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原始內容
M Update October 8, 2026 11:00 AM GMT
Largan Precision | Asia Pacific
3Q26 Results Miss on Lower GPM, but FAU/CPO Develop ent Well on Track
AlphaSignals Earnings Reaction
Unchanged
Impact to our thesis Modest revision lower Financia resu ts versus consensus Direction of next 12-month
Source: Company data, Morgan Stan ey Research
Key Takeaways
- 3 26 gross margin is 42.2%, which is lower-than-expected and triggers a 31-36% GP and OP miss vs. our estimates.
- Revenue is likely to be flat MoM in October and decline sequentially in November.
- CPO-related (FAU) has seen good progress with new product verification passed.
Largan reported 3Q26 net income of NT$5.1 2bn, down 27% YoY.
The company reported a 11% YoY revenue decline, to NT$15.651bn; gross margin declined YoY and o to 42.2% in 3 26, lower than expected due to lower newproject yields and structural green electricity cost hikes.
Management expects shipments to be flat MoM in October and decline sequentially in November as order momentum is weaker-than-expected.
FAU/CPO development well on track: First FA project passed customer verification; expanding from FA into FAU, including coupling and potential FAU-tocarrier assembly, with a dedicated new facility expected to support mass production from around mid-2027. We maintain our long-term positive view on Largan's FAU/ CPO opportunities.
Exhibit 1: 3Q26 results summary
| NT$mn | 3Q26 | 2Q26 | QoQ | 3Q25 | YoY |
|---|---|---|---|---|---|
| Net sales | 15,651 | 13,665 | 15% | 17,677 | -11% |
| Gross profit | 6,607 | 6,753 | -2% | 8,352 | -21% |
| % margin | 42.2% | 49.4% | -7% | 47.2% | %9- |
| OPEX | -1,872 | -1,605 | 17% | -2,088 | -10% |
| % OPEX | 12.0% | 11.7% | 0% | 11.8% | 0% |
| Operating income | 4,735 | 5,148 | %8- | 6,265 | -24% |
| % margin | 30.3% | 37.7% | -7% | 35.4% | -5% |
| Net income | 5,182 | 4,670 | 11% | 7,080 | -27% |
| % margin | 33.1% | 34.2% | -1% | 40.1% | -7% |
| EPS (NTS) | 39.62 | 35.73 | 11% | 53.05 | -25% |
Source: Company data, Morgan Stanley Research
consensus EPS
Morga Sta ley Asia Limited+
Andy Meng, CFA
Equity Analyst Andy.Meng@morganstanley.com
Betty Chen
Research Associate Betty.H.Chen@morganstanley.com
+852 2239-7689
+852 2239-7213
Largan Precision(3008.TW, 3008 TT)
Greater China Technology Hardware | Taiwan
Stock Rating Industry iew
Price target Up/downside to price target (%) Shr price, c ose (Oct 8, 2026)
Equal-weight
In-Line
NT$7,100.00
7
NT$6,660.00
52-Week Range NT$7,995.00-
2,020.00
134
NT$893,374
NT$762,165
Sh out, di , curr (mn) Mkt cap, curr (mn) EV, curr (mn)
Avg dai y trading va ue (mn)
NT$5,658
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 159.40 | 184.85 | 204.18 | 215.63 |
| Prior EPS (NT$)** | - | - | - | - |
| Revenue, net (NT$ mn) | 61,148 | 66,920 | 74,757 | 77,025 |
| EBITDA (NT$ mn) | 31,260 | 33,813 | 37,386 | 39,037 |
| Mode Ware net inc (NT | 21,275 | 24,179 | 26,707 | 28,204 |
| $ mn) | ||||
| P/E | 15.7 | 36.0 | 32.6 | 30.9 |
| P/BV | 1.7 | 4.1 | 3.6 | 3.2 |
| ROE (%) | 11.5 | 12.7 | 12.4 | 11.7 |
Un ess otherwise noted, a metrics are based on Morgan Stan ey Mode Ware framework
** = Based on consensus methodo ogy
e = Morgan Stan ey Research estimates
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M Update
Exhibit 2: 3Q26 results vs. our estimates and consensus
| NT$ mn | 3Q26 | MSe | Diff | Cons. | Diff |
|---|---|---|---|---|---|
| Net sales | 15,651 | 19,255 | -19% | 18,403 | -15% |
| Gross profit | 6,607 | 9,627 | -31% | 9,131 | -28% |
| % margin | 42.2% | 50.0% | -8% | 49.6% | -7% |
| OPEX | -1,872 | -2,274 | -18% | -2,169 | -14% |
| % OPEX | 12.0% | 11.8% | 0% | 11.8% | 0% |
| Operating income | 4,735 | 7,353 | -36% | 6,962 | -32% |
| % margin | 30.3% | 38.2% | %8- | 37.8% | %8- |
| Net income | 5,182 | 6,988 | -26% | 6,743 | -23% |
| % margin | 33.1% | 36.3% | -3% | 36.6% | -4% |
| EPS (NTS) | 39.62 | 53.43 | -26% | 51.35 | -23% |
Source: Company data, FactSet, Morgan Stanley Research estimates M Update
Valuation Methodology and Risks
Largan Precision (3008.TW)
Base case: Our price target is based on an SOTP valuation, comprising the traditional business and potential FAU opportunity. We value the traditional business using a residual income model, consistent with our Greater China Hardware Tech coverage, assuming an 8.5% cost of equity, a 7% net profit CAGR over 2026-36E and a 3% terminal growth rate. We separately value the FAU business, assuming a 40% market share in 2028.
Risks to Upside
- n Better-than-expected high-end smartphone demand
- n Faster-than-expected penetration of periscopes
- n Stronger-than-expected CPO volume growth
Risks to Downside
- n Greater-than-expected competition, which would erode Largan's ASP and gross margin
- nWeaker-than-expected smartphone demand, especially for high-end models
- nMarket share gains and more pricing pressure from Sunny
- nWeaker-than-expected CPO volume growth
M Update
Disclos re Section
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