PDF 原檔：報告_Macquarie_儒鴻1476_20260819_original.pdf
已驗證圖片清單（Step 2.5，2026-08-20 逐張 Read）
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
報告_Macquarie_儒鴻1476_20260819_001.png |
190KB | 裝飾·banner | Macquarie Research 報告封面 banner（藍色建築外牆照片＋MACQUARIE logo＋19 August 2026），非資料圖，不得嵌入 lib |
報告_Macquarie_儒鴻1476_20260819_003.png |
47KB | 真資料圖 | 儒鴻歷史 PER band（Figure 1），2013-2028 股價（紅線）疊 12x/15x/20x/25x/30x 本益比帶，2021-22 高點觸及 25-30x 帶，2026 股價落在 12-15x 帶之間 |
報告_Macquarie_儒鴻1476_20260819_004.png |
50KB | 真資料圖 | 月營收 YoY 成長率折線（Figure 2），2021/1-2026/7，2021/4 高點逾 +100%，2023 全年多在 -20%~-40%，2024 回升至 +20%~+40%，2025 中轉負，2026/7 回升至約 +20% |
報告_Macquarie_儒鴻1476_20260819_008.png |
79KB | 真資料圖 | Macquarie 量化因子月報酬熱圖（Asia Ex JP，2025/8-2026/7 與 5 年／10 年年化）；屬全市場因子表、與儒鴻個股無關，不嵌入 lib |
報告_Macquarie_儒鴻1476_20260819_009.png |
84KB | 真資料圖 | 左為 1476 股價（藍）vs TAIEX（黃）2024/3-2026/8 與目標價綠點、評等軌（O/N/U）；右為 Macquarie 評等沿革表：2024/2/27 Outperform TWD634、2024/3/1 641、2024/6/6 632、2024/8/20 747、2024/11/15 767、2025/3/10 812 |
原始內容
rec history
— 1476 (LHS]
Outperform
1000.00
- Rel TAIEX [RHS) • Price Target
1A7C TT
Mar-24 Oct-24 Jun-25 Jan-26 Aug-26
Source: FactSet. Macauarie Research. Aua 2026 lalli fiaures in
Eclat Textile
Diversified customer base supporting growth
Key Points
- New customers and products to support growth into 2H26.
- Margin headwinds should ease vs 2Q26 on lower raw-material cost pressure.
- Indonesia capacity set to start mass production in 4Q27.
- Favourable 2H comparison base. Eclat maintains broadly stable order visibility of around six months, although volatility has increased toward the end of the cycle. New and wellness products have received positive customer feedback since launch, and their growing contribution should support gross margins. The company is also working with two to three new customers, which should lead to shipments over time. We view positively the company's ability to secure new customers proactively despite ongoing industry challenges. We expect revenue growth to accelerate in 2H26, supported by a lower comparison base.
- Raw-material headwinds should ease sequentially. Management attributed the QoQ gross margin contraction in 2Q to a higher-thanexpected mix of carry-over orders, despite growth in higher-margin new products, as well as higher raw-material costs. That said, oil prices have recently stabilised, and the company is negotiating pricing with brand customers. As a result, we expect gross margin headwinds to ease relative to 2Q. Overall, we forecast FY26 gross margin of 31.1%, within management's target range of 28-32%.
- Investing to improve productivity. Eclat expects to direct this year's and next year's capex towards expanding capacity in Indonesia and advancing automation across its garment and fabric plants to improve efficiency. Management expects the new Indonesian capacity to enter mass production in 4Q27.
Earnings changes: We lift 2026E/27E adjusted net profit by 3.0%/1.3% to factor in our higher revenue and margin estimates.
Valuation: We cut our target price 12.8% to NT$547.00 (from NT$627.00), based on an lower multiple of 22x FY26E PER which represents a 6-year average vs 26 previously (1 standard deviation above average) to factor in more volatile industry demand
Catalysts: Monthly revenue update, 3Q26 results, management commentary, outlook from key customers (e.g., Nike, Lululemon, Under Armour, Gap/Athleta).
Investment Thesis and Recommendation
We expect Eclat's margins to improve further in 2027, driven by product innovation. Stronger apparel performance should support volume and drive a potential re-rating. Eclat is well positioned to secure new customers and orders as consumers preference shifts to smaller brands. Prior Eclat research.
120.00
Consumer Durables & Apparel Taiwan
Terence Chang
Linda Huang, CFA
| 1476 TT | Outperform |
|---|---|
| Price (at 18 Aug 2026) | TWD310.50 |
| 12-month target | TWD547.00 |
| 12-month TSR (%) | 82.2 |
| Volatility Index | Medium |
| Market Cap (Local) (m) | 85,191 |
| Market Cap (USD) (m) | 2,676 |
| Free Float (%) | 89 |
| 30-day avg turnover (USD) (m) | 19.0 |
Investment Fundamentals
| Year end 31 Dec Revenue (m) | 2025A 37,990 | 2026E 40,218 | 2027E 43,167 | 2028E 46,047 |
|---|---|---|---|---|
| Revenue growth (%) | 3.2 | 5.9 | 7.3 | 6.7 |
| EBIT (m) | 7,091 | 8,449 | 9,413 | 10,469 |
| EBIT growth (%) | (8.6) | 19.1 | 11.4 | 11.2 |
| Reported profit (m) | 5,515 | 6,852 | 7,594 | 8,431 |
| Adjusted profit (m) | 5,728 | 6,818 | 7,594 | 8,431 |
| EPS rep growth (%) | (17.0) | 24.2 | 10.8 | 11.0 |
| EPS adj [TWD] | 20.9 | 24.9 | 27.7 | 30.7 |
| EPS adj growth (%) | (8.2) | 19.0 | 11.4 | 11.0 |
| Net debt/equity (%) | (9.7) | (9.7) | (9.7) | (9.7) |
| ROA (%) | 20.0 | 24.1 | 26.9 | 29.9 |
| ROE (%) | 19.6 | 23.0 | 25.6 | 28.4 |
| PER rep (x) | 15.4 | 12.4 | 11.2 | 10.1 |
| PER adj (x) | 14.9 | 12.5 | 11.2 | 10.1 |
| EV/EBITDA (x) | 9.9 | 8.5 | 7.7 | 7.0 |
| P/BV (x) | 2.9 | 2.9 | 2.9 | 2.9 |
| Total div yield (%) | 4.8 | 6.0 | 6.7 | 7.4 |
Quant (rank vs. global sector)
188 / 673
1476 TT rel TAIEX performance, & rec history
Source: FactSet, Macquarie Research, Aug 2026 (all figures in TWD unless noted, TP in TWD)
Key Risks to Investment Thesis
- Weaker-than-expected demand recovery, rising labour costs, order cuts by end customers, and supply-chain disruptions.
- Geopolitical risks or increasing trade frictions, such as tariffs.
- Competition among suppliers, leading to lower margins.
Figure 1 - Eclat - Historical PER band
Source: Bloomberg, Macquarie Research, August 2026
Eclat Textile (1476 TT) TWD/(m) unless otherwise noted
| Income Statement Dec FY | 2025A | 2026E | 2027E | 2028E | Q2/26A | Q3/26E | Balance Sheet | 2025A | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 37,990 | 40,218 | 43,167 | 46,047 | 10,086 | 10,216 | Cash | 3,409 | 3,409 | 3,409 | 3,409 |
| Cost of Goods Sold | 27,108 | 27,718 | 29,544 | 31,217 | 7,059 | 7,062 | Receivables | 4,764 | 4,764 | 4,764 | 4,764 |
| Gross Profit | 10,882 | 12,500 | 13,623 | 14,831 | 3,027 | 3,154 | Inventories | 5,931 | 5,931 | 5,931 | 5,931 |
| EBITDA | 7,967 | 9,312 | 10,285 | 11,350 | 2,148 | 2,419 | Investments | 0.0 | 0.0 | 0.0 | 0.0 |
| Depreciation | 875.8 | 862.6 | 872.3 | 881.2 | 213.3 | 215.7 | Fixed Assets | 12,323 | 12,323 | 12,323 | 12,323 |
| Amortisation | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Intangibles | 0.0 | 0.0 | 0.0 | 0.0 |
| EBIT | 7,091 | 8,449 | 9,413 | 10,469 | 1,935 | 2,203 | Other Assets | 8,609 | 8,609 | 8,609 | 8,609 |
| Net Interest Income | 93.5 | 120.2 | 120.2 | 120.2 | 36.5 | 30.0 | Total Assets | 35,037 | 35,037 | 35,037 | 35,037 |
| Associates | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Payables | 2,103 | 2,103 | 2,103 | 2,103 |
| Exceptionals | (213.0) | 33.6 | 0.0 | 0.0 | 22.1 | (40.0) | Short Term Debt | 547.4 | 547.4 | 547.4 | 547.4 |
| Forex Gains / Losses | (266.3) | 42.7 | 0.0 | 0.0 | 28.4 | (50.0) | Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 |
| Other Pre-Tax Income | 260.0 | (9.9) | 38.7 | 38.7 | (13.1) | 49.7 | Other Liabilities | 2,749 | 2,749 | 2,749 | 2,749 |
| Pre-Tax Profit | 6,966 | 8,636 | 9,572 | 10,628 | 2,009 | 2,193 | Total Liabilities | 5,400 | 5,400 | 5,400 | 5,400 |
| Tax Expense | (1,451) | (1,784) | (1,978) | (2,197) | (455.9) | (458.2) | Shareholders' Funds | 29,451 | 29,451 | 29,451 | 29,451 |
| Net Profit | 5,515 | 6,852 | 7,594 | 8,431 | 1,553 | 1,735 | Minority Interests | 0.0 | 0.0 | 0.0 | 0.0 |
| Minority Interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | Other | 186.6 | 186.6 | 186.6 | 186.6 |
| Reported Earnings | 5,515 | 6,852 | 7,594 | 8,431 | 1,553 | 1,735 | Total S/H Equity | 29,637 | 29,637 | 29,637 | 29,637 |
| Adjusted Earnings | 5,728 | 6,818 | 7,594 | 8,431 | 1,531 | 1,775 | Total Liab & S/H Funds | 35,037 | 35,037 | 35,037 | 35,037 |
| Basic Shares Outstanding | 274.4 | 274.4 | 274.4 | 274.4 | 274.4 | 274.4 | Net Debt / Equity (%) | (9.7) | (9.7) | (9.7) | (9.7) |
| Diluted Shares Outstanding | 274.4 | 274.4 | 274.4 | 274.4 | 274.4 | 274.4 | Interest Cover (x) | NM | NM | NM | NM |
| EPS (rep) [TWD] | 20.1 | 25.0 | 27.7 | 30.7 | 5.7 | 6.3 | ROE (%) | 19.6 | 23.0 | 25.6 | 28.4 |
| EPS (adj) [TWD] | 20.9 | 24.9 | 27.7 | 30.7 | 5.6 | 6.5 | ROA (%) | 20.0 | 24.1 | 26.9 | 29.9 |
| Total DPS [TWD] | 15.0 | 18.6 | 20.7 | 22.9 | 0.0 | 0.0 | ROIC (%) | 20.7 | 25.0 | 27.9 | 31.0 |
| Ratio | 2025A | 2026E | 2027E | 2028E | Cash Flow Analysis | 2025A | 2026E | 2027E | 2028E | ||
| Revenue Growth (%) | 3.2 | 5.9 | 7.3 | 6.7 | - | - | EBITDA | 7,968 | 9,312 | 10,285 | 11,350 |
| EBITDA Growth (%) | (7.8) | 16.9 | 10.5 | 10.3 | - | - | Tax Paid | (1,451) | (1,784) | (1,978) | (2,197) |
| EBIT Growth (%) | (8.6) | 19.1 | 11.4 | 11.2 | - | - | Chgs in Working Cap | 2,888 | (1,038) | (679.1) | (648.8) |
| EPS Growth (adj) (%) | (8.2) | 19.0 | 11.4 | 11.0 | - | - | Net Interest Paid | (70.4) | (43.7) | (43.7) | (43.7) |
| Gross Profit Margin (%) | 28.6 | 31.1 | 31.6 | 32.2 | - | - | Other | (1,764) | (365.7) | (459.2) | (532.2) |
| EBITDA Margin (%) | 21.0 | 23.2 | 23.8 | 24.6 | - | - | Operating Cashflow | 7,570 | 6,081 | 7,125 | 7,928 |
| EBIT Margin (%) | 18.7 | 21.0 | 21.8 | 22.7 | - | - | Acquisitions | 0.0 | (5.0) | (5.0) | (5.0) |
| Net Profit Margin (%) | 15.1 | 17.0 | 17.6 | 18.3 | - | - | Capex | (369.5) | (1,000) | (1,000) | (1,503) |
| Payout Ratio (%) | 71.8 | 75.0 | 74.6 | 74.6 | - | - | Other | (1,497) | 0.0 | 0.0 | 0.0 |
| PE (rep) (x) | 15.4 | 12.4 | 11.2 | 10.1 | - | - | Investing Cashflow | (1,866) | (1,005) | (1,005) | (1,508) |
| PE (adj) (x) | 14.9 | 12.5 | 11.2 | 10.1 | - | - | Dividend (Ordinary) | (4,664) | (4,116) | (5,113) | (5,667) |
| EV/EBITDA (x) | 9.9 | 8.5 | 7.7 | 7.0 | - | - | Equity Raised | 0.0 | 0.0 | 0.0 | 0.0 |
| EV/EBIT (x) | 11.2 | 9.4 | 8.4 | 7.6 | - | - | Debt Movements | (1,171) | 0.0 | 0.0 | 0.0 |
| Price/Book (x) | 2.9 | 2.9 | 2.9 | 2.9 | - | - | Other | (18.3) | 0.0 | 0.0 | 0.0 |
| - | Financing Cashflow | (4,116) | (5,113) | (5,667) | |||||||
| Total Div Yield (%) | 4.8 | 6.0 | 6.7 | 7.4 | - | (5,854) | 753.1 | ||||
| Net Chg in Cash/Debt | (150.0) | 960.1 | 1,007 | ||||||||
| Free Cashflow | 7,201 | 5,081 | 6,125 | 6,425 |
Source: Company data, Macquarie Research Aug 2026
Company Description
Eclat is the leading fabric and garment OEM/ODM in Taiwan, specialising in knitted fabric and garment products in the production of functional sports/fitness wear. The company has in-house fabric and garment production. They also sell part of the produced fabric to third party customers while keep the remaining in-house for own garment production. Eclat's client base is well diversified across global leading brands, including Nike, Under Armour and Lululemon, etc.
Figure 2 - Monthly revenue YoY Growth
Source: Company data, Macquarie Research, August 2026
Earnings estimate revisions
We lift 2026E/27E adjusted net profit by 3.0%/1.3% on our higher sales estimates.
- Revenue: 2026E/27E up 2.0%/1.6% to reflect higher fabric estimate.
- Margins: 2026E/27E gross margins increase by 0.7ppt and 0.4ppt; operating margins increase 0.4ppt and 0.1ppt respectively, as we expect new product contribution, cost pass through and other efficiency initiatives to benefit.
Figure 3 - Earnings revision
| Old | Old | New vs old | New vs old | New vs old | |||||
|---|---|---|---|---|---|---|---|---|---|
| Unit: NT$m | FY26 | FY27 | FY28 | FY26 | FY27 | FY28 | FY26 | FY27 | FY28 |
| Net Sales | 39,435.1 | 42,470.0 | 45,123.0 | 40,218.4 | 43,167.3 | 46,047.3 | 2.0% | 1.6% | 2.0% |
| Fabric | 10,910.6 | 11,264.3 | 11,606.0 | 11,678.0 | 11,678.5 | 12,025.6 | 7.0% | 3.7% | 3.6% |
| Garment | 28,524.5 | 31,205.7 | 33,517.0 | 28,540.4 | 31,488.8 | 34,021.6 | 0.1% | 0.9% | 1.5% |
| Real. Gross Profit | 11,973.0 | 13,226.9 | 14,260.8 | 12,500.3 | 13,623.1 | 14,830.8 | 4.4% | 3.0% | 4.0% |
| Operating Income | 8,115.9 | 9,210.5 | 10,105.9 | 8,449.5 | 9,413.2 | 10,468.7 | 4.1% | 2.2% | 3.6% |
| Net income | 6,621.4 | 7,495.7 | 8,210.9 | 6,852.0 | 7,594.0 | 8,430.7 | 3.5% | 1.3% | 2.7% |
| Adj. net income | 6,621.4 | 7,495.7 | 8,210.9 | 6,818.4 | 7,594.0 | 8,430.7 | 3.0% | 1.3% | 2.7% |
| Gross margin | 30.4% | 31.1% | 31.6% | 31.1% | 31.6% | 32.2% | 0.7ppt | 0.4ppt | 0.6ppt |
| Operating margin | 20.6% | 21.7% | 22.4% | 21.0% | 21.8% | 22.7% | 0.4ppt | 0.1ppt | 0.3ppt |
| Net margin | 16.8% | 17.6% | 18.2% | 17.0% | 17.6% | 18.3% | 0.2ppt | -0.1ppt | 0.1ppt |
Source: Company data, Macquarie Research, August 2026
Key Quant Findings
The quant model currently holds a reasonably positive view on Eclat Textile. The strongest style exposure is Quality, indicating this stock is likely to have a superior and more stable underlying earnings stream. The weakest style exposure is Price Momentum, indicating this stock has had weak medium to long term returns which often persist into the future.
Macquarie Alpha Model: Key rankings
The Macquarie Quant's flagship Alpha model is a dynamic multi-factor model based on a staple of quant factors such as value, momentum, revisions, quality, and risk.
| Global | Market (Country) | Sector | |
|---|---|---|---|
| Whole Universe | Taiwan | Consumer Durables & Apparel | |
| Macquarie Alpha Model | 5130/17975 | 292/978 | 188/673 |
| Fundamental (Consensus) * | 5214/17975 | 158/978 | 179/673 |
- based on Total Shareholder Return = Consensus Price target / Current Price
Current and Historical Alpha Model Rank
The chart shows the Macquarie Alpha model market ranking against the company's peers and over recent history.
Drivers of Stock Return
Breakdown of 1-year total return (local currency) into returns from dividends, changes in forward earnings estimates and the resulting change in earnings multiple.
Alpha Model Decomposition
The Macquarie Alpha is decomposed into its sector and market relative factor & styles exposures (a higher/better percentile is coded in green, whilst lower in red).
| Percentile relative to | Percentile relative to | ||
|---|---|---|---|
| Factors / Styles | sectors (/673) | market (/978) | Core factors in definition |
| ALPHA | 72% | 70% | Built from the styles below |
| VALUE | 81% | 76% | Book, CF, Yield, Earnings Multiples |
| ANALYST | 53% | 77% | Revisions (Earnings, Recommendations) |
| MOMENTUM | 8% | 21% | Price Momentum |
| GROWTH | 11% | 14% | EPS, Sales (Forecast, Historic) |
| PROFITABILITY | 62% | 87% | ROE, Margin, Asset Turnover |
| QUALITY | 88% | 98% | Accruals, Earn Stability, Cash Conversion |
| CAPITAL | 86% | 80% | Investment/Capex, Net share issuance |
| LIQUIDITY | 23% | 37% | Size, Turnover, Analyst Coverage |
| LOW RISK | 58% | 69% | Beta, Volatility, Earn.Cert, Leverage |
| TECHNICAL | 99% | 99% | MACD, RSI, Bollinger, Williams R, etc |
Factors driving the Alpha Model vs peers
For the comparable firms this chart shows the key underlying styles and their contribution to the current overall raw Alpha score.
Macquarie Style Returns over last year
Recent performance to Macquarie style factors
| Monthly Factor Long-Short Returns for | Monthly Factor Long-Short Returns for | Monthly Factor Long-Short Returns for | Monthly Factor Long-Short Returns for | Monthly Factor Long-Short Returns for | Monthly Factor Long-Short Returns for | Monthly Factor Long-Short Returns for | Monthly Factor Long-Short Returns for | Monthly Factor Long-Short Returns for | Monthly Factor Long-Short Returns for | Monthly Factor Long-Short Returns for | Monthly Factor Long-Short Returns for | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asia Ex JP | Jul - 26 | Jun - 26 | May - 26 | Apr - 26 | Mar - 26 | Feb - 26 | Jan - 26 | Dec - 25 | Nov - 25 | Oct - 25 | Sep - 25 | Aug - 25 | Last 5 Years (ann) | Last 10 Years (ann) |
| ALPHA | 10% | 1% | 3% | 3% | 4% | 0% | 0% | 3% | 3% | 2% | -3% | -6% | 9% | 6% |
| VALUE | 19% | -5% | 1% | -7% | 6% | 0% | -2% | 3% | 5% | 4% | -4% | -4% | 14% | 5% |
| ANALYST | -12% | 7% | 4% | 12% | -2% | 0% | 6% | 5% | -2% | 3% | 4% | 1% | 12% | 13% |
| MOMENTUM | -35% | 15% | 17% | 19% | -4% | 5% | 8% | 6% | -1% | -2% | 0% | -6% | -4% | 2% |
| GROWTH | -19% | 9% | 7% | 7% | -4% | -1% | 4% | 2% | -2% | 0% | 5% | 8% | 2% | 1% |
| PROFITABILITY | 3% | 6% | 1% | -4% | 3% | 0% | -4% | 1% | 3% | 0% | -4% | -2% | -3% | -2% |
| QUALITY | 7% | -3% | -2% | -4% | 2% | -1% | -4% | -1% | 1% | -4% | -6% | 1% | -5% | -2% |
| CAPITAL | 14% | -7% | -1% | -12% | 2% | -2% | 2% | -1% | 3% | -3% | -1% | -2% | 3% | -4% |
| LIQUIDITY | -11% | 8% | 10% | 7% | -1% | 3% | 1% | 2% | -1% | -1% | 3% | 3% | -3% | 3% |
| LOW RISK | 29% | -6% | -8% | -13% | 6% | -2% | -8% | -2% | 5% | 1% | -6% | -11% | -5% | -6% |
Source (all charts): FactSet, Refinitiv, and Macquarie Quant. For more details on the Macquarie Alpha model or for more customised analysis and screens, please contact the Macquarie Global Quantitative Team: maccapequitiesresearchquantglobal@macquarie.com. Explanation for items on this page can be found at https://www.macquarieinsights.com/rp/d/r/p/OTUyMzg1
Analysts
Terence Chang
852 3922 3581
terence.chang@macquarie.com
Macquarie Capital Limited
Becky Cai
+852 6027 6689
becky.cai@macquarie.com
Macquarie Capital Limited