PDF 原檔：報告_高盛_高階CCL台光電台燿_20260723_original.pdf

與既有報告內容高度重疊

本份文字層可辨識內容（EPS/營收/GM 修正幅度、EMC/TUC 評等歷史圖表）與已 ingest 之報告_高盛_CCL產業_20260717（同作者 Chao Wang/Allen Chang/Al Wang）幾乎一致，推測為同一分析之重新發送/更新版本。本份 PDF 原始文字層 OCR 錯位嚴重（表格欄位跨行斷裂、數字與標籤錯位），僅圖片清單中的圖表可清楚判讀。

圖片清單（已驗證 2026-07-23）

檔名	size	分類	親眼所見內容
`報告_高盛_高階CCL台光電台燿_20260723_004.png`	49KB	真資料圖	CCL TAM 與高階 CCL TAM 成長柱狀圖（2018-2028E，US$mn），疊加高階 CCL 佔總 CCL TAM 比重折線（綠色方塊，2018 約 10% 上升至 2028E 約 75%）
`報告_高盛_高階CCL台光電台燿_20260723_012.png`	81KB	真資料圖	Exhibit 12：EMC（深藍線）與 TUC（淺藍線）毛利率趨勢圖，1Q20-4Q28E，顯示 2Q26E 起結構性上揚至 2028E 約 EMC 44% / TUC 38%
`報告_高盛_高階CCL台光電台燿_20260723_013.png`	112KB	真資料圖	台光電（Elite Material, 2383.TW）Goldman Sachs 評等與目標價沿革圖（2023-2026），FactSet 收盤價至 2026-06-30，標示歷次 Rating / Price target 變動
`報告_高盛_高階CCL台光電台燿_20260723_014.png`	113KB	真資料圖	台燿（Taiwan Union Technology, 6274.TWO）Goldman Sachs 評等與目標價沿革圖（2023-2026），FactSet 收盤價至 2026-06-30，標示歷次 Rating / Price target 變動

其餘 001-003、005-011 均 <40KB（依規則預設非必要逐張 Read 之候選，未見特殊資料標示，推測為文字層對應的小型圖表切片）。

原始內容

45,000

40,000

35,000

30,000

25,000

20,000

15,000 10,000 5,000 0 30% 20% 10% 0% 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E · CCL TAM (USSmn) · High-end CCL TAM (USSmn) | #as % of total CCL TAM Source: Company data, Goldman Sachs Global Investment Research supply expansion remains insufficient to meet strong

80%

70%

60%

50%

40%

307-0707 1n0u9nolun aSpnous Áiddns

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8202 JLZOZ 39202 SZOZ tz02 EZ0Z %LzzzOZ %27%sz%073820Z 3LZ0Z 39202 %0L

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1Z0Z

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%k-

820Z

%SL-

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supply 1 4049-405

160%

140%

120%

100%

80%

60%

40%

20%

-20%

44%

67%

4% 10% 32% 31% 10% 0% 27%

-4%

2022

135%

92%

expansion

%St

NTS mn; GSe

%0b

Sales

Gross Profit

%98

%08

EBIT

Net Income

%9Z

2Q26

47,275

16,110

10,132

EMC

3Q26

56,692

20,665

17,150

13,206

QoQ

20%

28%

32%

30%

2Q26

14,300

4,277

3,419

2,651

TUC

3Q26

17,230

5,569

4,569

3,473

QoQ

20%

30%

34%

31%

ER&ÆERÆEЙ®B&&&RE*·888888R&88 %OL %SL %0z EPS (NT$) GM (%) OPM (%) 28.27 34.1% 27.5% 36.85 36.5% ·........·.··-30.3% 30% 2.4ppt 2.8ppt Source: Company data, Goldman Sachs Global Investment Research 9.18 29.9% 23.9% 12.03 32.3% 26.5% 31% 2.4ppt 2.6ppt

OW]—

ЭП_-

Exmoll 14: 4240 & 9240 doe 15 bou consensus comp lavie

NT$ mn

GSe

Sales

Gross Profit

EBIT

Net Income

EPS (NTS)

GM (%)

OPM (%)

BBG consensus

Sales

Gross Profit

EMC

47,275

2Q26E

3Q26E

EMC

We revise up our 2026/27/28E EPS estimates by 27/13/27% to factor in the

TUC

14,300

4,277

EMC

56,692

20,665

TUC

17,230

5,569

higher-than-expected price hike across low-end to high-end CCL. The price hike reflects more than cost pass-through and is driven by strong demand, which could not only drive

16,110

12,990

3.419

11,150

13,206

the overall revenue and profitability but also accelerate the product mix improvement.

10,132

28.27

2,651

9.18

36.85

4,569

3,473

12.03

34.1% 29.9% 36.5% 32.3% GM estimates by 0.7/0.1/0.2ppt to factor in the better than our original expectation

Overall, we revise up 2026/27/28E revenue estimates by 18/10/22% and revise up our pricing conditions in coming years.

Exhibit 15: EMC earnings revision table

EMC P&L (NTS mn)

EBIT

Sales

Net Income

Gross Profit

EBIT

EPS (NT$)

GM (%)

OPM (%)

Net Income

EPS (NTS)

Ratio analysis

Differences (GSe vs. BBG)

Sales

Gross margin

Gross Profit

EBIT margin

Net margin

EBIT

Net Income

EPS (NTS)

GM (%)

OPM (%)

2026 New 2026 Old

193,449

67,613

54,710

42,282

117.98

35.0%

28.3%

21.9%

27.5% 23.9%	30.3% 26.5%	30.3% 26.5%
EMC TUC	EMC TUC
42,314 14,174	47,797 16,451
13,714 3,950	15,964 4,782
10,619 3,111 Diff. 18%	14,208 3,752 2027 Old 335,881 305,044	10% 557,322	Diff. 2028 New 2028 Old 456,851	Diff. 22%
8,284 2,397 163,369 55,905 21%	9,851 2.892 134,357 121.646	10% 236,370	192,792	23%
23.30 8.13 43,246 27%	27.49 9.98 116,201 102,879	...... 13% 212,947	167,784	27%
32.4% 27.9% 33,387 27%	33.4% 29.1% 89,474 79,217	13% 163,969	129,194	27%
25.1% 21.9% 93.16 27%	29.7% 22.8% 249.67 221.04	13% 457.53	360.50	27%
EMC TUC 34.2%	EMC TUC
12% 17% 1% 0.7pp	19% 5% 40.0% 34.6% 39.9% 33.7%	0.1pp 0.9pp 42.4% 38.2%	42.2% 36.7%	0.2pp 1.5pp
8% 26.5% 20.4% 1.8pp	29% 16% 26.0%	29.4%	28.3%	1.1pp
22% 10% 1.4pp	21% 22% 26.6%	0.7pp
22% 11%	34% 20%
21% 13%	34% 21%
1.7ppt 2.0ppt	3.1ppt 3.3ppt 3.7ppt
2.4ppt 2.0ppt	0.5ppt

Exmibit 1o. 10c earnings revision table

NT$mn

1Q25

Revenue

[TUC P&L (NTS mn).

Sales

Gross Profit

21,680

6,590

Gross profit

.................••

Operating expense

Operating income

EBIT

Pretax income

Taxes expense

Net Income

EPS (NTS)

Net income

EPS, NT$

(2,051)

4,540

4,667

3,469

10.01

Gross margin

Ratio analysis

Ratio analysis and assumption

As % of sales

EBIT margin

Net margin

Gross margin

Operating expense ratio

Operating margin

Net margin

Q0Q growth (%)

Revenue

Gross profit

Operating income

Net income

YoY growth (%)

Revenue

Gross profit

Operating income

Net income

1Q27E

4Q26E

56,414

2027E New 2027E Old

21,108

2Q27E

3Q27E

118,814

115,123

(3,667)

17,442

(3,837)

13,604

3Q26E

56,692

20,665

(3,515)

17,150

(3,945)

13,206

36.85

37.96

0.5pp

1.3pp

63,454

24,534

(4,156)

42,526

20,378

36,915

20,378

(4,687)

26,996

15,691

93.50

43.78

35.8%

.........••.

31.1%

2028E

557,322

236,370

(23,423)

212,947

(48.978)

163,969

457.53

0.9pp

2.2pp

0.9pp.

1.6pp

18.3% 17.3% 1.0pp 22.7% 21.5% 1.2pp 24.9% 23.3% 1.6pp 28.6% 8.8% 19.8% 15.0% -0.9% -6.0% -1.1% -5.8% 32.7% 36.6% 44.5% 42.9% 34.1% 6.6% 27.5% 21.4% 43.0% 65.6% 82.2% 89.7% 36.5% 6.2% 30.3% 23.3% 19.9% 28.3% 32.0% 30.3% 37.4% 6.5% 30.9% 24.1% -0.5% 2.1% 1.7% 3.0% 38.7% 6.6% 32.1% 24.7% 12.5% 16.2% 16.8% 15.3% 39.5% 5.7% 33.8% 26.0% 23.2% 25.8% 29.7% 29.7% 34.3% 52.5% 110.0% 125.5% 126.3% 91.9% 65.3% 40.1% 5.2% 34.9% 26.9% 16.1% 18.0% 19.9% 19.9% 60.0% 41.1% 4.7% 36.4% 28.0% 14.1% 16.9% 19.0% 19.0% 83.6% 27.9% 9.0% 18.9% 14.9% 56% 29.8% 9.6% 20.3% 15.5% 46% 35.0% 6.7% 28.3% 21.9% 105% 40.0% 5.4% 34.6% 26.6% 74% 42.4% 4.2% 38.2% 29.4% 66%

30.4%

9.5%

20.9%

16.0%

16.8%

24.8%

28.8%

31.0%

68.0%

76.3%

2Q25

22,508

6,829

(2,186)

4,644

4,467

3,478

10.02

30.3%

9.7%

20.6%

15.5%

3.8%

3.6%

2.3%

0.3%

45.7%

61.3%

2026E New 2026E Old

4Q25

24,927

2Q26E

47,275

3Q25

25,146

7,576

62,252

16,110

(2,586)

4,990

5,122

(1,157)

3,965

11.19

30.1%

10.3%

19.8%

15.8%

11.7%

10.9%

7.5%

14.0%

44.0%

60.7%

79.0% 75.3% 58.8% 42.8% 57.6% 57.6% 40.0% 57.0% 179.7% 243.7% 253.5% 185.9% 103.5% 41.1% 53.9% 191.3% 233.0% 264.1% 193.8% 100.9%

2028E New 2028E Old

2024

2025

2026E

2027E

64,377

94,261

193,449

335,881

17,970

28,120

195,722

(5,818)

72,475

12,152

12,133

(9,012)

19,108

18,876

(2,564)

16 017

(4,231)

9,578

14,649

27.81

168.70

41.67

37.0%

59%

65%

75%

101.7%

116.1%

113.4%

78,151

90,726

30,853

36,404

(4.416)

(4,718)

40,195

26,437

31,686

33,960

26,437

24,780

31,686

(6,081)

(7,288)

20,357

24,398

85.82

56.80

68.08

34.9%

29.5%

91.5%

76.2%

84.8%

56%

57%

53%

67,613

(12,903)

54,710

54,776

(12,495)

134,357

(18,156)

116,201

(26,726)

42,282

89.474

117.98

36.1%

249.67

31.0%

...•••-

140%

186%

189%

99%

112%

76%

83%

61,207

7,124

(2,190)

18,998

15,340

4,935

4,620

(884)

11,187

3,737

38.75

10.45

31.0% ........·.· 25.1%

34.9%

(3,120)

19,001

12,990

14,814

12,990

(2,858)

10,787

10,132

37.36

28.27

30.5%

23.8%

.....

47.6%

135.9%

172.8%

196.3%

152.2%

Exmoll l0. lUe ral labie

NT$mn

1Q25

Revenue

Gross profit

Operating expense

Operating income

Pretax income

Taxes expense

Net income

6.372

1,533

(597)

936

935

672

EPS, NT$

2.43

Ratio analysis and assumption

As % of sales

Gross margin

Operating expense ratio

Operating margin

Net margin

QoQ growth (%)

Revenue

Gross profit

Operating income

Net income

YoY growth (%)

Revenue

Gross profit

1Q27E

21,530

7,533

(1,173)

6,360

5,840

(1,460)

4,380

15.17

35.0%

5.5%

29.5%

197

.9%

2Q27E

25,320

8.990

(1,355)

7,635

7,235

(1,809)

5.426

18.79

35.5%

5.4%

30.2%

110.2%

3Q27E

33,139

11.943

(1,491)

10,452

(2,613)

7.839

27.15

36.0%

4.5%

31.5%

114.5%

4Q27E

38,825

14.060

(1,592)

12.468

(3,117)

9,351

32.39

36.2%

4.1%

32.1%

112 3%

2024

23,070

5.342

(2,010)

3,332

3,378

(773)

2,604

9.56

23.2%

8.7%

14 4%

69%

2025

30,340

6.898

(2,554)

4.344

4,519

(1,109)

3.409

12.13

22.7%

8.4%

14.3%

29%

2026E

61,207

18.998

(3,657)

15,340

14,847

(3,659)

11,187

38.75

31.0%

6.0%

25.1%

175%

24.1% 9.4% 21.2% 8.6% 23.7% 8.1%

14.7%

12.6%

15.7%

51.5%

4Q25

9,125

2,015

(725)

1,290

1,426

(344)

1,082

3.76

22.1%

7.9%

14.1%

37.7%

1Q26

10,054

2,529

(701)

1.828

1,874

(614)

1,260

4.36

25.1%

7.0%

18.2%

64.9%

2Q26E

14.300

4.277

(858)

3.419

3,399

(748)

2,651

9.18

29.9%

6.0%

23.9%

198.0%

3Q26E

17,230

5,569

(999)

4.569

4,569

(1,097)

3,473

12.03

32.3%

5.8%

26.5%

190 8%

4Q26E

19,623

6,624

(1,099)

5.525

5,005

(1,201)

3,804

13.17

33.8%

5.6%

28.2%

228.8%

2027E

118,814

42.526

(5,611)

36.915

35,995

(8,999)

26.996

93.50

35.8%

4.7%

31.1%

124%

2028E

195,722

72.475

(7,458)

65.017

64,946

(16,237)

48.710

168.70

37.0%

3.8%

33.2%

70%

10.6%	9.6% 12.4%	11.9% 12.5%		18.5%	20.2%	19.4% 20.3%	21.4%	23.7%		24.1%	11.3%	11.2%	22.7%	24.9%
	6.4%
1.0%	-6.4% 18.9%	13.2% 10.2%	42.2%	20.5%	13.9%	9.7%	17.6%	30.9%	17.2%
4.7% 0 4%	-8.9% 33.4%	5.2% 25.5%	69.2%	30.2%	18.9%	13.7%	19.3%	32.9%		17.7%
	48 4%	1.9% 8.0% 41 7%		87.1% 33.6%	20.9%	15.1%	20.0%	36.9%	19 3%
-4.6%	-3.1% 53.8%	16.4%	110.4%	31.0%	9.5%	15.2%	23.9%	44.5%	19.3%
43.7%	18 9%	44.6%										32%
	21.8%	57 80	110.9%	113.7%	115 1%	114.1%	77.1%	92.3%	97 9%		44%	102%	94%	65%

Operating income

Net income

38.4%

5.3%

27.4%

65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%	65.8% -1.6% 30.6%
48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%	48.8% -6.0% 33.0% 53.6% 87.4% 306.8% 246.4% 251.4% 247.6% 104.7% 125.7% 145.8% 216% 31% 228% 141% 80%

95.3%

301.0%

261.1%

328.4%

248.0%

123.3%

128.7%

125.7%

134%

30%

253%

141%

76%

2025

6.780

1.435

(583)

853

840

(188)

652

2.36

3Q25

8.063

1.915

(649)

1.266

1,318

(315)

1,003

3.58

Elite Material (2383. TW)

6,000

5,000

4,000

3,000 -

420

342

300

2,000

1,000

...

Price

° jul 2

Oct 26

ASONDIFMAMTJASONDJFMAMIJASONDIFMAMJ

• Jul 1, 2023 B

Taiwan Union Technology Corp. (6274.TWO)

2,000

Stock Price Currency: Taiwan Dollar

Goldman Sachs rating and stock price target history

1,800

1,600

1,400|

1,200

1,000|

800

170

600 160

400|

200|

Pricel

Stock

Stock Price Currency: Taiwan Dollar

Goldman Sachs rating and stock price target history

50,000

6000

3200|

3500

45,000

40,000

35.000

30,000

25.000

20,000

15.000|

10,000

index Price

295

290 375

285

270

265

260

238

210

• ... ..

ASONOSENAUSDASONO FUAUSDASONOSENAU.

50,000

470

900

260 330 410 540 740

287

615

1015|

290

330

305

45,000

40,000

35.000

30,000

25,000

20,000

15.000|

10,000

520

470

688

685

675

2060

185

280

278

290|

1888

報告_高盛_高階CCL台光電台燿_20260723

圖片清單（已驗證 2026-07-23）

原始內容

ER&ÆERÆEЙ®B&&&RE*·888888R&88 %OL %SL %0z EPS (NT$) GM (%) OPM (%) 28.27 34.1% 27.5% 36.85 36.5% ·........·.··-30.3% 30% 2.4ppt 2.8ppt Source: Company data, Goldman Sachs Global Investment Research 9.18 29.9% 23.9% 12.03 32.3% 26.5% 31% 2.4ppt 2.6ppt

79.0% 75.3% 58.8% 42.8% 57.6% 57.6% 40.0% 57.0% 179.7% 243.7% 253.5% 185.9% 103.5% 41.1% 53.9% 191.3% 233.0% 264.1% 193.8% 100.9%

31.0% ........·.· 25.1%

24.1% 9.4% 21.2% 8.6% 23.7% 8.1%

Oct 26

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