PDF 原檔：報告_Daiwa_晟銘電3013_20261002_original.pdf
圖片清單（已驗證 2026-10-06）
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
報告_Daiwa_晟銘電3013_20261002_002.png |
71KB | 真資料圖 | 晟銘電產品三欄圖（UNEEC 浮水印）：OEM/ODM Service（Rack、Server Chassis、Switch Chassis、IPC Chassis、PC Chassis）、OTS Products（NVIDIA MGX 1U GB300／4U RTX Pro／2U NVL 4、NVIDIA MGX Rack、OCP/EIA Racks、Intel Edge-MHS、Power Rack）、New Development（LC System Integration、Manifold、LC Floating Module、Anti-leakage LC System、PSU、BBU） |
報告_Daiwa_晟銘電3013_20261002_004.png |
41KB | 真資料圖（財務類） | 月營收長條（LHS，TWDm）加 YoY 折線（RHS），2019-08 至 2026-08；2026 年初單月高點約 1,300 以上 |
001、003、005（<40KB）未 Read，預設為股價圖／QFII 持股圖／本益比圖等小圖，免列。
原始內容
Chenming Electronic Technology (3013 TT)
Target price: n.a.
Shareprice(1Oct):TWD94.00 | Up/downside:-
Bright order outlook for 2027
- Moving towards an ODM position, with rising sidecar revenue
- Sidecars and liquid-cooling-related solutions to drive revenue growth
- Aggressive expansion plans in both Thailand and Taiwan
Background: We visited Chenming Electronic Technology (Chenming) on 23 September 2026. Founded in 1976 and operating under the UNEEC brand, Chenming is a global manufacturer specialising in mechanical enclosures and structural parts, as well as providing OEM/ODM services for chassis and racks. Chenming operates 4 manufacturing sites across East Asia to support its clients globally. The Dongguan and Ningbo plants have the company's primary manufacturing capacity and serve OEM/ODM clients based in Taiwan and mainland China. The company has capacity in Zhongli, Taiwan to provide prototyping and liquid cooling for domestic clients. Driven by supply-chain diversification needs, Chenming has also established capacity in Thailand. The Phase 1 plant has completed its trial run, and the company aims to conduct a trial run for the Phase 2 plant in 4Q26 and start mass production in 2027. Chenming focuses on chassis design and manufacturing, which accounted for 75-80% of its 1H26 revenue, with AI servers accounting for >50% of this segment. Sidecars and related parts for liquid-cooled products (sidecars + CDUs) accounted for 18-20% of its 1H26 revenue.
Highlights: Promising sidecar order outlook and a growing
customisation trend in chassis. Chenming plans to become more involved in product design, moving to ODM from OEM. It expects the gross margin to rise with more sidecar revenue, ie, shipments of sidecars to at least double YoY in 2027. The company also plans to enter the IT rack segment, combining its know-how in liquid cooling with its capabilities in producing manifolds, radiators and other liquid-cooling components.
Brighter growth prospects in 2027. Due to the order outlook for its chassis used in Vera Rubin systems since 4Q26, Chenming expects its 2027 revenue outlook to remain intact. It expects revenue from sidecars to rise in 2027, accounting for 25% of total revenue vs. 20% in 2026, and to reach 30% by 2028. It believes this should be one of the gross margin expansion drivers over 2027-28. For 1Q27, Chenming aims for its revenue to be flat QoQ. It also has opportunities to win orders from other CSPs through different system clients and products, such as switches and power. Per management, capex is expected to be TWD500-600m in 2026 and TWD400-500m in 2027, excluding potential capex of TWD200-300m for the Zhongli plant. As a result, Chenming has maintained a relatively low dividend payout ratio to support its capacity expansion in Thailand and Taiwan (2025: 20%; 2024: 17%). Management expects this trend to continue in the coming years.
Valuation: The stock is currently trading at PERs of 12.8x/10.0x, based on Bloomberg's 2026E/27E EPS estimates.
Rating No
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
Share price performance
| 12-month range | 69.13-134.62 |
|---|---|
| Market cap (USDbn) | 0.63 |
| 3m avg daily turnover (USDm) | 3.52 |
Source: FactSet, Daiwa forecasts
Chenming: financial summary
| 2024 - (TWDm) | 2024 - 1Q24 | 2024 - 2Q24 | 2024 - 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 2025 - 4Q25 | 2025 - 2026 1Q26 | 2025 - 2Q26 | 2025 - 2024 | 2025 | 2025 - 6M26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 1,459 | 2,605 | 2,663 | 2,682 | 2,403 | 2,627 | 2,470 | 3,055 | 2,929 | 3,219 | 9,410 | 10,555 | 6,148 |
| Gross profit | 208 | 405 | 428 | 425 | 393 | 437 | 480 | 648 | 620 | 660 | 1,465 | 1,958 | 1,280 |
| Operating profit | 64 | 236 | 255 | 249 | 199 | 230 | 253 | 438 | 390 | 430 | 803 | 1,120 | 821 |
| Pre-tax profit | 93 | 250 | 211 | 362 | 215 | 188 | 267 | 404 | 367 | 391 | 916 | 1,074 | 759 |
| Net profit | 76 | 193 | 164 | 297 | 172 | 112 | 217 | 326 | 281 | 290 | 730 | 827 | 571 |
| EPS (TWD) | 0.39 | 0.97 | 0.80 | 1.47 | 0.84 | 0.54 | 1.06 | 1.59 | 1.37 | 1.41 | 3.63 | 4.03 | 2.78 |
| Margins (%) | |||||||||||||
| Gross margin | 14.2% | 15.5% | 16.1% | 15.9% | 16.4% | 16.6% | 19.4% | 21.2% | 21.2% | 20.5% | 15.6% | 18.5% | 20.8% |
| Operating margin | 4.4% | 9.1% | 9.6% | 9.3% | 8.3% | 8.7% | 10.2% | 14.3% | 13.3% | 13.4% | 8.5% | 10.6% | 13.3% |
| Pre-tax margin | 6.4% | 9.6% | 7.9% | 13.5% | 9.0% | 7.2% | 10.8% | 13.2% | 12.5% | 12.2% | 9.7% | 10.2% | 12.3% |
| Net margin | 5.2% | 7.4% | 6.2% | 11.1% | 7.2% | 4.3% | 8.8% | 10.7% | 9.6% | 9.0% | 7.8% | 7.8% | 9.3% |
| YoY (%) | |||||||||||||
| Net sales | -4.8% | 92.9% | 50.4% | 48.5% | 64.6% | 0.8% | -7.2% | 13.9% | 21.9% | 22.5% | 45.6% | 12.2% | |
| Gross profit | 42.1% | 194.6% | 88.8% | 68.1% | 89.3% | 7.9% | 12.3% | 52.3% | 57.6% | 51.1% | 92.0% | 33.6% | |
| Operating profit | 29.8% | 4466.9% | 214.9% | 168.9% | 212.5% | -2.6% | -0.6% | 76.0% | 96.1% | 87.4% | 252.7% | 39.4% | |
| Pre-tax profit | 222.1% | 155.0% | 122.8% | 414.8% | 130.6% | -24.8% | 26.4% | 11.6% | 70.7% | 108.2% | 213.7% | 17.2% | |
| Net profit | 203.7% | 152.8% | 100.6% | 325.6% | 126.8% | -42.2% | 32.1% | 9.8% | 63.3% | 159.4% | 188.5% | 13.2% | |
| QoQ (%) | |||||||||||||
| Net sales | -19.2% | 78.5% | 2.2% | 0.7% | -10.4% | 9.3% | -6.0% | 23.7% | -4.1% | 9.9% | |||
| Gross profit | -18.0% | 95.0% | 5.6% | -0.5% | -7.6% | 11.2% | 9.9% | 34.9% | -4.3% | 6.6% | |||
| Operating profit | -31.2% | 270.1% | 8.0% | -2.3% | -20.0% | 15.3% | 10.2% | 73.1% | -10.8% | 10.2% | |||
| Pre-tax profit | 32.9% | 167.7% | -15.4% | 71.1% | -40.5% | -12.7% | 42.2% | 51.1% | -9.0% | 6.5% | |||
| Net profit | 8.9% | 154.4% | -14.9% | 80.5% | -42.0% | -35.2% | 94.6% | 50.0% | -13.7% | 3.0% |
Source: Company
Chenming: products
Chenming: QFII holding %
Source: Company
Source: Company
Chenming: monthly revenue
Chenming: 1-year-forward PER
Source: Company
Source: Bloomberg
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