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原始內容
M Update September 23, 2026 04:05 PM GMT
Greater China Technology Hardware | Asia Pacific
CCL - ITEQ announces preliminary August profit
Key Takeaways
- August pre-tax and net margins reached 25.8% and 18.3%, respecti ely, s. 15.9% and 11.1% in 2Q26.
- With July/August re enue broadly tracking quarterly consensus, we think August's outsized earnings contribution points to upside risk to 3Q profit expectations.
What's new? ITEQ (6213.TW, not co ered) reported August 2026 profit per TWSE regulatory requirements:
- August re enue was NT$5,044M (+6% m/m, +98% y/y). July/August re enues accounted for 67% of the consensus 3Q re enue estimate.
- August pre-tax profit was NT$1,302M (+762% y/y), 52% of the consensus 3Q forecast.
- August net profit was NT$924M (+853% y/y), 55% of the consensus 3Q estimate.
Our thoughts: ITEQ is a leading CCL supplier, with infrastructure applications (ser ers, switches, telecom, etc.) accounting for ~73% of 2Q26 re enue. We iew its August earnings as a positi e read-through for EMC, TUC and KB Laminates within our co erage. The margin impro ement is consistent with effecti e cost passthrough and potentially wider price-cost spreads, which could continue to support further profitability expansion going forward. We remain OW on all three names.
Exhibit 1: ITEQ's p elimina y August 2026 p ofit numbe s
| ITEQ - NT$ M | Aug-26 | y/y | 3Q26 - Cons | 3Q26 - % of Cons |
|---|---|---|---|---|
| Revenue | 5,044 | 98% | 14,524 | 35% |
| Pre-tax profit | 1,302 | 762% | 2,491 | 52% |
| Net profit | 924 | 853% | 1,676 | 55% |
| EPS (NT$) | 2.54 | 841% | 4.62 | 55% |
| Pre-tax margin | 25.8% | 19.9ppts | 17.1% | |
| Net margin | 18.3% | 14.5ppts | 11.5% |
Sou ce: Company data, Visible Alpha.
Morgan Stanley Taiwan Limited+
| Irene Yen Equity Analyst I ene.Yen@mo ganstanley.com | +886 2 2730-2869 |
|---|---|
| Howard Kao Equity Analyst Howa d.Kao@mo ganstanley.com | +886 2 2730-2989 |
| Morgan Stanley Asia Limited+ Andy Meng, CFA Equity Analyst Andy.Meng@mo ganstanley.com | +852 2239-7689 |
| Greater China Technology Hardware |
|---|
| Asia Pacific Industry |
| View In-Line |
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.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
M Update
AlphaSignals Catalyst Event Reaction
| Company / Catalyst | Date | Impact to thesis | Catalyst versus expectation |
|---|---|---|---|
| Elite Material Co. 2383.TW | |||
| ITEQ announces preliminary August profit | 3 Sep 0 6 | Strengthens | Meaningful upside surprise |
| Taiwan Union Technology Corporation | 6274.TWO | ||
| ITEQ announces preliminary August profit | 3 Sep 0 6 | Strengthens | Meaningful upside surprise |
| Kingboard Laminates Holdings Ltd. | 1888.HK | ||
| ITEQ announces preliminary August profit | 3 Sep 0 6 | Strengthens | Meaningful upside surprise |
M Update
Valuation Methodology and Risks
Kingboard Laminates Holdings Ltd. (1888.HK)
Base case, deri ed from a residual income (RI) model. Key assumptions include a cost of equity of 9.7% (beta of 1.0, equity premium of 8.7% and risk-free rate of 1%), medium-term growth rate of 8%, and terminal growth rate of 3%.
Risks to Upside
- n Stronger AI demand
- n Share gains
- n Faster-than-expected material upgrades
- n Slower-than-expected CPO adoption
Risks to Downside
- nWeaker AI demand
- n Share loss
- n Slower-than-expected material upgrades
- n Faster-than-expected CPO adoption
Elite Material Co. ( 383.TW)
Base case, deri ed from a residual income (RI) model. Key assumptions include a cost of equity of 9.3% (beta of 1.0, equity premium of 8.7% and risk-free rate of 1%), medium-term growth rate of 12%, and terminal growth rate of 3%.
Risks to Upside
- n Stronger AI demand
- n Share gains
- n Faster-than-expected material upgrades
- n Slower-than-expected CPO adoption
Risks to Downside
- nWeaker AI demand
- n Share loss
- n Slower-than-expected material upgrades
- n Faster-than-expected CPO adoption
Taiwan Union Technology Corporation (6 74.TWO)
M Update
Base case, deri ed from a residual income (RI) model. Key assumptions include a cost of equity of 9.3% (beta of 1.0, equity premium of 8.7% and risk-free rate of 1%), medium-term growth rate of 11%, and terminal growth rate of 3%.
Risks to Upside
- n Stronger AI demand
- n Share gains
- n Faster-than-expected material upgrades
- n Slower-than-expected CPO adoption
Risks to Downside
- nWeaker AI demand
- n Share loss
- n Slower-than-expected material upgrades
- n Faster-than-expected CPO adoption
M Update
INDUSTRY COVERAGE: Greater China Technology Hardware
| Company (Ticker) | Rating (As Of) | Price* (09/ 3/ 0 6) |
|---|---|---|
| Andy Meng, CFA | ||
| AAC Technologies Holdings ( 018.HK) | O (01/ 9/ 0 4) | HK$39.48 |
| Accelink Technologies Co. Ltd. (00 81.SZ) | U (05/1 / 0 ) | Rmb190.00 |
| BYD Electronics (0 85.HK) | O (04/ 8/ 0 3) | HK$ .98 |
| China TransInfo Technology Co Ltd (00 373.SZ) | E (07/18/ 0 3) | Rmb7.38 |
| Dahua Technology Co. Ltd. (00 36.SZ) | E (1 /1 / 0 4) | Rmb15.85 |
| Eoptolink Technology Inc Ltd (30050 .SZ) | O (0 / 7/ 0 6) | Rmb451. 0 |
| Genius Electronic Optical Co. Ltd. (3406.TW) | U (09/10/ 0 6) | NT$905.00 |
| GoerTek Inc (00 41.SZ) | E (08/14/ 0 6) | Rmb 4.45 |
| Gosuncn Technology Group Co Ltd (300098.SZ) | U (11/07/ 0 ) | Rmb4. 8 |
| HIKVision Digital Technology (00 415.SZ) | E (1 /1 / 0 4) | Rmb33.11 |
| Largan Precision (3008.TW) | E (09/10/ 0 6) | NT$6,190.00 |
| LianChuang Electronic Technology Co Ltd (00 036.SZ) | U (06/1 / 0 4) | Rmb6. 6 |
| Lingyi Itech Guangdong Co (00 600.SZ) | U (04/ 3/ 0 5) | Rmb1 .37 |
| Lingyi Itech Guangdong Co (1688.HK) | O (08/14/ 0 6) | HK$6.04 |
| Luxshare Precision Industry Co., Ltd. ( 475.HK) | O (08/14/ 0 6) | HK$59. 5 |
| Luxshare Precision Industry Co., Ltd. (00 475.SZ) | O (10/ 4/ 016) | Rmb54.37 |
| OFILM Group Co Ltd (00 456.SZ) | U (06/1 / 0 4) | Rmb6.85 |
| Q Technology (Group) Company Ltd (1478.HK) | U (03/ 3/ 0 6) | HK$5.16 |
| Quectel Wireless Solutions Co Ltd (603 36.SS) | E (10/09/ 0 4) | Rmb74.58 |
| Shanghai Conant Optical Co Ltd ( 76.HK) | O (04/10/ 0 6) | HK$43.54 |
| Shenzhen Transsion Holdings Co Ltd (688036.SS) | E (03/ 3/ 0 6) | Rmb55.65 |
| Sunny Optical ( 38 .HK) | E (03/ 3/ 0 6) | HK$65.00 |
| Suzhou TFC Optical Communication Co Ltd. (300394.SZ) | E (11/06/ 0 5) | Rmb 75.40 |
| Wingtech Technology Co Ltd (600745.SS) | U (05/18/ 0 6) | Rmb17.10 |
| Xiaomi Corp (1810.HK) | O (04/14/ 0 1) | HK$ 6.18 |
| Yangtze Optical Fibre and Cable JSC Ltd (601869.SS) | U (10/13/ 0 1) | Rmb457.89 |
M Update M Update Stock Ratings a e subject to change. Please see latest esea ch fo each company.
| Yangtze Optical Fibre and Cable JSC Ltd (6869.HK) | O (07/15/ 0 6) | HK$195.70 |
|---|---|---|
| Yongxin Optics Co Ltd (603 97.SS) | E (11/15/ 0 ) | Rmb115.58 |
| Zhejiang Crystal-Optech Co Ltd (00 73.SZ) | O (11/15/ 0 ) | Rmb 6.19 |
| Zhongji Innolight Co Ltd (300308.SZ) | O (09/07/ 0 6) | Rmb9 .50 |
| Zhongji Innolight Co Ltd (3308.HK) | O (09/07/ 0 6) | HK$1,190.00 |
| ZTE Corporation (0763.HK) | O (06/04/ 0 6) | HK$ .60 |
| ZTE Corporation (000063.SZ) | E (06/04/ 0 6) | Rmb3 . 8 |
| Derrick Yang | ||
| Accton Technology Corporation ( 345.TW) | O (06/06/ 0 4) | NT$1,890.00 |
| Advantech ( 395.TW) | O (01/ 0/ 0 1) | NT$701.00 |
| AirTAC International (1590.TW) | O (04/16/ 0 5) | NT$1, 30.00 |
| Asia Vital Components Co. Ltd. (3017.TW) | O (07/30/ 0 4) | NT$3,470.00 |
| AU Optronics ( 409.TW) | E (0 /10/ 0 6) | NT$34.70 |
| Auras Technology Co Ltd (33 4.TWO) | E (05/04/ 0 3) | NT$1,595.00 |
| Bizlink (3665.TW) | O (03/10/ 0 5) | NT$ ,340.00 |
| BOE Technology (0007 5.SZ) | O (09/06/ 019) | Rmb6.0 |
| Chenbro (8 10.TW) | O (07/ 3/ 0 5) | NT$89 .00 |
| Chroma Ate Inc. ( 360.TW) | O (10/05/ 0 1) | NT$ ,3 5.00 |
| Delta Electronics Inc. ( 308.TW) | O (07/13/ 017) | NT$1,900.00 |
| E Ink Holdings Inc. (8069.TWO) | E (08/10/ 0 6) | NT$144.00 |
| Ennostar Inc (3714.TW) | U (09/ 3/ 0 ) | NT$67.50 |
| Fositek Corp (6805.TW) | O (06/ 5/ 0 5) | NT$ ,600.00 |
| Hiwin Technologies Corp. ( 049.TW) | O (03/30/ 0 6) | NT$3 3.50 |
| Innolux (3481.TW) | E (04/07/ 0 5) | NT$49.60 |
| King Slide Works Co. Ltd. ( 059.TW) | O (11/08/ 0 3) | NT$1 ,390.00 |
| Lens Technology (300433.SZ) | E (07/ / 0 0) | Rmb34.04 |
| Lite-On Technology ( 301.TW) | E (01/15/ 0 5) | NT$ 83.50 |
| TCL Corp. (000100.SZ) | E (04/07/ 0 5) | Rmb4.93 |
| Tianma Microelectronics (000050.SZ) | U (01/ 4/ 018) | Rmb6.59 |
| Wuhan Jingce Electronic Group Co Ltd (300567.SZ) | E (11/ 6/ 0 1) | Rmb 10.68 |
| Howard Kao | ||
| Acer Inc. ( 353.TW) | U (04/ 3/ 0 5) | NT$31.55 |
| Asustek Computer Inc. ( 357.TW) | U (11/16/ 0 5) | NT$958.00 |
| Catcher Technology ( 474.TW) | U (11/17/ 0 5) | NT$ 09.00 |
| Compal Electronics ( 3 4.TW) | U (04/ 3/ 0 5) | NT$36.80 |
| Elite Material Co. ( 383.TW) | O (09/14/ 0 6) | NT$5,0 0.00 |
| FIT Hon Teng Ltd (6088.HK) | O (11/03/ 0 5) | HK$5.60 |
| Foxconn Industrial Internet Co. Ltd. (601138.SS) | O (07/10/ 019) | Rmb6 .98 |
| Giga-Byte Technology Co. Ltd. ( 376.TW) | E (11/16/ 0 5) | NT$365.00 |
| Gold Circuit Electronics Ltd. ( 368.TW) | O (10/06/ 0 ) | NT$1,140.00 |
| Hon Hai Precision ( 317.TW) | O (03/15/ 0 4) | NT$ 56.00 |
| Inspur Electronic Information (000977.SZ) | E (08/ 8/ 0 3) | Rmb71. 7 |
| Kingboard Laminates Holdings Ltd. (1888.HK) | O (09/14/ 0 6) | HK$51.55 |
| LandMark Optoelectronics Corporation (3081.TWO) | E (03/ 6/ 0 6) | NT$ ,680.00 |
| Lenovo (099 .HK) | O (07/10/ 0 6) | HK$36.9 |
| Lotes Co. Ltd. (3533.TW) | E (05/1 / 0 5) | NT$1,690.00 |
| Nan Ya PCB (8046.TW) | O (0 / 3/ 0 6) | NT$1, 10.00 |
| Pegatron Corporation (4938.TW) | E (03/ 5/ 0 6) | NT$91.30 |
| Quanta Computer Inc. ( 38 .TW) | O (05/01/ 0 3) | NT$341.50 |
| Shengyi Technology Co Ltd. (600183.SS) | E (05/ 6/ 0 ) | Rmb143.56 |
| Shennan Circuits Co Ltd (00 916.SZ) | E (08/ 4/ 0 3) | Rmb414.77 |
| Unimicron (3037.TW) | O (0 / 3/ 0 6) | NT$1,160.00 |
| Visual Photonics Epitaxy Co Ltd ( 455.TW) | E (09/11/ 0 3) | NT$55 .00 |
| Wistron Corporation (3 31.TW) | O (07/1 / 0 3) | NT$180.00 |
| Wiwynn Corp (6669.TW) | O (11/10/ 0 5) | NT$ ,105.00 |
| Yageo Corp. ( 3 7.TW) - Zhen Ding (4958.TW) | O (10/ 8/ 0 5) - ++ | NT$573.00 - NT$473.00 |
|---|---|---|
| Irene Yen | ||
| Co-Tech Development Corp. (8358.TWO) | O (09/14/ 0 6) | NT$497.00 |
| Taiwan Union Technology Corporation (6 74.TWO) | O (09/14/ 0 6) | NT$1,460.00 |
- Histo ical p ices a e not split adjusted.
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