PDF 原檔：報告_UBS_智原3035_3Q26_20261027_original.pdf
圖片清單（已驗證 2026-10-28）
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報告_UBS_智原3035_3Q26_20261027_001.png |
51KB | 真資料圖 | 智原股價（NT$）與 NTM P/E 歷史圖，2002-10 至 2026-10，圖內標示平均 P/E 18x、+1 標準差 27x、-1 標準差 10x（財務圖，不嵌 lib） |
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46KB | 真資料圖 | 智原股價（NT$，左軸）與外資（QFII）持股比重（%，右軸）疊圖，2008 至 2026，來源 TEJ；持股比重 2021 前後高點約 36–38%、2025 年低點約 6–8%、2026 年回升至約 20%（財務圖，不嵌 lib） |
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64KB | 真資料圖 | UBS 目標價（NT$）階梯線與股價疊圖，2023-08 至 2026-10，下方標示評等區間（Buy／Neutral／Sell／No Rating）（財務圖，不嵌 lib） |
校正紀錄
- 2026-10-28：本頁
## 原始內容由 docling 解析，文字層遺失部分數字（例：「NT$ .07」「+ % QoQ」「NT$ 90」「3 % QoQ」「12nm」誤為「2nm」等）。以 PyMuPDF 對_original.pdf文字層核對後，lib 引用數字以原 PDF 為準：Q326 EPS NT$1.07；Q326 營收 NT$3.66bn（+11% QoQ）；NRE -31% QoQ；PT NT$200（前 NT$190）；24x 2027E PE（前 22x）；2026E EPS（reported）3.43→3.68；2027／28E EPS -4%／-1%；首頁 UBS diluted EPS：26E 3.45→3.66、27E 8.70→8.35、28E 14.07→13.86（共識 3.38／6.29／9.57）；2029E 16.54、2030E 18.83；「new UMC 12nm project」「initial contribution from 12nm node」「MP targeted within 1-2 years」「H127」。內文表格內缺位數字同理（如 28E 營收 24,794 正確、2029E 28,815）。原文保留未改動。
原始內容
First Read
Faraday Technology
New opportunities in advanced nodes
Q326 beat on turnkey strength and non-op gains; Q 26 outlook positive
Q326 EPS of NT$ .07 came in above UBS/Street expectations mainly on non-op gains. Q326 sales came in at NT$3.66 bn (+ % QoQ), ahead of its original guidance but in line with its comment during Taiwan Summit with turnkey sales up 20% QoQ given better support from OSAT and foundries, despite NRE declining 3 % QoQ. Q326 GM decreased 2.7ppt QoQ to 42.5% on higher turnkey mix, while OPEX grew 9% QoQ on salary adjustment and higher bonus accrual. Non-op gain of NT$266mn mainly includes valuation gains on an investee company. For Q426F, it guided sales flat QoQ remaining at high levels with IP and NRE up QoQ, and turnkey down QoQ. GM is guided back to ~45%, reflecting normalized ASIC economics; OPEX should decline single digit QoQ.
2027 growth outlook supported by AI, advanced packaging and 12nm node
Management guided for double-digit sales growth in 2027, with all three businesses, IP, NRE and turnkey, expected to grow, driven by three key catalysts: AI, advanced packaging and new UMC 2nm project contribution. For IP, growth should be supported by higher royalties on foundry price hikes/customer capacity expansion and initial contribution from 2nm node; NRE should benefit from 2nm/4nm projects entering peak recognition, with 3-4 ASIC tape-outs targeted in H 27; while MP should see growth in both MCU and ASIC as new projects gradually ramp. AI-related mix was at 8-9% of Q326 sales, and is expected to increase throughout 2027 alongside accelerating advanced-packaging shipments. We expect 2027E sales to grow 37% YoY.
2nm design win opens new advanced-node and product opportunities
Faraday secured a 2nm GAA special purpose ASIC project worth several tens of millions of US dollars in NRE, which management described as its largest-ever design win and most advanced project to date. The project spans front-end design and IP integration, back-end design, customized 3D DRAM and advanced packaging, and marks Faraday's first customized 3D DRAM and hybrid-bonding project. It expects to recognize its first NRE milestone in H 27, followed by MP targeted within -2 years. Beyond 2nm, Faraday is expanding into new applications including OCS, CXL and Si-cap, leveraging its capabilities in advanced packaging, interposer design and ASIC integration. We believe successful execution by Faraday and its foundry partner could strengthen Faraday's positioning in advanced-node projects and create follow-on design-win opportunities.
Valuation: Raise PT to NT$200, stay Neutral
We raise 2026E EPS (reported) from NT$3.43 to NT$3.68 on better Q326, but lower 2027/28E EPS by 4%/ % to factor in softer CE demand and higher OPEX. We raise our PT to NT$200 from NT$ 90 using 24x 2027E PE (vs prior 22x). We raise our multiple as the recent 2nm project win should boost investor confidence, but stay Neutral as the advanced nodes (4nm/2nm) turnkey revenue recognition depends on the foundry partner's execution. We await clearer evidence before revisiting our assumptions.
| Highlights (NT$m) | 12/23 | 12/2 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
|---|---|---|---|---|---|---|---|---|
| Revenues | ,966 | ,065 | 7,993 | 3,438 | 8,356 | 24,794 | 28,8 5 | 32,737 |
| EBIT (UBS) | ,956 | ,07 | 552 | ,035 | 3,023 | 4,85 | 5,744 | 6,494 |
| Net earnings (UBS) | ,589 | ,04 | 73 | 953 | 2, 76 | 3,6 2 | 4,309 | 4,907 |
| EPS (UBS, diluted) (NT$) | 6.39 | 4.05 | 2.8 | 3.66 | 8.35 | 3.86 | 6.54 | 8.83 |
| DPS (net) (NT$) | 0.00 | 4.29 | 3.00 | .80 | 2.02 | 5.0 | 9.0 | 0.75 |
| Net (debt) / cash | 5,445 | 7,863 | 6,677 | 8,054 | 9,326 | 0,899 | 2,685 | 4,5 4 |
| Profitability/valuation | 12/23 | 12/2 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
| EBIT (UBS) margin % | 6.3 | 9.7 | 3. | 7.7 | 6.5 | 9.6 | 9.9 | 9.8 |
| ROIC (EBIT) % | 43.9 | 2 .4 | 8.9 | 2.2 | 29.5 | 44.9 | 5 .0 | 56.6 |
| EV/EBITDA (UBS core) x | 24.5 | 38.4 | 28. | 2 .6 | 0.5 | 7.0 | 5.8 | 5.0 |
| P/E (UBS, diluted) x | 40.8 | 75.2 | 66.3 | 52.3 | 22.9 | 3.8 | .6 | 0.2 |
| Equity FCF (UBS) yield % | 3.6 | 2.4 | 0.5 | 3.3 | 5. | 7.3 | 9.8 | 0.8 |
| Dividend yield (net) % | 0.0 | .4 | .6 | 0.9 | . | 2.6 | 4.7 | 5.6 |
Source: Company accounts, LSEG Eikon, UBS estimates. Metrics marked as (UBS) have had analyst adjustments applied. Valuations: based on an average share price that year, (E): based on a share price of NT$ 9 .50 on 27-Oct-2026
Equities
Taiwan
Semiconductors
| 12-month rating | Neutral |
|---|---|
| 12m price target | NT$200.00 |
| Prior : NT$190.00 | |
| Price (27 Oct 2026) | NT$191.50 |
RIC: 3035.TWBBG: 3035 TT
Trading data and key metrics
| 52-wk range | NT$233.00- 39.00 |
|---|---|
| Market cap. | NT$49.9b/US$ .54b |
| Shares o/s | 26 m (ORD) |
| Free float | 86% |
| Avg. daily volume ('000) | 4,502 |
| Avg. daily value (m) | NT$832 |
| Common s/h equity (12/26E) | NT$ 7.3b |
| P/BV (12/26E) | 2.9x |
| Net debt to EBITDA (12/26E) | NM |
| EPS (UBS, diluted) (TWD) | From | To | % ch | Cons. |
|---|---|---|---|---|
| 12/26E | 3.45 | 3.66 | 6 | 3.38 |
| 12/27E | 8.70 | 8.35 | -4 | 6.29 |
| 12/28E | 4.07 | 3.86 | - | 9.57 |
Jerry Su
Analyst jerry.su@ubs.com +886-28-722 7306
Annie Chen
Associate Analyst annie.chen@ubs.com +886-2-8722 728
Figure 1: UBS vs. VA Consensus 3Q26A/ Q26E and 2025A-28E
| (NT$m) | 2Q26 - Actual | 3Q26 - Actual | 3Q26 - UBSe prior | 3Q26 - VA | 4Q26E - UBSe | 4Q26E - UBSe prior | 4Q26E - VA | 2025 | 2025 - Actual | 2026E - UBSe | 2026E - UBSe prior | 2026E - VA | 2027E - UBSe | 2027E - UBSe prior | 2027E - VA | 2028E - UBSe | 2028E - UBSe prior | 2028E - VA |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,314 | 3,664 | 3,081 | 3,172 | 3,871 | 3,442 | 4,006 | 17,993 | 13,438 | 12,425 | 13,080 | 18,356 | 19,135 | 17,299 | 24,794 | 25,593 | 20,504 | |
| - QoQ / YoY | 28.0% | 10.6% | -7.0% | -4.3% | 5.7% | 11.7% | 26.3% | 62.6% | -25.3% | -30.9% | -27.3% | 36.6% | 54.0% | 32.3% | 35.1% | 106.0% | 18.5% | |
| Gross profit | 1,499 | 1,557 | 1,400 | 1,434 | 1,730 | 1,545 | 1,751 | 4,857 | 6,010 | 5,668 | 5,908 | 7,999 | 7,945 | 7,413 | 9,999 | 10,129 | 8,555 | |
| - Gross margin | 45.2% | 42.5% | 45.4% | 45.2% | 44.7% | 44.9% | 43.7% | 27.0% | 44.7% | 45.6% | 45.2% | 43.6% | 41.5% | 42.9% | 40.3% | 39.6% | 41.7% | |
| Operating profit | 271 | 214 | 211 | 230 | 460 | 468 | 609 | 552 | 1,041 | 1,045 | 1,206 | 3,023 | 3,129 | 2,393 | 4,851 | 4,901 | 3,026 | |
| - OP margin | 8.2% | 5.8% | 6.8% | 7.2% | 11.9% | 13.6% | 15.2% | 3.1% | 7.7% | 8.4% | 9.2% | 16.5% | 16.4% | 13.8% | 19.6% | 19.1% | 14.8% | |
| Non-Op | 111 | 265 | 123 | 94 | 119 | 122 | 100 | 449 | 578 | 439 | 388 | 311 | 301 | 341 | 340 | 340 | 356 | |
| Pre-tax profit | 382 | 482 | 333 | 323 | 579 | 590 | 709 | 1,002 | 1,622 | 1,487 | 1,594 | 3,334 | 3,430 | 2,734 | 5,191 | 5,241 | 3,382 | |
| Tax | 96 | 111 | 73 | 73 | 127 | 130 | 160 | 229 | 379 | 343 | 374 | 734 | 755 | 618 | 1,142 | 1,153 | 779 | |
| - Tax rate | -25% | -23% | -22% | -23% | -22% | -22% | -23% | -23% | -23% | -23% | -23% | -22% | -22% | -23% | -22% | -22% | -23% | |
| Net profit | 198 | 279 | 188 | 216 | 378 | 403 | 496 | 731 | 959 | 893 | 1,014 | 2,176 | 2,266 | 1,914 | 3,612 | 3,666 | 2,351 | |
| EPS (NT$) | 0.76 | 1.07 | 0.72 | 0.87 | 1.45 | 1.55 | 1.72 | 2.81 | 3.68 | 3.43 | 3.76 | 8.35 | 8.70 | 7.00 | 13.86 | 14.07 | 9.02 |
Source: UBS estimates, Visible Alpha. Note: EPS in this table is reported, which may differ from UBS adjusted EPS as shown in the tables on the front page.
Figure 2: Faraday annual P&L summary
| Ticker Shares outstanding (mn) - Year | 2025 | 3035.TWCurrent 260.5 - 2026E | Price (NT$) Mkt cap (NT$ mn) - 2027E | Price (NT$) Mkt cap (NT$ mn) - 2028E | 2029E | $191.5 $49,895 - 2030E |
|---|---|---|---|---|---|---|
| Revenues (NT$ mn) | $17,993 | $13,438 | $18,356 | $24,794 | $28,815 | $32,737 |
| YoY Growth (%) | -25.3% | 36.6% | 35.1% | 16.2% | 13.6% | |
| Gross profit (NT$mn) | $4,857 | $6,010 | $7,999 | $9,999 | $11,192 | $12,395 |
| GM (%) | 27.0% | 44.7% | 43.6% | 40.3% | 38.8% | 37.9% |
| Operating profit (NT$mn) | $552 | $1,041 | $3,023 | $4,851 | $5,744 | $6,494 |
| OPM (%) | 3.1% | 7.7% | 16.5% | 19.6% | 19.9% | 19.8% |
| Net profit (NT$ mn) | $731 | $959 | $2,176 | $3,612 | $4,309 | $4,907 |
| EPS (NT$) | $2.81 | $3.68 | $8.35 | $13.86 | $16.54 | $18.83 |
| EPS growth (%) | 31.1% | 126.9% | 66.0% | 19.3% | 13.9% | |
| P/E (x) | 68.2 | 52.0 | 22.9 | 13.8 | 11.6 | 10.2 |
| Dividend yield (%) | 1.6% | 0.9% | 1.1% | 2.6% | 4.7% | 5.6% |
| P/B (x) | 3.8 | 2.9 | 2.6 | 2.3 | 2.1 | 2.0 |
| ROE (%) | 5.6% | 5.5% | 11.5% | 17.0% | 18.6% | 19.4% |
Source: UBS estimates, company data. Note: EPS in this table is reported, which may differ from UBS adjusted EPS as shown in the tables on the front page.
Figure 3: Faraday annual and quarterly forecast summary
| Quarters | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26E | 4Q26E |
|---|---|---|---|---|---|---|---|---|
| Revenues (NT$ mn) | $7,438 | $4,512 | $3,236 | $2,808 | $2,589 | $3,314 | $3,664 | $3,871 |
| -- QoQ Growth (%) | 151.9% | -39.3% | -28.3% | -13.2% | -7.8% | 28.0% | 10.6% | 5.7% |
| -- YoY Growth (%) | 188.4% | 70.3% | 12.2% | -4.9% | -65.2% | -26.6% | 13.2% | 37.9% |
| Gross profit | $1,508 | $1,091 | $1,075 | $1,184 | $1,224 | $1,499 | $1,557 | $1,730 |
| -- Gross Margin (%) | 20.3% | 24.2% | 33.2% | 42.2% | 47.3% | 45.2% | 42.5% | 44.7% |
| Operating Profit | $369 | $64 | $39 | $80 | $96 | $271 | $214 | $460 |
| -- OP Margin (%) | 5.0% | 1.4% | 1.2% | 2.9% | 3.7% | 8.2% | 5.8% | 11.9% |
| Non-op | $86 | ($19) | $173 | $209 | $83 | $111 | $265 | $119 |
| Pre-tax profit (NT$ mn) | $455 | $45 | $213 | $290 | $179 | $382 | $482 | $579 |
| Tax | $103 | $9 | $48 | $68 | $44 | $96 | $111 | $127 |
| -- tax rate (%) | 22.7% | 21.2% | 22.6% | 23.5% | 24.6% | 25.2% | 23.0% | 22.0% |
| Net profit (NT$ mn) | $346 | $26 | $152 | $208 | $104 | $198 | $279 | $378 |
| -- QoQ Growth (%) | 46.6% | -92.5% | 487.3% | 36.8% | -49.8% | 89.9% | 40.8% | 35.5% |
| -- YoY Growth (%) | 23.5% | -90.1% | -42.5% | -12.1% | -69.9% | 666.4% | 83.8% | 82.1% |
| EPS (NT$) | $1.33 | $0.10 | $0.58 | $0.80 | $0.40 | $0.76 | $1.07 | $1.45 |
2024
2025
2026E
2027E
2028E
$11,065 $17,993 $13,438 $18,356 $24,794
188.4% 70.3% 12.2% -4.9% -65.2% -26.6% 13.2% 37.9% -7.5% 62.6% -25.3% 36.6% 35.1%
$5,051 $4,857 $6,010 $7,999 $9,999
20.3% 24.2% 33.2% 42.2% 47.3% 45.2% 42.5% 44.7% 45.7% 27.0% 44.7% 43.6% 40.3%
$1,071
$552
$1,041 $3,023 $4,851
5.0% 1.4% 1.2% 2.9% 3.7% 8.2% 5.8% 11.9% 9.7% 3.1% 7.7% 16.5% 19.6%
$272
$449
$578
$311
$340
$1,343 $1,002 $1,622 $3,334 $5,191
$271
$229
$379
$734
$1,142
22.7% 21.2% 22.6% 23.5% 24.6% 25.2% 23.0% 22.0% 20.2% 22.8% 23.3% 22.0% 22.0%
$1,041
$731
$959
$2,176 $3,612
23.5% -90.1% -42.5% -12.1% -69.9% 666.4% 83.8% 82.1% -34.5% -29.8% 31.1% 126.9% 66.0%
$4.05
$2.81
$3.68
$8.35
$13.86
Source: UBS estimates, company data. Note: EPS in this table is reported, which may differ from UBS adjusted EPS as shown in the tables on the front page.
Figure : Faraday historical P/E range
Source: LSEG
Figure 5: Faraday FINI holding
Source: TEJ
Forecast returns
| Forecast price appreciation | 4.4% |
|---|---|
| Forecast dividend yield | 0.9% |
| Forecast stock return | 5.4% |
| Market return assu ption | 6.3% |
| Forecast excess return | -1.0% |
Company Description
Faraday was founded in 993, spun off from UMC's IP and semiconductor design service department as the first IC design service company in Asia. It is an IC design and production service provider that initially focused on specialty applications on mature nodes by partnering with UMC and gradually upgraded to advanced nodes through working with Samsung. The company had its IPO on the Taiwan Securities Exchange in 999.
Valuation Method and Risk Statement
We value Faraday using PE methodology.
Downside risks include slower-than-expected advanced nodes migration, further delay of advanced packaging ramp, and growing competition in specialty projects from China IC design service companies.
Quantitative Research Review
UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence of a number of short term factors in a product known as the 'Quantitative Research Review'. The views for this month can be found below. Views contained in this assessment on a particular stock reflect only the views on those short term factors which are a different timeframe to the 2-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS Global Research reports; and (ii) where no applicable research report was published that month, the Quantitative Research Review which can be found at https://neo.ubs.com/quantitative, or contact your UBS sales representative for access to the report or the Quantitative Research Team on ubs-quant-answers@ubs.com. A consolidated report which contains all responses is also available and again you should contact your UBS sales representative for details and pricing or the Quantitative Research Team on the email above.
Faraday Technology
| Question | Response |
|---|---|
| 1. Is the industry structure facing the fir likely to i prove or deteriorate over the next six onths? Rate on a scale of 1-5 (1 = getting worse, 3 = no change, 5 = getting better, N/A = no view) | 3 |
| 2. Is the regulatory/govern ent environ ent facing the fir likely to i prove or deteriorate over the next six onths? Rate on a scale of 1-5 (1 = getting tougher 3 = no change, 5 = getting better, N/A = no view) | 3 |
| 3. Over the last 3-6 onths in broad ter s have things been i proving/no change/getting worse for this stock? Rate on a scale of 1-5 (1 = getting a lot worse, 3 = not uch change, 5 = getting a lot better, N/A = no view) | 4 |
| 4. Relative to the current CONSENSUS EPS forecast, is the next co pany EPS update likely to lead to: (1 = negative surprise vs consensus, 3 = in-line with consensus, 5 = positive surprise vs consensus expectations, N/A = no view) | 3 |
| 5. What's driving the difference? | |
| 6. Relative to YOUR current earnings forecast, is there relatively greater risk at the next earnings result of:(1 = downside skew risk to earnings, 3 = equal upside or downside risk to earnings, 5 = upside skew risk to earnings, N/A = no view) | 3 |
| 7. What's driving the difference? | |
| 8. Is there an upco ing catalyst for the co pany over the next three onths? | |
| 9. Is there an actual or approxi ate date for the catalyst? | |
| 10. Is the catalyst date an actual or approxi ate date? | |
| 11. What is the catalyst? |