PDF 原檔：報告_GS_欣興3037_3Q26_20261027_original.pdf
原始內容
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Unimicron Technology (3037.TW): 3Q26 first take: GM/OPM continue to expand with better substrate profitability; Neutral
3Q26 result overview
Unimicron's 3Q26 core business (OPI) was 3/7% higher than GSe/BBG consensus, mainly driven by the 0.8/1.0ppt higher than GSe/BBG consensus GM. We believe the solid GM expansion this quarter (+4.0ppt QoQ, +15.5ppt YoY) was driven by (1) the more favorable ABF substrate product mix and higher ASP, and with high-end ABF substrate GM could now be 50%-70% per our estimate, and (2) the improved BT substrate product mix and higher utilization rate, as well as more favorable pricing for memory related BT substrates.
For earnings, Unimicron 3Q26 EPS was 21%/49% higher than GSe/BBG consensus due to the financial asset reevaluation gain (non-operating income accounted for ~20% of pretax income).
Valuation
We are Neutral rated with a 12m TP of NT$1,270, based on 17.4x 2028E P/E, which is +2.7x STDV higher than past upcycle average P/E of 10.3x.
Chao Wang
+886(2)2730-4195 | kuanchao.wang@gs.com Goldman Sachs (Asia) L.L.C., Taipei Branch
Allen Chang
+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.
Al Wang
+886(2)2730-4081 | al.wang@gs.com Goldman Sachs (Asia) L.L.C., Taipei Branch e92c7a75ab8b4efbba794e6b187208c8
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Exhibit 1: Unimicron 3Q26 result comp table
| Unimicron (3037.TW) - P&L (NT$mn) | 3Q26 - Actual | 3Q26 - GS est. | 3Q26 - Diff (%) | QoQ - 2Q26 | QoQ | YoY - 3Q25 | YoY | Bloomberg consensus - Consensus | Bloomberg consensus - % |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 52,650 | 51,240 | 3% | 42,890 | 23% | 33,994 | 55% | 50,366 | 5% |
| Gross profits | 15,189 | 14,351 | 6% | 10,638 | 43% | 4,549 | 234% | 14,044 | 8% |
| Operating profits | 10,528 | 10,201 | 3% | 6,651 | 58% | 1,533 | 587% | 9,878 | 7% |
| Pre-tax income | 13,163 | 10,201 | 29% | 15,576 | -15% | 2,947 | 347% | 8. ,577 | 53% |
| Net earnings | 10,052 | 7,861 | 28% | 13,115 | -23% | 2,194 | 358% | 6,738 | 49% |
| EPS, NT$ | 6.15 | 5.06 | 21% | 8.45 | -27% | 1.44 | 327% | 4.14 | 49% |
| Gross margin (%) | 28.8% | 28.0% | 0.8ppt | 24.8% | 4.0ppt | 13.4% | 15.5ppt | 27.9% | 1.0ppt |
| EBIT margin (%) | 20.0% | 19.9% | 0.1ppt | 15.5% | 4.5ppt | 4.5% | 15.5ppt | 19.6% | 0.4ppt |
| Net margin (%) | 19.1% | 15.3% | 3.8ppt | 30.6% | -11.5ppt | 6.5% | 12.6ppt | 13.4% | 5.7ppt |
Source: Company data, Bloomberg, Goldman Sachs Global Investment Research
Investment Thesis & PT methodology and risks
Investment Thesis - Unimicron Technology
Unimicron is a key supplier of ABF substrates (25% market share in 2025) and BT substrates and also produces FPC/HDI/PCB products. We note (1) over 70% of ABF shipments are covered by long-term agreements (LTA), which limits pricing flexibility and makes price hikes less likely; (2) the company's execution track record has been weaker than peers; (3) capacity expansion plan remains slower than peers, constraining its ability to capture incremental AI demand. The current ABF substrates market is seeing more favorable supply demand outlook, and Unimicron is likely to see a better pricing outlook to reflect rising material costs in the coming quarters. AI ABF accounts for 10% of the company's total revenue, but the growth is likely to be slower than peers as the company is losing market share given its less favourable production yield and slow capacity expansion. Overall, we are Neutral rated on Unimicron given our outlook for limited upside potential, barring ASIC AI servers, despite our generally positive view in the long term on its profitability trajectory.
Price Target Risks and Methodology - Unimicron Technology
Valuation methodology: Our 12-month target price of NT$1,270 for Unimicron is based on 17.4x 2028E P/E, which is 2.7x STDV higher than the past upcycle average P/E (10.3x).
Key upside/downside risks: (1) Slower/faster-than-expected PC demand recovery, (2) Slower/faster-than-expected ABF substrates upgrading pace, and (3) Slower/faster than-expected AI server PCB market share loss progress.
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3037.TW
Neutral
12m Price Target: NT$1,270.00
GS Forecast
Market cap: NT$1.5tr / $47.3bn
Enterprise value:
NT$1.5tr / $46.9bn
3m ADTV: NT$21.7bn / $678.8mn
Taiwan
Greater China Electronic
Components
M&A Rank: 3
Leases incl. in net debt & EV?: No
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| Revenue (NT$ mn) | 131,240.9 | 190,559.9 | 308,239.8 | 435,891.3 |
| EBITDA (NT$ mn) | 25,446.9 | 51,420.0 | 105,180.2 | 164,788.4 |
| EPS (NT$) | 4.38 | 23.37 | 44.49 | 73.25 |
| P/E (X) | 30.8 | 45.4 | 23.8 | 14.5 |
| P/B (X) | 2.3 | 13.4 | 9.9 | 7.1 |
| Dividend yield (%) | 1.5 | 0.9 | 1.7 | 2.8 |
| N debt/EBITDA (ex lease,X) | (0.8) | (0.5) | (0.4) | (0.5) |
| CROCI (%) | 8.6 | 22.2 | 28.9 | 37.0 |
| FCF yield (%) | (5.0) | 0.1 | 1.3 | 3.3 |
| 6/26 | 9/26E | 12/26E | 3/27E | |
| EPS (NT$) | 8.45 | 5.06 | 6.57 | 7.97 |
Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 27 Oct 2026 close.
Price: NT$1,060.00
Upside: 19.8%
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圖片清單（已驗證 2026-10-28）
| 檔名 | 分類 | 親眼所見內容 |
|---|---|---|
| 報告_GS_欣興3037_3Q26_20261027_001.png | 真資料圖 | 高盛欣興評等與目標價歷史圖（2023–2026，截至 2026-09-30）：目標價由 2023 年約 228 至 2026 年標示 485、555、630、1,140、1,220，疊台灣加權指數 |