PDF 原檔：報告_GS_新日興3376_20260811_original.pdf
圖片清單（已驗證 2026-08-13）
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
260811_gs_SZS_004.png |
78KB | 真資料圖 | SZS（3376.TW）股價與 Goldman Sachs 評等/目標價沿革圖（2023–2026），標示歷次目標價數字（275、276、273、349、318、323、322、332 等）與 NA→B（Buy）評等變化，右軸為台灣加權指數對照 |
260811_gs_SZS_003.png |
41KB | 真資料圖 | SZS 12M forward P/E 走勢圖（2019/08–2025/12），標示 +1 std 24x／均值 17x／-1 std 11x 三條水平線 |
260811_gs_SZS_002.png |
38KB | 真資料圖 | SZS QFII 持股比例走勢圖（2005/12–2025 附近），標示歷史高點 47%（約 2014-2015）與低點 2%（約 2010），近期約 17% |
260811_gs_SZS_001.png |
23KB | 真資料圖 | 同業 2027E P/E vs. 2027-28E NI YoY 散點圖與迴歸線（y=44.572x+6.2283），標示 Quanta、AAC、Everwin、NBTM、Fositek、Lingyi 等公司座標 |
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真資料圖/裝飾·logo·banner/文字卡。<40KB 未 Read 者免列（預設 logo）；本份報告圖檔數少，全數逐張驗證。
原始內容
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SZS (3376.TW): 3Q26 QoQ improvement on better seasonality and new product launches; 2Q26 GM miss on higher new project cost; Buy
SZS's 2Q26 revenues were up 12% QoQ (or -10% YoY) to NT$2.6bn, and we attribute the slow down to clients' new product momentum and higher memory cost weighing on demand. The company reported 2Q GM at 9.8% (vs. 1Q26/ 2Q25 GM at 14.3%/ 14.2%), and management notes the lower GM is due to the spending on the new design-in projects, while taking time to contribute revenues. The operating losses widened in 2Q26 at NT$82m (vs. our estimate at operating pro fi t at NT$133bn), and 2Q NI was 57%/ 33% below our/ Bloomberg consensus estimates. Despite near-term fl uctuations, we remain positive on the company's growing capacity and R&D capability, enabling it to bene fi t from the rising adoption of foldable devices ahead. Maintain Buy.
3-month preview: SZS July revenues remained weak at -10% YoY/ -12% MoM at NT$811m, and we see it takes time for new projects to re fl ect on company's revenues and earnings. Looking ahead, we expect to see improving MoM in Aug/ Sep on better seasonality and new product launches, supporting 3Q26 to deliver strong YoY and QoQ growth.
Allen Chang
+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.
Verena Jeng
+852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C.
Ting Song
+852-2978-6466 | ting.song@gs.com Goldman Sachs (Asia) L.L.C.
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Exhibit 1: We expect SZS Aug revenues to grow 5% YoY/ 62% MoM to NT$1.3bn
| 26-Apr | 26-May | 26-Jun | 26-Jul | Aug-26 (E) | Sep-26 (E) | Oct-26 (E) | 1Q26 | 2Q26 | 3Q26E | |
|---|---|---|---|---|---|---|---|---|---|---|
| Rev (NT$m) | 907 | 802 | 922 | 811 | 1,314 | 2,445 | 2,689 | 2,353 | 2,631 | 4,570 |
| Rev YoY | -10% | -17% | -5% | -10% | 5% | 101% | 131% | -16% | -10% | 72% |
| Rev MoM/QoQ | 13% | -12% | 15% | -12% | 62% | 86% | 10% | 1% | 12% | 74% |
| GS estimates (NT$m) | 903 | 993 | 2,407 | 2,717 | ||||||
| Act vs. GS | 0% | -19% | -2% | -3% |
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 2: SZS 2Q26 result snapshot
| NT$m | 2Q25 | 1Q26 | 2Q26 | QoQ | YoY | GS | Act / GS | Cons. | Act / Cons. |
|---|---|---|---|---|---|---|---|---|---|
| Revenues | 2,940 | 2,353 | 2,631 | 12% | -10% | 2,717 | -3% | 2,484 | 6% |
| GP | 417 | 336 | 258 | -23% | -38% | 494 | -48% | 360 | -28% |
| OP | 92 | -10 | -82 | na | na | 133 | na | ||
| Net income | -90 | 30 | 62 | 109% | na | 145 | -57% | 93 | -33% |
| Margins | |||||||||
| GM | 14.2% | 14.3% | 9.8% | 18.2% | 14.5% | ||||
| OPM | 3.1% | -0.4% | -3.1% | 4.9% | |||||
| NM | -3.1% | 1.3% | 2.4% | 5.3% | 3.7% |
Source: Company data, Goldman Sachs Global Investment Research, Bloomberg
Earnings revision: We factor in SZS 2Q26 result, and revise down 2026-28E earnings by 21%/ 13%/ 14% on lower revenues of headset hinges on the momentum of new product launches, while we remain positive on company's growth ahead on rising foldable devices. We revise down GM by 1.3ppts/ 0.2ppts/ 0.1ppts in 2026-28E to re fl ect higher cost on new design-in projects.
Exhibit 3: Earnings revision
| 2026E | 2026E | 2026E | 2027E | 2027E | 2027E | 2028E | 2028E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|
| NT$m | Old | New | Diff% | Old | New | Diff% | Old | New | Diff% |
| Revenues | 23,658 | 20,508 | -13% | 32,726 | 28,240 | -14% | 38,153 | 33,290 | -13% |
| GP | 4,499 | 3,636 | -19% | 6,522 | 5,581 | -14% | 7,640 | 6,620 | -13% |
| OP | 2,379 | 1,771 | -26% | 4,060 | 3,457 | -15% | 4,779 | 4,123 | -14% |
| Pre-tax income | 2,675 | 2,109 | -21% | 4,372 | 3,810 | -13% | 5,172 | 4,472 | -14% |
| Net income | 1,872 | 1,476 | -21% | 3,061 | 2,667 | -13% | 3,620 | 3,131 | -14% |
| Margins | |||||||||
| GM | 19.0% | 17.7% | -1.3ppts | 19.9% | 19.8% | -0.2ppts | 20.0% | 19.9% | -0.1ppts |
| OPM | 10.1% | 8.6% | -1.4ppts | 12.4% | 12.2% | -0.2ppts | 12.5% | 12.4% | -0.1ppts |
| NM | 7.9% | 7.2% | -0.7ppts | 9.4% | 9.4% | 0.1ppts | 9.5% | 9.4% | -0.1ppts |
Source: Goldman Sachs Global Investment Research
Valuation: We are Buy rated on SZS with a 12-month target price of NT$286 (vs. previously at NT$332) on lower earnings. Our TP is based on a 21x 2027E P/E (unchanged), which is derived from the sector correlation of 2027E P/E vs. 2027E-28E EPS YoY (peers unchanged), with SZS's 2027E-28E NI growth at 40% YoY. The 21x 2027E P/E is also within SZS's trading range since Aug 2019.
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Exhibit 4: SZS P&L Summary
| NT$ mn | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26E | 4Q26E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||||||
| Revenue | 10,068 | 13,327 | 10,723 | 20,508 | 28,240 | 33,290 | 2,806 | 2,940 | 2,650 | 2,328 | 2,353 | 2,631 | 4,570 | 10,953 |
| Gross profit | 1,805 | 2,462 | 1,496 | 3,636 | 5,581 | 6,620 | 450 | 417 | 361 | 268 | 336 | 258 | 879 | 2,164 |
| OP income | 895 | 1,252 | 167 | 1,771 | 3,457 | 4,123 | 159 | 92 | (0) | (84) | (10) | (82) | 532 | 1,331 |
| Pretax income | 1,163 | 1,875 | 537 | 2,109 | 3,810 | 4,472 | 279 | (32) | 181 | 109 | 43 | 43 | 608 | 1,415 |
| Net income | 807 | 1,359 | 318 | 1,476 | 2,667 | 3,131 | 215 | (90) | 116 | 77 | 30 | 62 | 426 | 990 |
| EPS (NT$) | 4.29 | 7.19 | 1.64 | 7.66 | 13.55 | 15.90 | 1.12 | (0.46) | 0.59 | 0.39 | 0.15 | 0.31 | 2.16 | 5.03 |
| Ratios | ||||||||||||||
| R&D to rev | 3.1% | 3.9% | 5.8% | 4.5% | 3.5% | 3.5% | 4.4% | 5.8% | 5.9% | 7.2% | 6.8% | 9.0% | 3.5% | 3.5% |
| Opex ratio | 9.0% | 9.1% | 12.4% | 9.1% | 7.5% | 7.5% | 10.4% | 11.1% | 13.6% | 15.1% | 14.7% | 12.9% | 7.6% | 7.6% |
| Tax rate | 30.6% | 27.5% | 40.8% | 30.0% | 30.0% | 30.0% | 22.7% | -181.4% | 36.2% | 29.6% | 30.0% | 30.0% | 30.0% | 30.0% |
| Margins | ||||||||||||||
| Gross margin | 17.9% | 18.5% | 14.0% | 17.7% | 19.8% | 19.9% | 16.1% | 14.2% | 13.6% | 11.5% | 14.3% | 9.8% | 19.2% | 19.8% |
| Operating margin | 8.9% | 9.4% | 1.6% | 8.6% | 12.2% | 12.4% | 5.7% | 3.1% | 0.0% | -3.6% | -0.4% | -3.1% | 11.6% | 12.2% |
| Net margin | 8.0% | 10.2% | 3.0% | 7.2% | 9.4% | 9.4% | 7.7% | -3.1% | 4.4% | 3.3% | 1.3% | 2.4% | 9.3% | 9.0% |
| YoY | ||||||||||||||
| Revenue | -15% | 32% | -20% | 91% | 38% | 18% | -3% | -16% | -28% | -29% | -16% | -10% | 72% | 371% |
| Gross profit | -28% | 36% | -39% | 143% | 53% | 19% | -12% | -36% | -52% | -50% | -25% | -38% | 144% | 706% |
| OP income | -43% | 40% | -87% | 962% | 95% | 19% | -39% | -74% | na | na | na | na | na | na |
| Net income | -51% | 68% | -77% | 364% | 81% | 17% | -32% | na | -65% | -74% | -86% | na | 267% | 1188% |
| QoQ | ||||||||||||||
| Revenue | -15% | 5% | -10% | -12% | 1% | 12% | 74% | 140% | ||||||
| Gross profit | -17% | -7% | -14% | -26% | 25% | -23% | 241% | 146% | ||||||
| OP income | -23% | -42% | -101% | na | na | 695% | -751% | 150% | ||||||
| Net income | -28% | -142% | na | -34% | -61% | 109% | 586% | 133% |
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 5: Target multiple is derived from peers correlation between P/E and NI YoY
Non-covered company data from Eikon
Source: Eikon Datastream, Company data, Goldman Sachs Global Investment Research
Exhibit 7: SZS QFII holdings
Source: TEJ
Exhibit 6: SZS 12m forward P/E
Source: Eikon Datastream e92c7a75ab8b4efbba794e6b187208c8
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Price Target Risks and Methodology - SZS
Valuation: We use a near-term P/E vs. EPS growth correlation to derive our target price for SZS, consistent with our Taiwan Technology coverage. Our target 2027E P/E multiple of 21x for SZS is based on the sector correlation of 2027E P/E vs. 2027-28E earnings growth. We thus derive our 12-month target price at NT$286. We are Buy rated. Key risks: Weaker-than-expected headset hinges demand; slower-than-expected foldable phone penetration; potential competition from more suppliers; soft market demand.
| 3376.TW | 12m Price Target: NT$286.00 | 12m Price Target: NT$286.00 | Price: NT$183.50 | Price: NT$183.50 | Upside: 55.9% | Upside: 55.9% |
|---|---|---|---|---|---|---|
| Buy | Buy | GS Forecast | ||||
| Market c ap: NT$34.6b n / $ 1 . 1 b n En terpr is e v a lu e: NT$3 2 .6b n / $ 1 . 0 b n 3 m AD T V : NT$ 1 . 2 b n / $3 9 . 1mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : Y e s | Revenue ( NT$m n ) N e w Revenue (NT$ mn) Old EBITD A (NT$ mn) E PS ( NT$) N e w EPS (NT$) Old P/E (X) P/B (X) Dividend yield (%) | 12/25 1 0, 72 3. 1 | 12/26E 2 0, 5 0 7 . 5 | 12/27E 28 , 2 39. 5 | 12/28E 33, 2 90.4 | |
| Market c ap: NT$34.6b n / $ 1 . 1 b n En terpr is e v a lu e: NT$3 2 .6b n / $ 1 . 0 b n 3 m AD T V : NT$ 1 . 2 b n / $3 9 . 1mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : Y e s | 10,723.1 | 23,657.9 | 32,726.3 | 38,153.2 | ||
| Market c ap: NT$34.6b n / $ 1 . 1 b n En terpr is e v a lu e: NT$3 2 .6b n / $ 1 . 0 b n 3 m AD T V : NT$ 1 . 2 b n / $3 9 . 1mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : Y e s | 730.8 | 2,444.3 | 4,104.0 | 4,728.4 | ||
| Market c ap: NT$34.6b n / $ 1 . 1 b n En terpr is e v a lu e: NT$3 2 .6b n / $ 1 . 0 b n 3 m AD T V : NT$ 1 . 2 b n / $3 9 . 1mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : Y e s | 1 . 6 4 | 7 . 66 | 1 3. | 55 | 15 .90 | |
| Market c ap: NT$34.6b n / $ 1 . 1 b n En terpr is e v a lu e: NT$3 2 .6b n / $ 1 . 0 b n 3 m AD T V : NT$ 1 . 2 b n / $3 9 . 1mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : Y e s | 1.65 | 9.65 | 15.78 | 18.67 | ||
| Market c ap: NT$34.6b n / $ 1 . 1 b n En terpr is e v a lu e: NT$3 2 .6b n / $ 1 . 0 b n 3 m AD T V : NT$ 1 . 2 b n / $3 9 . 1mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : Y e s | 132.7 | 24.0 | 13.5 | 11.5 | ||
| Market c ap: NT$34.6b n / $ 1 . 1 b n En terpr is e v a lu e: NT$3 2 .6b n / $ 1 . 0 b n 3 m AD T V : NT$ 1 . 2 b n / $3 9 . 1mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : Y e s | 2.5 | 2.0 | 2.0 | 2.0 | ||
| Market c ap: NT$34.6b n / $ 1 . 1 b n En terpr is e v a lu e: NT$3 2 .6b n / $ 1 . 0 b n 3 m AD T V : NT$ 1 . 2 b n / $3 9 . 1mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : Y e s | 0.7 | 3.6 | 6.4 | 7.5 | ||
| Market c ap: NT$34.6b n / $ 1 . 1 b n En terpr is e v a lu e: NT$3 2 .6b n / $ 1 . 0 b n 3 m AD T V : NT$ 1 . 2 b n / $3 9 . 1mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : Y e s | CROCI (%) | 0.9 | 12.1 | 18.2 | 20.5 | |
| Market c ap: NT$34.6b n / $ 1 . 1 b n En terpr is e v a lu e: NT$3 2 .6b n / $ 1 . 0 b n 3 m AD T V : NT$ 1 . 2 b n / $3 9 . 1mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : Y e s | 6/26 | 9 | /26E | 12/26E | 3 /27E | |
| Market c ap: NT$34.6b n / $ 1 . 1 b n En terpr is e v a lu e: NT$3 2 .6b n / $ 1 . 0 b n 3 m AD T V : NT$ 1 . 2 b n / $3 9 . 1mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : Y e s | EPS (NT$) | 0.31 | 2.16 | 5.03 | 2.86 |
Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 10 Aug 2026 close.
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