PDF 原檔：報告_Daiwa_欣興3037_20260728_original.pdf
圖片清單（已驗證 2026-07-29）
本份報告（2Q26 first-take flash note）解析後未產生任何圖片檔（純文字＋表格內容）。
原始內容
Unimicron Technology Corp (3037 TT)
Share price (28 Jul): TWD764.00
12-mth rating: Buy (1)
28 July 2026
Information Technology: Taiwan
2Q26 results first-take: strong margin profile and mark-to-market gains
Sheng Cheng
(886) 2 8758 6253
sheng.cheng@daiwacm-cathay.com.tw
Allan Wang
(886) 2 8758 6249
allan.wang@daiwacm-cathay.com.tw
Summary: Our first take on Unimicron's 2Q26 results (released on 28 July) was positive on solid margin expansion and decent capex guidance upward revision. Unimicron's 2Q26 earnings came in at TWD13.1bn (EPS: TWD8.53), which was 196% and 141% higher than our and the street's expectations due to a higher-than-expected gross margin and non-ops gains. 2Q26 gross margin expanded 6.9pp QoQ to 24.8% (vs. our and street estimates of 20.5%/21.7%) on higher-than-expected price hikes on substrate and also improving margin from HDI business. On top of this, two Unimicron investment vehicles control c.0.6% of shares of United Microelectronics Corp (UMC: 2303 TT, TWD113, Hold [3], covered by Rick Hsu). With the UMC share price up 187% in 2Q26, Unimicron recognized a mark to market gain of TWD8bn in 2Q26. Looking ahead, we expect price hikes on substrate to continue in following quarters given the current supply-demand dynamic, which should drive margin expansion continuously. Given the strong substrate outlook ahead on rising AI and regular server demand, Unimicron lifted its 2026 capex guidance to TWD53.7bn from TWD34bn. Unimicron will hold its 2Q26 results call at 2pm on 29 July. We will review our model in due course after attending its results call. We have a Buy (1) rating on Unimicron with a 12M TP of TWD1,000, based on a target PER of 50x applied to our 1-year-forward EPS forecast. Key downside risk: less-than-expected demand.
Unimicron's 2Q26 results highlights
| (TWDm) | Actual | QoQ% | YoY% | Daiwa | Diff% | Consensus | Diff% |
|---|---|---|---|---|---|---|---|
| Revenue | 42,890 | 15% | 32% | 44,404 | -3% | 42,708 | 0% |
| Gross profit | 10,638 | 58% | 151% | 9,108 | 17% | 9,268 | 15% |
| Gross margin (%) | 24.8% | 20.5% | 21.7% | ||||
| Operating profit | 6,651 | 141% | 341% | 4,889 | 36% | 5,486 | 21% |
| Operating margin (%) | 15.5% | 11.0% | 12.8% | ||||
| Pre-tax profit | 15,576 | 147% | 4266% | 5,745 | 171% | 7,507 | 107% |
| Net profit | 13,115 | 160% | 44197% | 4,434 | 196% | 5,439 | 141% |
| EPS (TWD) | 8.53 | 160% | 44197% | 2.88 | 196% | 3.54 | 141% |
Source: Company data, Daiwa forecasts, Bloomberg
What's the impact:
Below is our first take on Unimicron's 2Q26 results (released on 28 July) and we will review our model in due course after its results call (hosted on 29 July).
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2Q26 results beat expectations. Unimicron's 2Q26 earnings came in at TWD13.1bn (EPS: TWD8.53), which was 196% and 141% higher than our and the street's expectations due to a higher-than-expected gross margin and non-ops gains. Unimicron's 2Q26 revenue grew 15% QoQ to TWD42.9bn, while we attribute revenue strength to price hikes on substrate and new capacity ramp. As such, gross margin expanded 6.9pp QoQ to 24.8% (vs. our and street estimates of 20.5%/21.7%) on higher-than-expected price hikes on substrate and also improving margin from HDI business. Operating margin hence expanded by 8.2pp QoQ on gross margin expansion and better opex cost. The strong core business resulted in the operating profit to be 2136% higher than expectations. On top of this, two Unimicron investment vehicles control c.0.6% of shares of United Microelectronics Corp (UMC: 2303 TT, TWD113, Hold [3], covered by Rick Hsu). With the UMC share price up 187% in 2Q26, Unimicron recognized a mark to market gain of TWD8bn in 2Q26.
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Business outlook. Unimcron's 2Q26 results further boost our confidence on the price hike magnitude from substrate vendors given the raw material shortage and lack of enough capacity to support rising AI and regular server demand. We expect the gross margin increase trend to sustain into following quarters, acting as the key share price catalyst ahead. Also, Unimicron lifted its 2026 capex guidance from TWD34bn to TWD53.7bn. Compared with the initial guidance at TWD19.4bn, the incremental capex could support for a new ABF substrate plant already (which cost roughly TWD30bn). We believe it showcases Unimicron's positive view on the underlying demand growth ahead. The company will host results call at 2pm on 29 July. We will review our model in due course after attending the results call.
What we recommend:
We have a Buy (1) rating on Unimicron with a 12M TP of TWD1,000, based on a target PER of 50x applied to our 1-year-forward EPS forecast. Key downside risk: less-thanexpected demand.
In the interests of timeliness, this document has not been edited.