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報告_JPM_奇鋐3017_20260723

更新 2026-07-24
#來源/券商報告#公司/奇鋐

PDF 原檔：報告_JPM_奇鋐3017_20260723_original.pdf

圖片清單（已驗證 2026-07-24）

檔名 size 分類 親眼所見內容
報告_JPM_奇鋐3017_20260723_006.png 227KB 真資料圖 股價走勢圖 + 右側評等/目標價沿革表格（2024-01-11至2026-05-14，全為 OW，目標價 420→3,200）
報告_JPM_奇鋐3017_20260723_002.png 52KB 真資料圖 Figure 1：AVC 1 年期 forward P/E 走勢（Jan-23–Jul-26，含 10x/15x/20x/25x/30x 參考線）
報告_JPM_奇鋐3017_20260723_003.png 49KB 真資料圖 Figure 3：AVC 1 年期 forward P/B 走勢 + ROE% 折線（Jan-18–Jul-26）
報告_JPM_奇鋐3017_20260723_004.png 40KB 真資料圖 Figure 2：AVC 1 年期 forward P/E vs 均值與 ±1/±2 Std Dev 帶（Jan-18–Jul-26）
報告_JPM_奇鋐3017_20260723_001.png 38KB 真資料圖 Price Performance：AVC 股價 vs 大盤 rebased 走勢圖（Oct-25–Jul-26）
報告_JPM_奇鋐3017_20260723_005.png 34KB 真資料圖 Figure 4：AVC 1 年期 forward P/B vs 均值與 ±1/±2 Std Dev 帶（Jan-18–Jul-26）

原始內容

Quant

Factors

Value

Growth

Momentum

Quality

Low Vol

Current

%Rank

49

9

34

3

76

Hist %Rank (1=Top)

3

26

12

60

4

49

15

85

4

93

15

83

74

Asia Vital Components

2Q preview: Another strong GM beat; key beneficiary of ASIC and GPU cooling upgrade; OW

We expect A VC's 2Q26 results to beat on stronger-than-expected GM expansion (new JPMe 32.5% vs BBGe ~30%), despite the reported weaker revenue momentum given VR200 delay. The company's share price has underperformed the Taiex by ~35% in the past 3 months, owing to the VR cold plate order push-out from June to August. As the issues seem largely resolved, we believe A VC's revenue should resume momentum with VR mass production in August. The potential 2Q26 GM beat coupled with the reaccelerating revenue growth should revive sentiment on A VC, in our view. Looking further out, we see multiple catalysts ahead, including AWS Trainium 3 and Google TPU v8 cold plates entering mass production in 4Q26, as well as the VR Ultra cold plate content increase. OW.

  • 2Q26 preview. Reported 2Q26 revenue of NT$49.1bn (flat QoQ, +66% YoY) was below both JPMe and consensus by 3%, given the delay in VR200 shipment. Despite softer revenue, we believe the company's 2Q26 GM could reach 32.5% (above old JPMe of 31.0%), which could likely beat the current Bloomberg estimate of ~30%, thanks to its decent yield and enhanced production efficiency. Coupled with well-managed opex and higher non-op income, we revise up our 2Q26 EPS estimate by 14% to NT$24.5, meaningfully higher vs BBGe of NT$21.4.
  • Revenue momentum expected to resume from Aug. Post the flattish 2Q26, we model AVC's 3Q26 revenue to resume momentum with 15% QoQ growth, driven by the mass production of Nvidia's VR200 cold plate expected to start from August. In addition, we believe the liquid-cooled version of AWS Trainium 3 and Google TPU v8 cold plates will also start ramping up in 4Q26 with higher content value vs Nvidia systems. These new ASIC liquid cooling projects should drive another 16% QoQ revenue growth in 4Q26, based on JPMe. In terms of GM, we think the increasing liquid cooling mix along with decent yield will contribute to further GM expansion to 34% and 35% in 3Q and 4Q26 (vs consensus still at 30.5% and 31.4%).
  • VR Ultra liquid cooling content likely to further increase. Looking forward to future generations, we think A VC will continue to benefit from the structural content increase trend. For VR Ultra, we believe the liquid cooling content of its compute tray could further grow (after the >50% increase in VR vs GB), driven by the additional cold plate and QD unit adoption due to higher spec and power density. The design should be confirmed in the next few months.
  • Implications . We raise 2026 and 2027E EPS by 4% and 10% on accelerating GM growth and continued content increase in future GPU and ASIC systems. Hence, our Dec-26 PT is revised up to NT$3,500 (from NT$3,200) based on an unchanged 22x 2027E P/E, above AVC's historical average given its stronger 2024-27E ~100% earnings growth.

Sources for: Style Exposure - J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.

See page 8 for analyst certification and important disclosures, including non-US analyst disclosures.

Overweight

3017.TW, 3017 TT Price (22 Jul 26):NT$2,265.00

▲Price Target (Dec-26):NT$3,500.00

Prior (Dec-26):NT$3,200.00

Technology

William Yang AC

(886-2) 2725-9899

william.yang@jpmorgan.com

Megan Hsueh (886-2) 2725-9249

megan.hsueh@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

Key Changes (FYE Dec) Key Changes (FYE Dec) Key Changes (FYE Dec) Key Changes (FYE Dec)
Prev Cur Δ
Adj. EPS - 26E (NT$) 100.36 104.50 4.1%
Adj. EPS - 27E (NT$) 146.02 160.04 9.6%

Quarterly Forecasts (FYE Dec)

Adj. EPS (NT$) 2025A 2026E 2027E
Q1 8.28 20.17A 31.93
Q2 10.3 24.52 36.79
Q3 13.67 27.04 42.97
Q4 17.01 32.77 48.36
FY 49.29 104.50 160.04

Style Exposure

Flice Ferrormance

Ferrormance Drivers

4k

J.P. Morgan

Market

3k

Region

NTS 2k

1k

Idiosyn.

0

Oct 25

16%

Jan 26

Apr 26

6M Corr

0.10

61%

1Y Corr

0.23

Jul 26

Factors

Market: MSCI Asia Pac ex JP

— TSE (rebased)

Macro:

Quant Styles:

Momentum

Quality

Size

報告_JPM_奇鋐3017_20260723_001

Company Data

Shares O/S (mn) 383
52-week range (NT$) 3,010.00-836.80
Market cap ($ mn) 26,800
Exchange rate 32.40
Free float (%) 74.5%
3M ADV (mn) 5.01
3M ADV ($ mn) 394.9
Volatility (90 Day) 70
Index TAIEX
BBG ANR (Buy | Hold | Sell) 20|1|0

Key Metrics (FYE Dec)

NT$ in millions FY25A FY26E FY27E
Financial Estimates
Revenue 139,639 220,045 316,613
Adj. EBIT 27,556 61,072 95,329
Adj. EBITDA 30,802 65,416 100,301
Adj. net income 19,186 41,016 62,814
Adj. EPS 49.29 104.50 160.04
BBG EPS 49.50 94.69 137.25
Cashflow from operations 36,758 37,554 71,369
FCFF 29,528 29,921 67,260
Margins and Growth
Revenue Growth Y/Y (%) 94.6% 57.6% 43.9%
EBIT margin 19.7% 27.8% 30.1%
EBIT Growth Y/Y (%) 154.6% 121.6% 56.1%
EBITDA margin 22.1% 29.7% 31.7%
EBITDA Growth Y/Y (%) 131.8% 112.4% 53.3%
Net margin 13.7% 18.6% 19.8%
Adj. EPS growth 131.9% 112.0% 53.1%
Ratios
Adj. tax rate 27.2% 27.8% 28.0%
Interest cover NM NM NM
Net debt/Equity NM NM NM
Net debt/EBITDA NM NM NM
ROE 45.7% 64.7% 63.6%
Valuation
FCFF yield 3.3% 3.4% 7.6%
Dividend yield 0.4% 0.9% 2.0%
EV/Revenue 4.3 4.5 3.0
EV/EBITDA 19.3 15.0 9.3
Adj. P/E 46.0 21.7 14.2

0.44

0.52

Summary Investment Thesis and Valuation

Investment Thesis

We are OW on AVC for its strong earnings growth potential, which we think is supported by the content increase in AI servers. We expect AVC to see increasing upside from more liquid cooling opportunities, with much higher ASP and margin, while its competitive advantages vs peers could give it further market share gains as the industry's structural trends develop.

Valuation

Our Dec-26 PT of NT$3,500 is based on 22x 2027E P/E, above the company's historical average P/E, given its stronger earnings growth of ~100% during 2024-27E.

Performance Drivers

Table 1: J.P. Morgan estimates - New vs old

Revised Revised Revised Revised Prior Prior Prior Prior Change Change Change Change
(NT$M) 2Q26E 3Q26E 2026E 2027E 2Q26E 3Q26E 2026E 2027E 2Q26E 3Q26E 2026E 2027E
Sales 49,121 56,313 220,045 316,613 50,399 61,274 228,609 310,552 -3% -8% -4% 2%
Gross profit 15,953 19,120 72,602 111,563 15,626 19,632 72,227 102,860 2% -3% 1% 8%
GM 32.5% 34.0% 33.0% 35.2% 31.0% 32.0% 31.6% 33.1% 147 bps 191 bps 140 bps 211 bps
Operating profit 13,423 16,107 61,072 95,329 12,778 16,292 59,863 86,836 5% -1% 2% 10%
OPM 27.3% 28.6% 27.8% 30.1% 25.4% 26.6% 26.2% 28.0% 197 bps 201 bps 157 bps 215 bps
Net Income 9,624 10,614 41,016 62,814 8,420 10,707 39,384 57,304 14% -1% 4% 10%
EPS (NT$) 24.5 27.0 104.5 160.0 21.5 27.3 100.4 146.0 14% -1% 4% 10%

Source: J.P. Morgan estimates.

Table 2: J.P. Morgan estimates vs Bloomberg consensus

JPMe JPMe JPMe JPMe Bloomberg Bloomberg Bloomberg Bloomberg Diff Diff Diff Diff
(NT$M) 2Q26E 3Q26E 2026E 2027E 2Q26E 3Q26E 2026E 2027E 2Q26E 3Q26E 2026E 2027E
Sales 49,121 56,313 220,045 316,613 50,465 57,590 220,165 298,353 -3% -2% 0% 6%
Gross profit 15,953 19,120 72,602 111,563 15,272 17,659 67,133 93,692 4% 8% 8% 19%
GM 32.5% 34.0% 33.0% 35.2% 30.3% 30.7% 30.5% 31.4% 221 bps 329 bps 250 bps 383 bps
Operating profit 13,423 16,107 61,072 95,329 12,421 14,550 55,199 78,861 8% 11% 11% 21%
OPM 27.3% 28.6% 27.8% 30.1% 24.6% 25.3% 25.1% 26.4% 271 bps 334 bps 268 bps 368 bps
Net Income 9,624 10,614 41,016 62,814 8,463 9,899 37,361 53,893 14% 7% 10% 17%
EPS (NT$) 24.5 27.0 104.5 160.0 21.4 25.0 94.7 137.3 15% 8% 10% 17%

Source: Bloomberg Finance L.P., J.P. Morgan estimates.

Earnings review and estimate revisions

Valuation

Table 3: AVC's trading multiple (from January 2023 to date, when AI server started booming)

x 12M trailing P/E 12M fwd P/E 12M trailing P/B 12M fwd P/B
Standard deviation 8.6 4.6 3.8 2.4
Max 47.1 24.7 19.1 12.4
Minimum 8.8 5.4 2.1 1.5
Median 26.5 14.4 7.2 5.1
Average 26.2 14.4 7.8 5.4

Source: Bloomberg Finance L.P., J.P. Morgan estimates.

Figure 1: AVC's 1yr forward P/E

報告_JPM_奇鋐3017_20260723_002

Source: Bloomberg Finance L.P., J.P. Morgan estimates.

Figure 3: AVC's 1yr forward P/B

NT$

報告_JPM_奇鋐3017_20260723_003

Source: Bloomberg Finance L.P., J.P. Morgan estimates.

Figure 2: AVC's 1yr forward P/E vs mean

報告_JPM_奇鋐3017_20260723_004

Source: Bloomberg Finance L.P., J.P. Morgan estimates

Figure 4: AVC's 1yr forward P/B vs mean

報告_JPM_奇鋐3017_20260723_005

Source: Bloomberg Finance L.P., J.P. Morgan estimates.

Table 4: Income statement

2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026E 2026E 2026E 2026E 2026E 2027E 2027E 2027E 2027E
(NT$ in Mn, year-end December) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE 1QE 2QE 3QE 4QE 2024 2025 2023 2026E 2027E 2027E 2027E 2027E 2027E 2027E 2027E 2027E 2027E 2027E 2027E 2027E
Revenue 11,835 14,871 15,769 16,720 15,309 16,484 19,065 20,904 23,333 29,595 38,937 47,775 49,038 49,121 56,313 65,573 65,431 73,092 93,619 59,194 71,761 139,639 220,045 316,613 316,613 316,613 316,613 316,613 316,613 316,613 316,613 316,613 316,613 316,613 316,613
Depreciation 427 452 498 512 537 572 609 666 748 727 815 896 996 1,040 1,099 1,124 1,165 1,198 84,471 1,238 1,273 2,384 3,186 1,889 4,260 4,429 4,429 4,429 4,429 4,429 4,429 4,429 4,429 4,429 4,429 4,429 4,429
COGS 9,498 11,880 12,353 13,075 11,936 12,690 14,584 15,680 17,305 22,370 28,765 35,165 34,441 33,168 37,193 42,641 42,869 47,402 54,611 60,168 54,891 46,806 103,605 147,443 205,050 205,050 205,050 205,050 205,050 205,050 205,050 205,050 205,050 205,050 205,050 205,050
Gross profit 2,336 2,991 3,416 3,645 3,372 3,794 4,480 5,224 6,028 7,224 10,172 12,610 14,597 15,953 19,120 22,932 25,690 29,860 22,562 33,451 12,388 16,870 36,034 72,602 111,563 111,563 111,563 111,563 111,563 111,563 111,563 111,563 111,563 111,563 111,563 111,563
Operating expense 984 1,444 1,310 1,229 1,437 1,367 1,372 1,871 1,667 2,130 2,086 2,595 2,578 2,530 3,013 3,410 3,533 3,801 4,266 4,634 4,967 6,048 8,478 11,531 16,234 16,234 16,234 16,234 16,234 16,234 16,234 16,234 16,234 16,234 16,234 16,234
Operating income 1,352 1,547 2,105 2,416 1,935 2,427 3,108 3,353 4,361 5,095 8,085 10,015 12,019 13,423 16,107 19,522 19,029 21,890 25,594 28,817 7,421 10,823 27,556 61,072 95,329 95,329 95,329 95,329 95,329 95,329 95,329 95,329 95,329 95,329 95,329 95,329
Net Interest Income -70 16 -30 38 -6 49 18 53 -31 34 -15 103 -10 143 49 56 47 87 74 74 -46 91 238 114 282 114 282 114 282 114 282 114 282 114 282 114 282 114 282 114 282 114 282 114 282 114 282
Net Other Income 155 313 145 37 401 460 302 253 291 768 146 -66 -30 982 0 0 0 0 0 650 1,415 1,140 952 0 0 0 0 0 0 0 0 0 0 0 0
Non-op gain (loss) 85 330 115 75 395 508 320 306 259 802 132 38 -40 1,125 49 56 47 87 74 74 1,529 604 1,231 1,190 282 282 282 282 282 282 282 282 282 282 282 282
Pre-tax profit 1,437 1,877 2,220 2,491 2,330 2,935 3,428 3,659 4,620 5,896 8,217 10,053 11,979 14,549 16,156 19,578 19,075 21,976 25,668 28,891 8,025 12,352 28,786 62,261 95,611 95,611 95,611 95,611 95,611 95,611 95,611 95,611 95,611 95,611 95,611 95,611
Tax expense (credit) 369 532 634 676 579 775 826 978 1,110 1,624 2,307 2,794 3,304 4,001 5,482 5,341 6,153 7,187 8,090 2,211 7,836 17,310 3,159 26,771 3,159 26,771 3,159 26,771 3,159 26,771 3,159 26,771 3,159 26,771 3,159 26,771 3,159 26,771 3,159 26,771 3,159 26,771 3,159 26,771 3,159 26,771
Net profit reported 1,007 1,201 1,426 1,671 1,564 1,947 2,324 2,338 3,214 3,997 5,339 6,636 7,916 9,624 4,524 10,614 12,862 12,532 14,438 18,981 5,305 16,864 8,172 19,186 41,016 62,814 62,814 62,814 62,814 62,814 62,814 62,814 62,814 62,814 62,814 62,814 62,814
EPS (NT$) 2.8 3.2 3.7 4.4 4.1 5.1 6.0 6.1 8.3 10.3 13.7 17.0 20.2 24.5 27.0 32.8 31.9 36.8 43.0 48.4 21.3 14.2 49.3 104.5 160.0 160.0 160.0 160.0 160.0 160.0 160.0 160.0 160.0 160.0 160.0 160.0
Margins (%)
Gross Margin 19.7 20.1 21.7 21.8 22.0 23.0 23.5 25.0 25.8 24.4 26.1 26.4 29.8 32.5 34.0 35.0 5.2 34.5 5.4 35.1 5.2 5.1 35.3 20.9 23.5 25.8 33.0 35.2 35.2 35.2 35.2 35.2 35.2 35.2 35.2 35.2 35.2 35.2 35.2
- Opex ratio 8.3 9.7 8.3 7.4 9.4 8.3 7.2 8.9 7.1 7.2 5.4 5.4 5.3 5.2 27.3 29.8 29.1 5.4 29.9 8.4 8.4 6.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1
Operating Margin 11.4 10.4 13.4 14.5 12.6 14.7 16.3 16.0 18.7 17.2 20.8 21.0 24.5 29.4 30.6 31.5 30.9 28.6 31.6 30.8 12.5 30.3 15.1 19.7 27.8 30.1 30.1 30.1 30.1 30.1 30.1 30.1 30.1 30.1 30.1 30.1 30.1
EBITDA Margin 15.0 13.4 16.5 17.5 16.1 18.2 19.5 19.2 21.9 19.7 22.9 22.8 26.5 19.6 19.2 31.8 32.1 18.4 15.7 22.0 29.7 31.5 31.5 31.5 31.5 31.5 31.5 31.5 31.5 31.5 31.5 31.5 31.5
Net Margin 8.5 8.1 9.0 10.0 10.2 11.8 12.2 11.2 13.8 13.5 13.7 13.9 16.1 19.6 18.8 19.8 20.0 20.3 9.0 11.4 13.7 18.6 19.8 19.8 19.8 19.8 19.8 19.8 19.8 19.8 19.8 19.8 19.8 19.8
Sequential Growth (%)
Revenue -19.9 25.7 6.0 6.0 -8.4 7.7 15.7 9.6 11.6 26.8 31.6 22.7 2.6 0.2 16.4 -0.2 11.7 10.8
Gross Profit -16.4 28.0 14.2 6.7 -7.5 12.5 18.1 16.6 15.4 19.8 40.8 24.0 15.8 9.3 14.6 19.9 19.9 -1.6 13.9 15.6 16.2 12.0
EBIT -19.8 14.4 36.1 14.8 -19.9 25.4 28.1 7.9 30.1 16.8 58.7 23.9 20.0 11.7 20.0 21.2 -2.5 15.0 16.9 12.6
EPS -6.9 11.6 17.0 19.4 -8.2 24.5 18.5 0.8 36.5 24.4 32.8 24.4 18.6 21.6 10.3 21.2 -2.6 15.2 16.8 12.6
YoY Growth (%)
Revenue -6.0 8.0 6.0 13.1 29.4 10.8 20.9 25.0 52.4 79.5 104.2 128.5 110.2 66.0 44.6 37.3 33.4 48.8 50.0 42.8 21.2 5.7 94.6 57.6 43.9 43.9 43.9 43.9 43.9 43.9 43.9 43.9 43.9 43.9 43.9 43.9
Gross Profit 3.0 8.1 13.1 30.5 44.4 26.9 31.2 43.3 78.7 90.4 127.0 141.4 142.2 120.8 81.9 61.0 54.6 88.0 56.2 45.9 14.2 36.2 113.6 101.5 53.7 53.7 53.7 53.7 53.7 53.7 53.7 53.7 53.7 53.7 53.7 53.7
EBIT 1.2 1.3 19.9 43.3 43.1 56.8 47.6 38.8 125.4 109.9 160.2 198.7 175.6 163.5 94.9 58.3 63.1 99.2 58.9 47.6 17.7 45.8 154.6 121.6 56.1 56.1 56.1 56.1 56.1 56.1 56.1 56.1 56.1 56.1 56.1 56.1
EPS 34.9 2.5 6.1 45.2 43.2 59.8 61.8 36.5 102.9 102.7 127.1 180.3 143.6 138.1 97.8 92.7 58.3 50.0 58.9 47.6 49.3 131.9 20.8 112.0 53.1 53.1 53.1 53.1 53.1 53.1 53.1 53.1 53.1 53.1 53.1 53.1 53.1
Sales mix (%)
Thermal Solutions 59% 57% 55% 46% 51% 55% 58% 52% 59% 60% 63% 51% 64% 63% 66% 68% 66% 68% 71% 72% 54% 57% 65% 54% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70%
Consumer 18% 18% 18% 14% 15% 16% 14% 12% 13% 12% 15% 11% 9% 9% 9% 7% 6% 9% 6% 17% 6% 6% 9% 14% 13%
Telecom 15% 13% 14% 11% 14% 13% 13% 10% 11% 9% 6% 4% 6% 6% 3% 4% 5% 4% 3% 13% 12% 7% 2% 3% 5%
Server Others 23% 3% 23% 3% 21% 2% 19% 2% 20% 3% 23% 3% 27% 4% 27% 3% 32% 3% 36% 2% 39% 2% 34% 47% 46% 54% 53% 1% 50% 2% 1% 60% 1% 57% 21% 1% 25% 3% 63% 1% 35% 1% 2% 3% 50% 1% 59% 1%
Chassis 15% 13% 13% 12% 13% 13% 12% 15% 16% 17% 17% 21% 20% 2% 21% 1% 17% 19% 17% 13% 16% 15% 16% 16% 13% 14% 18% 16% 19% 15% 16% 16% 16% 16% 16% 16%

Source: Company data, J.P. Morgan estimates.

Investment Thesis, Valuation and Risks

Asia Vital Components (Overweight; Price Target: NT$3,500.00)

Investment Thesis

We are OW on AVC for its strong earnings growth potential, which we think is supported by the content increase in AI servers. We expect AVC to see increasing upside from more liquid cooling opportunities, with much higher ASP and margin, while its competitive advantages vs peers could give it further market share gains as the industry's structural trends develop.

Valuation

Our Dec-26 PT of NT$3,500 is based on 22x 2027E P/E, above the company's historical average P/E, given its stronger earnings growth of ~100% during 2024-27E.

Risks to Rating and Price Target

Key downside risks to our rating and price target include: 1) a cooling-off of AI sentiment, which could impact valuation; 2) yield issues for new capacity/product; 3) delays in new product launches by customers; and 4) increasing competition as the thermal market expands.

Asia Vital Components: Summary of Financials

Income Statement FY24A FY25A FY26E FY27E FY28E Cash Flow Statement FY24A FY25A FY26E FY27E FY28E
Revenue 71,761 139,639 220,045 316,613 - Cash flow from operating activities 8,172 36,758 37,554 71,369 -
COGS (52,428)(100,359)(143,098)(200,079) - o/w Depreciation & amortization 2,463 3,246 4,345 4,972 -
Gross profit 16,870 36,034 72,602 111,563 - o/w Changes in working capital (2,385) 14,385 (7,723) 4,126 -
SG&A (1,947) (3,086) (4,387) (5,856) -
Adj. EBITDA 13,285 30,802 65,416 100,301 - Cash flow from investing activities (9,422) (13,333) (8,004) (3,932) -
D&A (2,463) (3,246) (4,345) (4,972) - o/w Capital expenditure (4,839) (7,230) (7,633) (4,109) -
Adj. EBIT 10,823 27,556 61,072 95,329 - as % of sales 6.7% 5.2% 3.5% 1.3% -
Net Interest 114 91 238 282 -
Adj. PBT 12,352 28,786 62,261 95,611 - Cash flow from financing activities 4,158 5,018 (6,636) (19,511) -
Tax (3,159) (7,836) (17,310) (26,771) - o/w Dividends paid (2,683) (3,877) (8,236) (17,606) -
Minority Interest - - - - - o/w Shares issued/(repurchased) 0 0 0 0 -
Adj. Net Income 8,172 19,186 41,016 62,814 - o/w Net debt issued/(repaid) 3,519 6,781 1,539 0 -
Reported EPS 21.26 49.29 104.50 160.04 - Net change in cash 2,908 28,443 22,914 47,926 -
Adj. EPS 21.26 49.29 104.50 160.04 -
DPS 7.00 9.99 20.68 44.67 - Adj. Free cash flow to firm y/y Growth 3,333 (44.8%) 29,528 786.0% 29,921 1.3% 67,260 124.8% - -
Payout ratio 32.9% 20.3% 19.8% 27.9% -
Shares outstanding 384 389 392 392 -
Balance Sheet FY24A FY25A FY26E FY27E FY28E Ratio Analysis FY24A FY25A FY26E FY27E FY28E
Cash and cash equivalents 31,999 60,442 83,356 131,282 - Gross margin 23.5% 25.8% 33.0% 35.2% -
Accounts receivable 7,767 12,133 14,372 20,519 - EBITDA margin 18.5% 22.1% 29.7% 31.7% -
Inventories 33,397 49,572 93,461 131,875 - EBIT margin 15.1% 19.7% 27.8% 30.1% -
Other current assets 2,929 4,029 5,909 8,592 - Net profit margin 11.4% 13.7% 18.6% 19.8% -
Current assets 76,092 126,176 197,098 292,268 -
PP&E 13,805 17,849 21,222 20,901 - ROE 27.6% 45.7% 64.7% 63.6% -
LT investments 1,432 986 951 951 - ROA 9.5% 14.8% 20.8% 22.3% -
Other non current assets 8,576 15,125 15,532 15,355 - ROCE 18.1% 32.4% 50.4% 55.5% -
Total assets 99,906 160,137 234,802 329,475 - SG&A/Sales 2.7% 2.2% 2.0% 1.8% -
Short term borrowings 13,130 16,311 17,608 17,608 - Net debt/EBITDA NM NM NM NM -
Payables 28,884 48,109 70,096 98,906 -
Other short term liabilities 16,275 33,075 51,374 73,933 - Sales/Assets (x) 0.8 1.1 1.1 1.1 -
Current liabilities 58,288 97,495 139,078 190,448 - Assets/Equity (x) 2.9 3.1 3.1 2.9 2.7
Long-term debt 3,349 6,949 7,190 7,190 - Interest cover (x) NM NM NM NM -
Other long term liabilities 4,796 5,128 12,354 10,449 - Operating leverage 215.9% 163.5% 211.2% 127.8% -
Total liabilities 66,433 109,572 158,622 208,086 - Tax rate 25.6% 27.2% 27.8% 28.0% -
equity 33,473 50,565 76,180 121,388 - Revenue y/y Growth 21.2% 94.6% 57.6% 43.9% -
Shareholders' - - 41.7% 131.8% 112.4% 53.3% -
Minority interests 160,137 - - - EBITDA y/y Growth 49.3% 131.9% 112.0% 53.1% -
Total liabilities & equity 99,906 234,802 329,475 - EPS y/y Growth FY24A FY25A FY26E FY27E FY28E
BVPS 87.06 129.90 194.10 309.28 - Valuation
y/y Growth 25.5% 49.2% 49.4% 59.3% - P/E (x) 106.6 46.0 21.7 14.2 - -
Net debt/(cash) (15,521) P/BV (x) 26.0 18.0 17.4 11.7 7.3 -
Dividend Yield 0.3% 0.4% 0.9% 2.0% -
(37,182) (58,558)(106,484) - EV/EBITDA (x) 19.3 15.0 9.3

Source: Company reports and J.P. Morgan estimates.

Note: NT$ in millions (except per-share data).Fiscal year ends Dec. o/w - out of which

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Analyst Certification: The Research Analyst(s) denoted by an 'AC' on the cover of this report certifies (or, where multiple Research Analysts are primarily responsible for this report, the Research Analyst denoted by an 'AC' on the cover or within the document individually certifies, with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report accurately reflect the Research Analyst's personal views about any and all of the subject securities or issuers; and (2) no part of any of the Research Analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the Research Analyst(s) in this report. For all Korea-based Research Analysts listed on the front cover, if applicable, they also certify, as per KOFIA requirements, that the Research Analyst's analysis was made in good faith and that the views reflect the Research Analyst's own opinion, without undue influence or intervention. 13

All authors named within this report are Research Analysts who produce independent research unless otherwise specified. In Europe, Sector Specialists (Sales and Trading) may be shown on this report as contacts but are not authors of the report or part of the Research Department.

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