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原始內容
Realtek Semiconductor (2379 TT)
Share price (30 Jul): TWD697.00
12-mth rating: Buy (1)
Rebalancing still in sight
Rick Hsu (886) 2 8758 6261
rick.hsu@daiwacm-cathay.com.tw
Sharon Kao
(886) 2 8758 6255 sharon.kao@daiwacm-cathay.com.tw
Summary: Realtek reported 2Q26 results below our/consensus estimates, due mainly to a lower-than-expected gross margin as higher memory costs weighed on profitability on inflated ASP. Revenue remained supported by strength in networking, while PC demand stayed weak amid risen component costs and softened end-demand. Management guided a 'prudent yet stable' 3Q26 outlook, signalling that PC demand should remain under pressure in 2H26, which reinforces our view calling for likely a demand rebalancing after its counter-seasonal 1H26. We rate the stock Buy (1) and will be reviewing our model in due course.
Highlight
- 2Q26 results miss on lower margin. Realtek reported 2Q26 net profit of TWD3.8bn, missing our and consensus estimates by 14% each (see table next page). The miss was mainly due to a lower-than-expected gross margin of 47.0% (vs. our estimate of 49.3%), attributable to higher memory costs which inflated ASP yet no add in profit since the memory is a pass-on item. The revenue growth remained supported by the networking segment, underpinned by ongoing spec-upgrades across segments. In broadband networking, tier-1 operators have begun testing the next-generation 25G PON solutions. In enterprise networking, demand was supported by a broader hardware refresh cycle as customers continued upgrading infrastructure to better support WiFi 7 and AI-enabled applications. On the other hand, the growth was partially offset by a weak PC segment, reflecting softened demand amid rising memory prices that weighed on end-demand.
- Demand rebalancing still in play . Management guided a 'prudent yet stable' outlook for 3Q26. We stand by our view that demand will rebalance in 2H26, as flagged in our note, When uncertainty overshadows reality? (12 May), which was reinforced by management's comments at today's call that the PC segment in 2H26 will likely underperform 1H26, given continued pressure from high DRAM and NAND costs, tight CPU supply, and a normalisation in demand after early order pull-ins ahead of price increases. In the meantime, Realtek also needs to navigate supply-chain constraints, including the OSAT capacity and availability of key PC components. That said, we remain structurally positive on Realtek's growth outlook, underpinned by the multi-year, multi-G (gigabits per second) bandwidth upgrade cycle across wireless and wireline communications. Note: PC accounted for 33% of 2Q26 revenue.
Recommendation
We rate Realtek Buy (1). The stock has surged c.80% in just 2 months off its May-low on the equity market's hype of cost pass-through to improve pricing power and liquidity spillover to benefit low-multiple names, on our observation. Though the stock corrected 28% recently off its all-time high, we will be reviewing our model and rating in due course. Key downside risk to our current call would be any commodity price hikes leading to worsethan-expected consumer demand for choppy earnings rebound.
30 July 2026
Information Technology: Taiwan
Realtek: 2Q26 results review and 3Q26 outlook
| 2Q26 | 2Q26 | 2Q26 | Variance | Variance | Growth | Growth | 3Q26E | ||
|---|---|---|---|---|---|---|---|---|---|
| TWDm | Actual | Daiwa | Consensus | Daiwa | Consensus | QoQ | YoY | Guidance | Daiwa |
| Revenue | 37,553 | 36,330 | 37,163 | 3% | 1% | 3% | 18% | c.TWD33bn, down 10% QoQ | |
| Gross profit | 17,651 | 17,909 | 18,296 | -1% | -4% | -2% | 10% | GM = 48.8% | |
| Opex | 13,926 | 13,406 | 13,826 | 4% | 1% | 1% | 16% | Opex = 36.2% | |
| Operating profit | 3,725 | 4,503 | 4,470 | -17% | -17% | -14% | -7% | ||
| Pretax profit | 4,370 | 5,183 | 5,137 | -16% | -15% | -12% | -5% | ||
| Net profit | 3,805 | 4,431 | 4,431 | -14% | -14% | -12% | -3% | ||
| FD EPS (TWD) | 7.24 | 8.43 | 8.49 | -14% | -15% | -13% | -5% | ||
| Margin | |||||||||
| Gross | 47.0% | 49.3% | 49.2% | -2.3% | -2.2% | ||||
| Operating | 9.9% | 12.4% | 12.0% | -2.5% | -2.1% | ||||
| Net | 10.1% | 12.2% | 11.9% | -2.1% | -1.8% |
Source: Company, Daiwa estimates and forecasts
In the interests of timeliness, this document has not been edited.