PDF 原檔：報告_MS_亞德客1590_20260728_original.pdf
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126KB | 真資料圖 | NTM Consensus P/E 走勢圖（2020/1-2026/6），含 Avg／+1StDev／+2StDev／-1StDev／-2StDev 五條水平帶，藍線為本益比走勢，2026 年中落於約 24-27x 區間 |
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47KB | 真資料圖 | FY Dec 2026e 財測範圍菱形圖：Sales/EBIT/Net income/EPS/ROE 五項指標，黃色菱形為市場 Mean、藍色菱形為 MS estimates，MS 估值均高於市場共識（如 EPS：Mean 55.66 vs MS 60.77） |
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74KB | 真資料圖 | 另一版目標價調整歷史圖（紅色虛線階梯，數值 1150→1050→1150→1130→1050→1000→1050→1030→1130→1180→1230→2000），藍線為 ATCXF 股價走勢，2023/07-2026 |
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原始內容
M July 28, 2026 04:19 PM GMT
AirTAC International | Asia Pacific
2Q26 Beat; 2026 Guidance Raised Further
AlphaSignals Earnings Reaction
Unchanged
Impact to our thesis
Source: Company data, Morgan Stanley Research
The industry up-cycle and AirTAC's own share gain story should continue to play out. Meanwhile, the stock might outperform in the near term amid the volatility in AI sentiment. Stay OW.
2Q26 beat on margins: OPM expanded 1.9ppt, to 35.1% (our estimate: 34.1%; consensus: 34.5%), via bigger scale and greater efficiency. Thus, operating and net profits exceeded our estimates (by 10% and 8%) and consensus (by 9% and 6%). See Results Summary .
During the 2Q26 earnings call, management raised its 2026 guidance again (as it did during the 1Q26 earnings call): It looks for revenue to grow >20% YoY in Rmb terms (vs. prior mid- to high teens) and for operating margin of 34% (vs. prior 33%). It sees the pneumatic component up-cycle being sustained for 2-3 years and that AirTAC should outgrow the market via share gains (target at 35% share in 2030 vs. 30% in 2025). By segment, it expects electronics (new specs in smartphones and overall tech capacity expansion), batteries (Chinese government policies and overseas expansion), automobiles (its own share gains) and traditional markets (machine tools, general machinery, packaging, textiles, etc.) to show double digit (%) growth this year. Energy and lighting should be down (to a narrow extent vs. 2025).
More products to drive stronger growth: To leverage its existing sales team and customer relationship, AirTAC will continue to introduce more products to the market in pneumatic components. It is turning more aggressive in semiconductors and expects to see more meaningful revenue contribution from 2H27 (will sell some shared SKUs with other segments first from 2H26), riding the localization trend in China's semi supply chain (target at Rmb1bn in 10 years vs. annualized ~Rmb150mn now). Linear guides should continue to gain more traction with improving profitability (~50% GM by this year-end from ~30% now) amid improving end demand in coming years (target Rmb3bn in 10 years vs. ~Rmb550mn in 2025). Electrical controllers will have broader offerings in the high-end segment from late 2026 (target Rmb3bn in 10 years vs. Rmb400mn in 2025). Last, electrical actuators are likely to be unveiled in 2028/2029.
Stay OW; unchanged price target of NT$2,000 (29x 2027e P/E): The industry upcycle and company-specific share gains should bolster earnings growth in 2026-27. With undemanding valuation (20x 2027e P/E; mid-cycle average 25x) and potentially favorable fund flows, we think the stock should outperform in the near term.
Modest upside
Financial results versus consensus
- Modest revision higher Direction of next 12-month consensus EPS
Idea
| Morgan Stanley Taiwan Limited+ Derrick Yang Equity Analyst Derrick.Yang@morganstanley.com | +886 2 2730-2862 |
|---|---|
| Vivi Huang Research Associate Vivi.Huang@morganstanley.com | +886 2 2730-2860 |
| Andy Meng, CFA Equity Analyst Andy.Meng@morganstanley.com | +852 2239-7689 |
AirTAC International (1590.TW, 1590 TT)
Greater China Technology Hardware | Taiwan
Stock Rating Industry View
Price target
Up/downside to price target (%)
Shr price, close (Jul 28, 2026)
52-Week Range
Sh out, dil, curr (mn)
Mkt cap, curr (mn)
EV, curr (mn)
Avg daily trading value (mn)
Overweight In-Line
NT$2,000.00
47
NT$1,365.00
NT$1,600.00-741.00
200
US$8,463
US$8,314
US$32
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 41.97 | 60.77 | 68.77 | 77.77 |
| EPS (NT$)§ | 41.43 | 55.66 | 63.14 | 70.27 |
| Prior EPS (NT$)** | - | 56.77 | 65.77 | 73.77 |
| Revenue, net (NT$ mn) | 34,330 | 45,007 | 50,917 | 57,428 |
| EBITDA (NT$ mn) | 12,866 | 17,543 | 19,669 | 22,130 |
| ModelWare net inc (NT | 8,400 | 12,165 | 13,765 | 15,567 |
| $ mn) | ||||
| P/E | 22.2 | 22.5 | 19.8 | 17.6 |
| P/BV | 3.5 | 4.6 | 4.1 | 3.6 |
| RNOA (%) | 17.7 | 25.1 | 25.9 | 27.3 |
| ROE (%) | 17.5 | 23.1 | 23.4 | 23.4 |
| EV/EBITDA | 14.1 | 15.2 | 13.4 | 11.7 |
| Div yld (%) | 2.2 | 2.1 | 2.2 | 2.5 |
| FCF yld ratio (%) | 3.4 | 2.7 | 3.5 | 3.9 |
| Leverage (EOP) (%) | (9.1) | (11.0) | (15.2) | (18.7) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
- ** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates e = Morgan Stanley Research estimates
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.