檔名沿革
主 agent 交辦時暫用「全球傳動」為公司中文名；經 TWSE 公開資訊觀測站公司基本資料（mopsfin.twse.com.tw/opendata/t187ap03_L.csv）與 Yahoo奇摩股市查證，4551 之正式中文名稱為智伸科技股份有限公司（智伸科），英文簡稱 GLOBAL PMX。Raw_data 檔名與 lib 公司頁已改用「智伸科」，「全球傳動」不可作為本檔 alias——那是另一家上市公司 TBI Motion（4540），已移除以免兩家混淆。
PDF 原檔：報告_Daiwa_智伸科4551_20260810_original.pdf
圖片清單（已驗證 2026-08-11）
本份 PDF 未產生任何抽取圖片（
data_base/attachment/內查無260810_daiwa_Global PMX_*檔案）；報告本身為簡短 flash note（"In the interests of timeliness, this document has not been edited"），僅有一張數據比較表格（已保留在原始內容 Markdown 表格中，非圖片）。
原始內容
Global PMX (4551 TT)
Share price (10 Aug): TWD174.00
12-mth rating: Buy (1)
2Q26 results: missed on higher-than-expected opex
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
Summary: PMX reported its 2Q26 results on 10 August after market hours. It reported net profit of TWD239m, missing our estimate of TWD299m by 20.1% and the consensus estimate of TWD292m by 17.9%. Its EPS was TWD2.07 in 2Q26. The company plans to hold an investor conference on 12 August, and we will provide an update then.
We have a Buy (1) rating on PMX with a 12-month TP of TWD205, based on a PER of 18x applied on our 1-year-forward EPS. For more information on the company, please refer to our latest flash note, Upgrading: intact segment transformation , on 8 May 2026.
What's the impact
- 2Q26 results review: missed on higher-than-expected opex. PMX's 2Q26 revenue of TWD2,283m (+0.5% QoQ, +25.0% YoY) was in line with our and Bloomberg consensus estimates. Its gross margin came in at 24.6% vs. 23.5% in 1Q26 and 24.0% in 2Q25, beating our estimate (23.7%) and the consensus (24.1%) due to a better segment and product mix. However, with higher-than-expected opex from the sampling of new products for the semiconductor segment and initial expenses for its new Vietnam plant, operating profit of TWD309m (-11.0% QoQ, +3.0% YoY) missed our estimate and the consensus by 8.4% and 12.4%, respectively. Likely with some unrealised evaluation losses, its net profit was TWD239m, missing our estimate and the consensus by 20.1% and 17.9%, respectively. EPS was TWD2.07 in 2Q26. PMX also posted July 2026 monthly sales of TWD825m (+10.0% MoM and +23.1% YoY; +19.4% YoY for 7M26), which accounted for 37.0% and 34.7% of our and the Bloomberg consensus forecasts for 3Q26 revenue, respectively, due to strong orders in the semiconductor segment, which accounted for 20% of July revenue.
PMX: 2Q26 results vs. Daiwa and the Bloomberg forecasts
| (TWDm) | PMX's 2Q26 results | Daiwa forecast | Differ | Bloomberg consensus | Differ |
|---|---|---|---|---|---|
| Revenue | 2,283 | 2,242 | 1.8% | 2,286 | -0.2% |
| Gross profit | 561 | 532 | 5.4% | 551 | 1.8% |
| Operating profit | 309 | 337 | -8.4% | 353 | -12.4% |
| Profit before tax | 301 | 374 | -19.6% | 366 | -17.8% |
| Net profit | 239 | 299 | -20.1% | 292 | -17.9% |
| Basic EPS (TWD) | 2.07 | 2.60 | -20.2% | 2.49 | -16.7% |
| Margin | |||||
| Gross margin | 24.6% | 23.7% | 0.8pp | 24.1% | 0.5pp |
| Operating margin | 13.5% | 15.0% | -1.5pp | 15.4% | -1.9pp |
| Pre-tax margin | 13.2% | 16.7% | -3.5pp | 16.0% | -2.8pp |
| Net margin | 10.5% | 13.4% | -2.9pp | 12.8% | -2.3pp |
Source: Company, Bloomberg, Daiwa forecasts
10 August 2026
Consumer Discretionary: Taiwan
- 2026 guidance recap. For 2026, PMX expects its semiconductor & AI server and others revenue to at least double YoY, medical revenue to remain on track with 50% YoY growth, auto revenue to grow by 10% YoY, storage to grow 0-10% YoY, but sports revenue to be flat YoY. Overall, PMX targets its revenue to grow by 15% YoY in 2026 and is moving to optimise its product mix to improve profitability. In 2H26, PMX expects auto, AI server and semiconductor products to underpin its revenue growth, supported by the launch of its new Vietnam plant capacity.
What we recommend
We have a Buy (1) rating on PMX with a 12-month TP of TWD205, based on a PER of 18x on our 1-year-forward EPS. Based on our 2026/27E EPS, the stock is currently trading at PERs of 16.5x/14.4x, vs. its past-3-year trading range of 10-24x. Key downside risks: lower-than-expected global auto, medical, and AI server component demand; worse-thanexpected gross margin.
In the interests of timeliness, this document has not been edited.