PDF 原檔：報告_MS_欣興3037_20260728_original.pdf
圖片清單（已驗證 2026-07-29）
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67KB | 裝飾·logo·banner | "Asia Summer School 2026" 泳池宣傳橫幅廣告，右側有信封圖示，非資料圖 |
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63KB | 真資料圖 | 股價/目標價/評等沿革折線圖（藍線股價、紅色虛線階梯為歷次目標價，標示 225/170/168/160/135/112/110/100/99/73/70/75/165/515/785/1275/1550，橫軸 2023/07–2026/07），依緊鄰上下文為 Nan Ya PCB（8046.TW）的圖，非欣興本身 |
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62KB | 真資料圖 | 股價/目標價/評等沿革折線圖（藍線股價、紅色虛線階梯為歷次目標價，標示 138.57/125.7/118.77/81.66/120.75/500/550/785/1225/1265/1465，橫軸 2023/07–2026/07），依緊鄰上下文為 Unimicron（3037.TW）本身，最新目標價標示 1465 |
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59KB | 真資料圖 | 股價/目標價/評等沿革折線圖（藍線股價、紅色虛線階梯為歷次目標價，標示 120/93/108/110/136/130/129/120/89/128.5/145/250/570/666/690，橫軸 2023/07–2026/07），依緊鄰上下文為 Zhen Ding（4958.TW）的圖，非欣興本身 |
002/004 為報告後段 industry coverage 揭露區塊附帶的同業（南亞電路板／臻鼎）股價目標價沿革圖，非欣興資料，公司頁不嵌用；003 為欣興本身圖，公司頁採用。
原始內容
M July 28, 2026 12:33 PM GMT
Unimicron | Asia Pacific
2Q26 GM beat with good cost control; OW
AlphaSignals Earnings Reaction
Strengthens our thesis
Impact to our thesis
Source: Company data, Morgan Stanley Research
Key Takeaways
- We attribute Unimicron's sequential margin expansion in 2Q primarily to price increases and higher utilization across both its ABF and BT substrate businesses.
- This is consistent with our supply-chain checks, which indicated stronger pricing for ABF and BT substrates during the quarter...
- ...driven by raw material cost inflation and tightening supply.
- The 2Q GM improvement exceeded both our preview and broader buy-side expectations, but was in line with the more bullish investor forecasts.
- Stay OW. We continue to prefer Unimicron to NYPCB and Zhen Ding on a 12month view.
Details of 2Q:
- GM was 24.8% (+680bps q/q, +1,170bps y/y), 270bps above our estimate and 280bps above the Street.
- OP was NT$6,651mn (+141% q/q, +341% y/y), 30% above our estimate and 22% above the Street, for OpM of 15.5% (+810bps q/q, +1,090bps y/y).
- Non-op income was exceptionally high at NT$8,925mn, which could be attributed to gains on financial assets.
- Thus, NP came in at NT$13.1bn (+160% q/q), 238% above our estimate and 153% above the Street, for EPS of NT$8.45.
Capex for 2026 is raised NT$19.7bn, to NT$53.7bn: The purchase order of long- lead time equipment increases NT$17.6bn, to NT$31.7bn.
Management should be able to provide more color on the quarter and outlook during its post-earnings briefing at 2 PM HKT tomorrow.
See our preview.
Meaningful revision higher Direction of next 12-month consensus EPS
Update
Morgan Stanley Taiwan Limited+
Howard Kao
Equity Analyst
Howard.Kao@morganstanley.com
+886 2 2730-2989
Irene Yen
Research Associate
Irene.Yen@morganstanley.com
+886 2 2730-2869
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst
Andy.Meng@morganstanley.com
+852 2239-7689
Unimicron (3037.TW, 3037 TT)
Greater China Technology Hardware | Taiwan
Stock Rating
Overweight In-Line
Industry View
Price target
NT$1,465.00
Up/downside to price target (%)
92
Shr price, close (Jul 28, 2026)
NT$764.00
52-Week Range
NT$1,130.00-128.18
Sh out, dil, curr (mn)
1,505
Mkt cap, curr (mn)
US$35,607
EV, curr (mn)
US$37,973
Avg daily trading value (mn)
US$455
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 4.34 | 14.85 | 33.48 | 58.07 |
| EPS (NT$)§ | 3.93 | 16.08 | 33.71 | 52.70 |
| Revenue, net (NT$ mn) | 131,241 | 184,755 | 265,117 | 355,074 |
| EBITDA (NT$ mn) | 26,272 | 45,798 | 84,898 | 131,827 |
| ModelWare net inc (NT | 6,673 | 22,855 | 51,521 | 89,367 |
| $ mn) | ||||
| P/E | 50.7 | 51.4 | 22.8 | 13.2 |
| P/BV | 3.2 | 9.3 | 7.0 | 5.0 |
| RNOA (%) | 3.7 | 11.3 | 25.6 | 41.9 |
| ROE (%) | 6.7 | 21.4 | 40.7 | 53.4 |
| EV/EBITDA | 15.8 | 26.7 | 14.1 | 8.7 |
| Div yld (%) | 0.7 | 0.3 | 0.9 | 2.0 |
| FCF yld ratio (%) | (0.6) | 2.5 | 6.5 | 9.8 |
| Leverage (EOP) (%) | (8.6) | (31.2) | (64.3) | (86.1) |
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