圖片清單（已驗證 2026-11-03）
ingest 時建立的「眼見為憑」圖片索引，是 lib/ 嵌圖的唯一真相來源；<40KB 者僅簡列，皆為財務／股價／評等類，無架構圖。
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
報告_GS_台達電2308_20261102_001.png |
18KB | 真資料圖 | GS Factor Profile：2308.TW 相對亞洲（日本除外）與大中華電子零組件覆蓋的 Growth／Financial Returns／Multiple／Integrated 百分位長條 |
報告_GS_台達電2308_20261102_002.png |
25KB | 真資料圖 | 2308.TW 與加權指數 2026 年股價走勢（約 1,000 起漲至 4-5 月高點約 2,500，10 月回落） |
報告_GS_台達電2308_20261102_003.png |
71KB | 真資料圖 | Exhibit 1：Delta 存貨跌價損失（NT$mn，柱）與佔營收比（點）1Q18–3Q26，3Q26 約 3,900 百萬、佔營收約 2.0% 為歷史高點 |
報告_GS_台達電2308_20261102_004.png |
72KB | 真資料圖 | GS 對 Delta 的評等與目標價沿革圖（2023–2026），目標價階梯至最新 4,120 |
報告_GS_台達電2308_20261102
PDF 原檔：報告_GS_台達電2308_20261102_original.pdf
原始內容
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Delta Electronics (2308.TW)
GM and revenue to see sequential growth in 4Q26E, further expansion by 30%+ in 5Y; Reiterate Buy
2308.TW 12m Price Target: NT$4,120.00 Price: NT$1,335.00 Upside: 208.6%
Key takeaways from Delta's results call (October 29th) include:
(1) Management expects both revenue and GM to go up sequentially in 4Q26, with some price adjustment likely to occur in 4Q26/1Q27. 4Q GM could further improve due to some reversal in inventory write-offs, as the weaker-than-expected 3Q26 GM was primarily due to the large inventory write-offs with ~2.0ppt negative impact (we observed a sharp expansion in GM by 3.2ppt in 2024 following significant inventory write-offs of ~2.0ppt in 2023). Looking ahead, we continue to see increasing AI exposure for Delta to support the GM expansion (2026E GM at 36.1% per GSe vs. 34.3% in 2025).
(2) The company's BOD has approved building a new large-scale production site in Penang, Malaysia, and expect the site to reach similar scale as the Thailand operations within 5Y, subject to market demand (Thailand accounts for 30%+ of Delta's total capacity per our estimate).
(3) For HVDC products, the company started to see some initial shipment for +-400VDC solution, which is in line with expectation and mentioned that 800VDC solution is driven by Nvidia that is progressing more slowly (we expect 800VDC contribution to increase sharply along with the ramp up of next-generation AI server in 2H27). The company is positive that datacenters architecture will migrate increasingly toward HVDC in the longer term, but did mention some near term risk in the pace of deployment due to the shortage of skilled labor.
(4) In terms of new products, Delta mentioned SOFC product will enter MP in 2027E, with the first production line having capacity of 100MW+ (equivalent to US$300-400mn revenue contribution if fully utilized per GSe), which is mainly for sampling with clients. Several large clients have expressed interest in testing the new product, further capacity expansion will depend on successful verification, with equipment procurement requiring 6-10M (the company could
BUY
Chao Wang
+886(2)2730-4195 | kuan-chao.wang@gs.com Goldman Sachs (Asia) L.L.C., Taipei Branch
Allen Chang
+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.
Al Wang
+886(2)2730-4081 | al.wang@gs.com Goldman Sachs (Asia) L.L.C., Taipei Branch
Key Data _____________________________________
Market cap: NT$3.5tr / $106.4bn Enterprise value: NT$3.5tr / $105.9bn 3m ADTV: NT$21.3bn / $666.4mn Taiwan Greater China Electronic Components M&A Rank: 3 Leases incl. in net debt & EV?: No
| GS Forecast | 12/25 | __________ 12/26E | 12/27E | 12/28E |
|---|---|---|---|---|
| Revenue (NT$ mn) New | 554,885.2 | 761,021.11,130,676.62,091,190.6 | ||
| Revenue (NT$ mn) Old | 554,885.2 | 768,416.31,140,640.42,082,620.0 | ||
| EBITDA (NT$ mn) | 111,771.1 | 162,046.7 | 296,938.1 | 648,599.0 |
| EPS (NT$) New | 23.14 | 39.43 | 73.32 | 172.20 |
| EPS (NT$) Old | 23.14 | 40.49 | 75.23 | 172.30 |
| P/E (X) | 26.0 | 33.9 | 18.2 | 7.8 |
| P/B (X) | 5.8 | 10.9 | 8.4 | 5.4 |
| Dividend yield (%) | 1.9 | 1.5 | 2.7 | 6.4 |
| CROCI (%) | 31.3 | 29.1 | 39.6 | 67.2 |
| 9/26 | 12/26E | 3/27E | 6/27E | |
| EPS (NT$) | 9.14 | 12.70 | 12.47 | 16.72 |
Source: Company data, Goldman Sachs Research estimates. See disclosures for details.
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.
e92c7a75ab8b4efbba794e6b187208c8
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BUY
Delta Electronics (2308.TW)
Rating since Oct 24, 2018
Ratios & Valuation __________________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| P/E (X) | 26.0 | 33.9 | 18.2 | 7.8 |
| P/B (X) | 5.8 | 10.9 | 8.4 | 5.4 |
| FCF yield (%) | 3.2 | (0.4) | 1.8 | 5.0 |
| EV/EBITDAR (X) | 13.4 | 21.3 | 11.6 | 5.2 |
| EV/EBITDA (excl. leases) (X) | 13.4 | 21.3 | 11.6 | 5.2 |
| CROCI (%) | 31.3 | 29.1 | 39.6 | 67.2 |
| ROE (%) | 24.1 | 34.9 | 51.9 | 85.0 |
| Net debt/equity (%) | (39.2) | (21.6) | (19.5) | (24.1) |
| Net debt/equity (excl. leases) (%) | (39.2) | (21.6) | (19.5) | (24.1) |
| Interest cover (X) | 39.3 | 40.1 | 39.6 | 60.9 |
| Days inventory outst, sales | 61.0 | 56.3 | 51.6 | 44.8 |
| Receivable days | 71.4 | 70.0 | 66.9 | 61.6 |
| Days payable outstanding | 81.9 | 67.9 | 55.7 | 51.1 |
| DuPont ROE (%) | 18.5 | 26.5 | 38.4 | 60.0 |
| Turnover (X) | 0.9 | 1.0 | 1.1 | 1.4 |
| Leverage (X) | 2.0 | 2.0 | 2.0 | 2.0 |
| Gross cash invested (ex cash) (NT$) | 402,630.9 | 532,944.5 | 658,636.0 | 859,551.9 |
| Average capital employed (NT$) | 196,978.7 | 250,247.9 | 350,883.6 | 482,620.4 |
| BVPS (NT$) | 103.20 | 122.91 | 159.57 | 245.67 |
Growth & Margins (%) ______________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| Total revenue growth | 31.8 | 37.1 | 48.6 | 85.0 |
| EBITDA growth | 53.8 | 45.0 | 83.2 | 118.4 |
| EPS growth | 70.6 | 70.4 | 86.0 | 134.8 |
| DPS growth | 65.7 | 69.9 | 86.0 | 134.8 |
| EBIT margin | 15.1 | 18.0 | 23.7 | 29.4 |
| EBITDA margin | 20.1 | 21.3 | 26.3 | 31.0 |
| Net income margin | 10.8 | 13.5 | 16.8 | 21.4 |
Price Performance __________________________________________
| 3m | 6m | 12m | |
|---|---|---|---|
| Absolute | (12.7)% | (38.3)% | 32.2% |
| Rel. to the Taiwan SE Weighted Index | (22.9)% | (46.9)% | (17.3)% |
Source: FactSet. Price as of 30 Oct 2026 close.
Income Statement (NT$ mn) ________________________________
| Total revenue | 12/25 - 554,885.2 | 12/26E - 761,021.1 | 12/27E - 1,130,676.6 | 12/28E - 2,091,190.6 |
|---|---|---|---|---|
| Cost of goods sold | (364,728.6) | (486,352.5) | (681,327.6) | (1,190,308.3) |
| SG&A | (57,481.8) | (72,976.6) | (89,659.5) | (130,638.8) |
| R&D | (48,742.7) | (64,912.2) | (92,218.2) | (155,311.3) |
| Other operating inc./(exp.) | -- | -- | -- | -- |
| EBITDA | 111,771.1 | 162,046.7 | 296,938.1 | 648,599.0 |
| Depreciation & amortization | (27,839.1) | (25,266.9) | (29,466.9) | (33,666.9) |
| EBIT | 83,932.1 | 136,779.8 | 267,471.2 | 614,932.2 |
| Net interest inc./(exp.) | 1,578.5 | 1,369.8 | (1,944.1) | (3,435.1) |
| Income/(loss) from associates | 0.0 | -- | -- | -- |
| Pre-tax profit | 87,866.0 | 145,181.3 | 267,471.2 | 615,932.2 |
| Provision for taxes | (19,929.7) | (33,143.0) | (62,617.5) | (142,198.9) |
| Minority interest | (7,827.9) | (9,625.0) | (14,390.1) | (26,441.5) |
| Preferred dividends | -- | -- | -- | -- |
| Net inc. (pre-exceptionals) | 60,108.4 | 102,413.3 | 190,463.6 | 447,291.8 |
| Post-tax exceptionals | -- | -- | -- | -- |
| Net inc. (post-exceptionals) | 60,108.4 | 102,413.3 | 190,463.6 | 447,291.8 |
| EPS (basic, pre-except) (NT$) | 23.14 | 39.43 | 73.32 | 172.20 |
| EPS (diluted, pre-except) (NT$) | 23.14 | 39.43 | 73.32 | 172.20 |
| EPS (basic, post-except) (NT$) | 23.14 | 39.43 | 73.32 | 172.20 |
| EPS (diluted, post-except) (NT$) | 23.14 | 39.43 | 73.32 | 172.20 |
| DPS (NT$) | 11.60 | 19.71 | 36.66 | 86.10 |
| Div. payout ratio (%) | 50.1 | 50.0 | 50.0 | 50.0 |
| Balance Sheet (NT$ mn) | ______ | |||
| 12/25 | 12/26E | 12/27E | 12/28E | |
| Cash & cash equivalents | 151,172.2 | 151,957.1 | 210,354.4 | 338,192.7 |
| Accounts receivable | 125,020.2 | 166,799.1 | 247,819.5 | 458,343.1 |
| Inventory | 101,478.3 | 133,247.3 | 186,665.1 | 326,111.9 |
| Other current assets | 18,110.1 | 18,110.1 | 18,110.1 | 18,110.1 |
| Total current assets | 395,780.8 | 470,113.6 | 662,949.2 | 1,140,757.9 |
| Net PP&E | 142,039.8 | 186,773.0 | 227,306.1 | 263,639.3 |
| Net intangibles | 75,326.3 | 75,326.3 | 75,326.3 | 75,326.3 |
| Total investments | 4,876.2 | 4,876.2 | 4,876.2 | 4,876.2 |
| Other long-term assets | 21,595.5 | 21,595.5 | 21,595.5 | 21,595.5 |
| Total assets | 639,618.6 | 758,684.6 | 992,053.3 | 1,506,195.1 |
| Accounts payable | 94,451.5 | 86,610.7 | 121,332.3 | 211,972.7 |
| Short-term debt | 2,364.1 | 2,364.1 | 2,364.1 | 2,364.1 |
| Short-term lease liabilities | -- | -- | -- | -- |
| Other current liabilities | 112,849.4 | 133,924.5 | 177,949.7 | 306,363.8 |
| Total current liabilities | 209,665.0 | 222,899.3 | 301,646.1 | 520,700.6 |
| Long-term debt | 21,142.6 | 66,142.6 | 111,142.6 | 156,142.6 |
| Long-term lease liabilities | -- | -- | -- | -- |
| Other long-term liabilities | 83,422.0 | 83,422.0 | 83,422.0 | 83,422.0 |
| Total long-term liabilities | 104,564.6 | 149,564.6 | 194,564.6 | 239,564.6 |
| Total liabilities | 314,229.6 | 372,463.9 | 496,210.7 | 760,265.2 |
| Preferred shares | 1.0 | 1.0 | 1.0 | 1.0 |
| Total common equity | 268,058.0 | 319,264.6 | 414,496.4 | 638,142.3 |
| Minority interest | 57,331.0 | 66,956.0 | 81,346.1 | 107,787.6 |
| Total liabilities & equity | 639,618.6 | 758,684.6 | 992,053.3 | 1,506,195.1 |
| Net debt, adjusted | (127,664.4) | (83,449.3) | (96,846.7) | (179,685.0) |
Cash Flow (NT$ mn) ________________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| Net income | 60,108.4 | 102,413.3 | 190,463.6 | 447,291.8 |
| D&A add-back | 27,839.1 | 25,266.9 | 29,466.9 | 33,666.9 |
| Minority interest add-back | 7,827.9 | 9,625.0 | 14,390.1 | 26,441.5 |
| Net (inc)/dec working capital | (24,348.1) | (81,388.7) | (99,716.6) | (259,330.0) |
| Other operating cash flow | 27,047.0 | -- | -- | -- |
| Cash flow from operations | 98,474.3 | 55,916.4 | 134,603.9 | 248,070.1 |
| Capital expenditures | (46,091.3) | (70,000.0) | (70,000.0) | (70,000.0) |
| Acquisitions | (159.3) | -- | -- | -- |
| Divestitures | 141.8 | -- | -- | -- |
| Others | (7,105.4) | -- | -- | -- |
| Cash flow from investing | (53,214.2) | (70,000.0) | (70,000.0) | (70,000.0) |
| Repayment of lease liabilities | -- | -- | -- | -- |
| Dividends paid (common & pref) | (20,312.7) | (30,131.5) | (51,206.6) | (95,231.8) |
| Inc/(dec) in debt | 84,439.4 | 45,000.0 | 45,000.0 | 45,000.0 |
| Other financing cash flows | (75,673.9) | 0.0 | 0.0 | 0.0 |
| Cash flow from financing | (11,547.2) | 14,868.5 | (6,206.6) | (50,231.8) |
| Total cash flow | 33,712.9 | 784.9 | 58,397.3 | 127,838.3 |
| Free cash flow | 52,383.0 | (14,083.6) | 64,603.9 | 178,070.1 |
Source: Company data, Goldman Sachs Research estimates.
e92c7a75ab8b4efbba794e6b187208c8
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expand its SOFC capacity by multiple times within 1Y per our estimates). (5) Delta mentioned that order visibility has extended further and noted that datacenter deployment plans are now extended into 2030E. However, the company's near-term revenue and GM performance remains sensitive to the pace of client order pull-ins. Datacenter deployment could face delays in the near term due to geopolitical risk and shortage of components/labor/electricity, potentially leading to greater volatility in the company's financial performance. (6) The company mentioned that AI already accounted for 50%+ of total revenue (tracking faster than previous target of 25%+) and expects liquid cooling related products to account for 13% of total revenue in 2026 (higher than previous target of
12%+).
Investment view
We maintain our positive view on Delta's revenue/profitability outlook over the coming years, underpinned by its increasing exposure in AI (see here). We now expect GM/OPM will expand by 8ppt+/14ppt+ in 2028 vs. 2025, due to the increasing contribution from the high margin AI power products (expand from 9% in 2025 to 69% in 2028E). We believe the GM contraction in 3Q26 is manageable, with potential reversals of inventory write-offs providing additional upside to margins going forward (historically, the company saw solid GM expansion in 2020/2024 following significant inventory write-offs in 2019/2023). Meanwhile, with contributions from HVDC power racks to ramp up from 3Q26 and order visibility extending further, we expect 3Q26 GM of 34.2% to mark the low point in 2026-28E, and we expect sequential GM expansion in every subsequent quarter through 2028. We believe Delta is well-positioned to capture a leading market share in the HVDC power rack market (50-70% market share in 2027-2030E per our estimates) supported by its industry leading AC to DC conversion capabilities. With its latest expansion in Malaysia that is expected to reach similar scale as Thailand operations in 5Y time frame (Thailand is currently the largest manufacturing hub for Delta), we believe Delta could maintain its leading market share in the HVDC power rack market with its time to market capacity. We expect HVDC solution to be the key revenue/profitability driver going forward as its dollar content per watt to be 3x+ more than the company's current key PSU products. The company continues to make progress with its new SOFC products and is expected to ramp up in 2027 with initial capacity of 100MW+. We expect each additional 100MW of fully utilized SOFC capacity could contribute ~1% to Delta's 2027E revenue. We believe Delta could capture some market share amid the electricity shortage environment, as SOFC offers an attractive alternative power solution given its speed-to-power, reliability, and deployment flexibility (see here). Overall, we maintain our positive view on Delta's long term growth prospects, supported by its leading position in the most critical segment of the AI datacenter power industry. We expect the company to sustain solid earnings growth over the coming year. Maintain
our Buy rating on Delta and 12m TP at NT$4,120.
3Q26 earnings recap
Delta's 3Q26 core business (OPI) was 18/16% lower than both GSe/BBG consensus while e92c7a75ab8b4efbba794e6b187208c8
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3Q26 GM missed GSe/BBG consensus by 3.2/2.0ppt as 3Q26 GM was affected by a ~2.0ppt impact from an inventory write-off. On earnings, Delta's 3Q net income was 16% lower than GSe mainly due to the GM miss.
Source: Company data, Goldman Sachs Global Investment Research
| Exhibit 2: Delta 3Q26 result comp table |
|---|
Source: Company data, Goldman Sachs Global Investment Research, Bloomberg
Earnings revisions
We revise down our 2026E EPS by 3% by factoring the actual 3Q26 results and revise down 2027E EPS by 3% by applying a more conservative margin assumption for the Power Electronics business due to rising material cost (we revise down our 2026/27/28E GM by 0.9/0.6/0.2ppt), and expecting some negative impact in shipments due to the potential shortage in materials (we revise down revenue estimates by 1/2% for 2026/27E).
In this report, we introduce our 2029E estimates.
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Exhibit 3: Earning revision table
| Delta P&L (NT$mn) | 2026E New | 2026E Old | Diff. | 2027E New | 2027E Old | Diff. | 2028E New | 2028E Old | Diff. | 2029E New |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 761,021 | 768,416 | -1% | 1,130,677 | 1,140,640 | 1% | 2,091,191 | 2,082,620 | %0 | 3,095,440 |
| Gross Profit | 274,669 | 283,949 | -3% | 449,349 | 459,861 | -2% | 900,882 | 901,377 | 0% | 1,388,356 |
| EBIT | 136,780 | 142,022 | -4% | 267,471 | 274,806 | -3% | 614,932 | 616,957 | 0% | 987,689 |
| Net Income | 102,413 | 105,181 | -3% | 190,464 | 195,420 | -3% | 447,292 | 447,569 | %0 | 720,384 |
| EPS (NTS) | 39.43 | 40.49 | %% | 73.32 | 75.23 | -3% | 172.20 | 172.30 | 0% | 277.33 |
| Ratio analysis | ||||||||||
| Gross margin | 36.1% | 37.0% | -0.9pp | 39.7% | 40.3% | -0.6pp | 43.1% | 43.3% | -0.2pp | 44.9% |
| EBIT margin | 18.0% | 18.5% | -0.5pp | 23.7% | 24.1% | -0.4pp | 29.4% | 29.6% | -0.2pp | 31.9% |
| Net margin | 13.5% | 13.7% | -0.2pp | 16.8% | 17.1% | -0.3pp | 21.4% | 21.5% | -0.1pp | 23.3% |
Source: Company data, Goldman Sachs Global Investment Research
Valuation
We reiterate our Buy rating on Delta with an unchanged 12-m TP of NT$4,120, based on an unchanged 26.5x P/E multiple (+1.6x STDV higher than Delta's past 15-year average valuation), and maintain our valuation period at 2028E and discounted back to 2027 at a CoE of 11%.
Exhibit 4: P&L table
| NT$mn | 1Q26 | 2Q26 | 3Q26 | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 1Q28E | 2Q28E | 3Q28E | 4Q28E | 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 159,353 | 183,256 | 197,059 | 221,354 | 221,563 | 264,182 | 303,457 | 341,474 | 414,546 | 476,419 | 556,972 | 643,254 | 554,885 | 761,021 | 1,130,677 | 2,091,191 | 3,095,440 |
| Gross profit | 58,961 | 65,308 | 67,464 | 82,936 | 86,194 | 104,211 | 120,836 | 138,107 | 173,810 | 204,761 | 241,463 | 280,849 | 190,157 | 274,669 | 449,349 | 900,882 | 1,388,356 |
| Operating expense | (30,544) | (34,738) | (34,535) | (38,073) | (38,552) | (43,854) | (45,519) | (53,953) | (67,156) | (67,652) | (70,735) | (80,407) | (106,224) | (137,889) | (181,878) | (285,950) | (400,667) |
| Operating income | 28,417 | 30,570 | 32,929 | 44,863 | 47,642 | 60,357 | 75,318 | 84,154 | 106,653 | 137,110 | 170,727 | 200,442 | 83,932 | 136,780 | 267,471 | 614,932 | 987,689 |
| Pretax income | 31,093 | 35,000 | 33,976 | 45,113 | 47,642 | 60,357 | 75,318 | 84,154 | 106,903 | 137,360 | 170,977 | 200,692 | 87,866 | 145,181 | 267,471 | 615,932 | 987,689 |
| Taxes expense | (7,258) | (7,831) | (7,678) | (10,376) | (10,958) | (14,184) | (17,700) | (19,776) | (25,122) | (31,593) | (39,325) | (46,159) | (19,930) | (33,143) | (62,618) | (142,199) | (227,168) |
| Net income | 20,556 | 25,137 | 23,734 | 32,987 | 32,374 | 43,433 | 53,957 | 60,699 | 74,614 | 101,418 | 125,677 | 145,583 | 60,108 | 102,413 | 190,464 | 447,292 | 720,384 |
| EPS, NT$ | 7.91 | 9.68 | 9.14 | 12.70 | 12.47 | 16.72 | 20.78 | 23.37 | 28.73 | 39.05 | 48.39 | 56.05 | 23.14 | 39.43 | 73.32 | 172.20 | 277.33 |
| Ratio analysis and assumption | |||||||||||||||||
| As % of sales | |||||||||||||||||
| Gross margin | 37.0% | 35.6% | 34.2% | 37.5% | 38.9% | 39.4% | 39.8% | 40.4% | 41.9% | 43.0% | 43.4% | 43.7% | 34.3% | 36.1% | 39.7% | 43.1% | 44.9% |
| Operating expense ratio | 19.2% | 19.0% | 17.5% | 17.2% | 17.4% | 16.6% | 15.0% | 15.8% | 16.2% | 14.2% | 12.7% | 12.5% | 19.1% | 18.1% | 16.1% | 13.7% | 12.9% |
| Operating margin | 17.8% | 16.7% | 16.7% | 20.3% | 21.5% | 22.8% | 24.8% | 24.6% | 25.7% | 28.8% | 30.7% | 31.2% | 15.1% | 18.0% | 23.7% | 29.4% | 31.9% |
| Net margin | 12.9% | 13.7% | 12.0% | 14.9% | 14.6% | 16.4% | 17.8% | 17.8% | 18.0% | 21.3% | 22.6% | 22.6% | 10.8% | 13.5% | 16.8% | 21.4% | 23.3% |
| QoQ growth (%) | |||||||||||||||||
| Revenue | -1% | 15% | 8% | 12% | 0% | 19% | 15% | 13% | 21% | 15% | 17% | 15% | |||||
| Gross profit | 5% | 11% | 3% | 23% | 4% | 21% | 16% | 14% | 26% | 18% | 18% | 16% | |||||
| Operating income | 8% | 8% | 8% | 36% | 6% | 27% | 25% | 12% | 27% | 29% | 25% | 17% | |||||
| Net income | 19% | 2% | -6% | 39% | -2% | 34% | 24% | 12% | 23% | 36% | 24% | 16% | |||||
| YoY growth (%) | |||||||||||||||||
| Revenue | 34% | 48% | 31% | 37% | 39% | 44% | 54% | 54% | 87% | 80% | 84% | 88% | 32% | 37% | 49% | 85% | 48% |
| Gross profit | 56% | 48% | 29% | 48% | 46% | 60% | 79% | 67% | 102% | %96 | 100% | 103% | 39% | 44% | 64% | 100% | 594% |
| OPEX | 29% | 37% | 25% | 29% | 26% | 26% | 32% | 42% | 74% | 54% | 55% | 49% | 19% | 30% | 32% | 57% | 40% |
| Operating income | 102% | 64% | 33% | 70% | 68% | 97% | 129% | 88% | 124% | 127% | 127% | 138% | 76% | 63% | 96% | 130% | 61% |
| Net income | 101% | 80% | 28% | %06 | 57% | 73% | 127% | 84% | 130% | 134% | 133% | 140% | 71% | 70% | %98 | 135% | 61% |
Source: Company data, Goldman Sachs Global Investment Research
Investment Thesis & PT methodology and risks
Delta Electronics is the largest vendor of power supply components globally (in terms of sales) and a key servo motor/inverter/PLC supplier in mainland China. It is also a key supplier for the EV/server power industry, holding one of the largest market shares in both markets. We are positive on Delta's long-term growth opportunity driven by multiple factors (EV/EV charger/5G infrastructure/Datacenter power/ESS etc.) in the coming years. We also expect demand for its AI server power and cooling systems to deliver solid growth given the increasing demand for high computing performance AI servers, which will require higher efficiency power components and better cooling systems to improve the overall performance. Trading at a 1-year forward P/E multiple that is below our target multiple, we believe the stock is undervalued, given the company's strong revenue outlook (50%+ 2025-28E CAGR) for its growth sectors (including EV & EV charging / green capex & renewable energy / cloud computing / smart manufacturing / satellite communication & smart connectivity), and its leadership e92c7a75ab8b4efbba794e6b187208c8
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in the power component industry. We are Buy rated. Key downside risks include: (1) slower-than-expected AI server power consumption growth momentum, (2) potential market share loss risk in AI server DC-DC power system or the potential design change on AI server DC-DC system, and (3) slower than expected of future products deployment, including power rack, SST and SOFC.
Valuation methodology: We are Buy rated on Delta. Our 12m TP of NT$4,120 is based on a target P/E multiple of 26.5x (1.6x s.d. higher than Delta's past 15-year average valuation) applied to our 2028E EPS and discounted back to 2027 at a CoE of 11%.
Key downside risks: (1) slower-than-expected AI server power consumption growth momentum, (2) potential market share loss risk in AI server DC-DC power system or the potential design change on AI server DC-DC system, and (3) slower than expected of future products deployment, including power rack, SST and SOFC.
e92c7a75ab8b4efbba794e6b187208c8
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