PDF 原檔：報告_Daiwa_元太8069_20260807_original.pdf
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62KB | 真資料圖 | 元太月營收長條圖（TWDm，左軸）疊加 YoY 成長率折線（右軸），區間 Jul-19 至 Jul-26；近月柱體明顯下滑，YoY 折線同步轉負 |
原始內容
E Ink (8069 TT)
Share price (7 Aug):
TWD196.00
12-mth rating: Buy (1)
7 August 2026
Information Technology: Taiwan
2Q26 results beat one non-op income; July revenue fell behind
Helen Chien
(886) 2 8758 6254 helen.chien@daiwacm-cathay.com.tw
Neil Teng, CFA
(886) 2 8758 6256
neil.teng@daiwacm-cathay.com.tw
E Ink: 2Q26 results review
| (TWDm) | 2Q26 results | Our forecast | Differ | Bloomberg consensus | Differ |
|---|---|---|---|---|---|
| Revenue | 10,216 | 9,862 | 3.6% | 10,227 | -0.1% |
| Gross profit | 5,999 | 5,917 | 1.4% | 6,001 | 0.0% |
| Operating profit | 3,542 | 3,462 | 2.3% | 3,561 | -0.6% |
| Profit before tax | 4,575 | 3,951 | 15.8% | 4,113 | 11.2% |
| Net profit | 3,733 | 3,190 | 17.0% | 3,353 | 11.3% |
| Basic EPS | 3.24 | 2.76 | 17.2% | 2.87 | 12.9% |
| Margin | |||||
| Gross margin | 58.7% | 60.0% | -1.3pp | 58.7% | 0pp |
| Operating margin | 34.7% | 35.1% | -0.4pp | 34.8% | -0.2pp |
| Pre-tax margin | 44.8% | 40.1% | 4.7pp | 40.2% | 4.6pp |
| Net margin | 36.5% | 32.3% | 4.2pp | 32.8% | 3.8pp |
Source: Company, Bloomberg, Daiwa forecasts
Summary: E Ink released its 2Q26 results and the monthly revenue for July 2026 on 7 August after market hours. Overall, its 2Q26 net profit of TWD3,733m (+34.1% QoQ, +25.6% YoY) beat our and the consensus estimates by 17.0% and 11.3%, respectively. Its 2Q26 EPS came in at TWD3.24. However, its monthly revenue for July 2026 was TWD2,876m (-28.8% MoM and -26.2% YoY; -3.8% YoY for 7M26), which accounted for 25.2% and 23.7% of our and Bloomberg consensus estimates for 3Q26 revenue. E Ink plans to hold its 2Q26 results call on 13 August 2026 and we will provide an update then.
We have a Buy (1) rating on E Ink with a 12-month TP of TWD225, based on a target PER of 18x applied to our 1-year forward EPS forecast. For more information on the company, please refer to our latest flash, Upgrading: stronger-than-expected margin profile , on 8 May 2026.
What's the impact
- 2Q26 results beat on non-op income. E Ink's 2Q26 revenue of TWD10,216m (+18.3% QoQ, -3.9% YoY) beat our estimate by 3.6% but was in line with the market consensus estimates. Its 2Q26 gross margin of 58.7% (vs. 59.7% in 1Q26 and 60.3% in 2Q25) missed our estimate of 60.0% but was in line with the consensus estimates. Its operating margin of 34.7% (vs. 32.6% in 1Q26 and 39.5% in 2Q25) was also slightly lower than our estimate of 35.1% and the consensus estimate of 34.8%. Thus, its operating profit of TWD3,542m (+25.9% QoQ, -15.7% YoY) was roughly in line with our and the consensus estimates. Likely due to some investment gains, its net profit of TWD3,733m (+34.1% QoQ, +25.6% YoY) beat our and the consensus estimates by 17.0% and 11.3%, respectively. Its 2Q26 EPS came in at TWD3.24.
- July revenue fell behind the estimates. E Ink posted July 2026 revenue of TWD2,876m (-28.8% MoM and -26.2% YoY; -3.8% YoY for 7M26), which accounted for 25.2% and 23.7% of our (TWD11,418m, +15.8% QoQ and +9.6% YoY) and Bloomberg consensus estimates for 3Q26 revenue, respectively.
E Ink: consolidated monthly sales
Source: Company
What we recommend
We have a Buy (1) rating on E Ink with a 12-month TP of TWD225, based on a target PER of 18x applied to our 1-year forward EPS forecast. Based on our 2026/27E EPS, the stock is currently trading at PERs of 16.9x/14.4x, vs. its past-3-year trading range of 11-34x. Key downside risks: 1) weaker-than-expected ESL demand, 2) weaker-than-expected eReader sales on macroeconomic headwinds, and 3) progress on capacity expansion being delayed.
In the interests of timeliness, this document has not been edited.