80 | 80 | 80 |
| Depreciation | -294 | -290 | -383 | -403 | -406 | ROE(%) | 28.0 | 13.4 | 23.2 | 41.5 | 56.2 |
| Amortisation | 0 | 0 | 0 | 0 | 0 | Cashflow(NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E |
| EBIT (Adj) | 743 | 1,247 | 2,659 | 4,690 | 7,013 | EBITDA | 1,038 | 1,537 | 3,043 | 5,092 | 7,419 |
| EBIT Margin (Adj) (%) | 5.3 | 9.4 | 15.0 | 19.5 | 22.1 | Working capital | 525 | -500 | -317 | -338 | -2,980 |
| Net interest | 0 | 0 | 0 | 0 | 0 | Other | -356 | 618 | -461 | -869 | -1,304 |
| Associates | 0 | 0 | 0 | 0 | 0 | Operating cashflow | 1,206 | 1,655 | 2,265 | 3,886 | 3,135 |
| Non-Op/Except/Other Adj | 2,180 | 553 | 30 | 5 | 15 | Capex | -146 | -167 | -708 | -400 | -400 |
| Pre-tax profit | 2,924 | 1,800 | 2,689 | 4,695 | 7,028 | Net acq/disposals | -784 | 2,992 | -2,325 | 0 | 0 |
| Tax | -251 | -418 | -512 | -874 | -1,319 | Other | 2,144 | -385 | -32 | 0 | 976 |
| Extraord./Min.Int./Pref.div. | 0 | 0 | 0 | 0 | 0 | Investing cashflow | 1,214 | 2,439 | -3,066 | -400 | 576 |
| Reported net profit | 2,673 | 1,382 | 2,178 | 3,821 | 5,709 | Dividends paid | -840 | -1,907 | -1,742 | -3,057 | -4,567 |
| Net Margin (%) | 19.2 | 10.5 | 12.2 | 15.9 | 18.0 | Financing cashflow | -2,103 | -2,885 | -176 | -4,057 | -4,567 |
| CoreNPAT | 2,673 | 1,382 | 2,178 | 3,821 | 5,709 | Net change in cash | 549 | 899 | -852 | -571 | -856 |
| Per share data | 2024 | 2025 | 2026E | 2027E | 2028E | Free cashflow to s/holders | 1,060 | 1,488 | 1,557 | 3,486 | 2,735 |
| Reported EPS($) | 17.59 | 9.05 | 14.25 | 25.00 | 37.35 | ||||||
| Core EPS($) | 17.59 | 9.05 | 14.25 | 25.00 | 37.35 | ||||||
| DPS($) | 12.50 | 11.47 | 11.40 | 20.00 | 29.88 | ||||||
| CFPS($) | 7.94 | 10.84 | 14.82 | 25.42 | 20.51 | ||||||
| 6.98 | 9.75 | 10.18 | 22.80 | ||||||||
| FCFPS($) | 17.89 | ||||||||||
| Wtdavgordshares(m) | 152 | 153 | 153 | 153 | 153 | ||||||
| Wtdavgdiluted shares (m) | 152 | 153 | 153 | 153 | 153 | ||||||
| Growthrates | 2024 | 2025 | 2026E | 2027E | 2028E | ||||||
| Sales revenue (%) | -19.3 | -5.0 | 34.5 | 35.5 | 31.9 | ||||||
| EBIT (Adj) (%) | 6.3 | 67.8 | 113.3 | 76.3 | 49.5 | ||||||
| CoreNPAT(%) | 239.2 | -48.3 | 57.6 | 75.5 | 49.4 | ||||||
| CoreEPS(%) | 236.1 | -48.5 | 57.4 | 75.5 | 49.4 | ||||||
| BalanceSheet(NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E | ||||||
| Cash&cashequiv. | 6,330 | 4,185 | 5,678 | 5,107 | 4,251 | ||||||
| Accounts receivables | 3,100 | 3,545 | 3,802 | 5,085 | 8,299 | ||||||
| Inventory | 1,046 | 1,842 | 2,540 | 2,615 | 3,073 | ||||||
| Net fixed | 4,786 | 5,361 | 5,748 | 5,745 | 4,763 | ||||||
| &other tangibles Goodwill &intangibles | 306 | 260 | 353 | 353 | 353 | ||||||
| Financial &other assets | 811 | 396 | 427 | 427 | 427 | ||||||
| Total assets | 16,378 | 15,589 | 18,547 | 19,331 | 21,165 | ||||||
| Accounts payable | 2,172 | 2,910 | 3,556 | 4,576 | 5,267 | ||||||
| Short-term debt | 984 | 0 | 1,581 | 581 | 581 | ||||||
| Long-term debt | 0 | 0 | 0 | 0 | 0 | ||||||
| Provisions &other liab | 2,499 | 2,706 | 4,590 | 4,590 | 4,590 | ||||||
| Total liabilities | 5,655 | 5,616 | 9,727 | 9,747 | 10,438 | ||||||
| Shareholders' equity | 10,723 0 | 0 | 10,726 | ||||||||
| Minority interests | 9,972 0 | 8,820 0 | 9,585 | 0 | |||||||
| Total equity | 10,723 | 9,972 | 8,820 | 9,585 | 10,726 | ||||||
| Net debt (Adj) | -5,346 | -4,185 | -4,097 | -4,526 | -3,670 | ||||||
| Net debt to equity (Adj) (%) | -49.9 | -42.0 | |||||||||
| For definitions of the items in this table, | please click here. | -46.4 | -47.2 | -34.2 |
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Positive read-across from cell suppliers - 2) Azure (002245.SZ; not covered): In
its 1H26 briefing, the mgmt. targeted 150-200mn BBU cells in 2027E, up from 70mn in 2026E supported by confirmed programs for Google and AWS. Azure expects BBU cell supply to remain tight through 2027E and believes prolonged qualification cycles and stringent NA supply chain requirements create high entry barriers, supporting favorable pricing and profitability.
Figure 2. Dynapack: Monthly Sales Trend
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Citi Research, Citi Research Estimates
Figure 3. Dynapack: Product Pipeline
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Citi Research, Citi Research Estimates
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Company Reports, Citi Research
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Citi Research, Citi Research Estimates
Prepared for [讀者資訊已遮蔽]
Adding Upside 90-Day Catalyst Watch on Dynapack International (3211.TWO)
Direction:
Upside
Duration:
Within 90 Days Earnings
Catalyst:
We expect several near-term catalysts to strengthen confidence in its BBU growth trajectory. 1) We expect strong Aug BBU sales up c.50% m/m, backed by the 5kW resumed shipments and solid demand for existing 3kW/5kW. 2) The new 8kW/12kW BBU products look likely to begin shipping in early 4Q, earlier-than-expected, which should drive another sales step-up from Oct onward.
NT$
1,002
835
668
501
334
167
Aug 25
" Sales CAR of 40% in 2025-2027E
A 152% Upside
NT$ 800.00
A 101% Upside
NT$ 300.00
• 25% Downside
Bull/Bear: Dynapack International (3211.TWO)
• 2027E target P/E of 35x
BASE Assumptions
Sales CAGR of 35% in 2025-2027E
- Earnings CAGR of 66% in 2025-2027E
• 2027E target P/E of 32x
BEAR Assumptions
- {• Sales CAGR of 20-25% in 2025-2027E
• Earnings CAGR of 30-40% in 2025-2027E
• 2027E target P/E of 18x
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Prepared for [讀者資訊已遮蔽]
Dynapack International
Company description
Established in 1998 and listed on the Taipei Exchange in 2004, Dynapack is a Taiwan-based lithium-ion battery pack manufacturer, focusing on customized battery pack design, engineering, manufacturing and system integration. Dynapack built its foundation in notebook and mobile-device battery packs with certifications from major international brands. In recent years, it has expanded beyond traditional IT applications into higher-growth non-IT segments. In 2025, non-IT sales made up 35% of group sales, up from 5-10% in 2020. We estimate BBU to make up the majority of non-IT sales.
Investment strategy
We have a Buy rating on Dynapack shares. Our positive view is driven by Dynapack's transition from a mature IT battery pack supplier to a key beneficiary of AIDC BBU demand. As AI rack power density rises, we expect BBU adoption and content value per rack to increase, supporting robust revenue growth. We also expect meaningful margin expansion as product mix shifts toward higher-margin BBU products. In addition, Dynapack's partnership with multiple PSU operators should broaden its access to CSP and AIDC customers. We forecast earnings CAGR of 60% in 2025-2028E.
Valuation
We assign a 32x target P/E to our 2027E EPS of NT$25 to derive a target price of NT$800. We value Dynapack based on 2027E target P/E as we believe 2027E better reflects its earnings power after BBU capacity expansion. Our target P/E of 32x is based on our forecast EPS CAGR of 66% in 2025-2027E and a PEG of 0.5x, which we benchmark against its major PSU partner, as we expect Dynapack to grow alongside its partner.
Risks
Our quantitative model assigns a High Risk rating to Dynapack. However, we believe such a rating is not warranted for Dynapack due to: 1) the company is generating solid revenue and earnings growth over next 3 years; the underlying industry, BBU for AIDC, also enjoys secular growth; 2) the business model that involves with product customization and strict safety/reliability requirements would imply relatively benign competition and therefore stable pricing and margins; and 3) the company has a strong balance sheet and has been in net cash position since 2019.
Key downside risks to our price target/rating are: 1) Slower-than-expected BBU adoption in AIDC, 2) Delay in PSU customer qualifications, 3) Competition from larger battery or power solution vendors, 4) Safety, certification and reliability issues.
Analyst: Angela Hsu
Date
TWD
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