Gold Circuit Electronics (2368 TT, NT$1,290.0) - No off-season throughout year

Research evidence excerpt

Gold Circuit Electronics (2368 TT, NT$1,290.0) - No off-season throughout year

d switches

remains strong, especially as major US ASIC customers begin ramping up shipment. QoQ

Source: CMoney

growth is estimated at 18.9%, and 3Q26 orders and shipment are expected to increase

What’s changed further. For the full year, except for some uncertainty in December due to inventory

New Old %

checks, its operations are expected to remain strong with no off-season. Regarding

Rating Buy Buy

upstream CCL material price increases, as the capacity is tight, the company noted it canTarget price 1,800 1,110 62

EPS forecast 64.22 52.65 22 pass through cost on most customers and new part numbers. With higher GM from AI-

Target PE 28x 21x related shipment, optimized product mix, and the scale effect, we project GM at 36.2%,

net profit at NT$4.31bn, up 24.0% QoQ and 155% YoY, and EPS at NT$8.32, continuing to

Financial summary Year-end: Dec 31

NT$mn FY25 FY26F FY27F set new single-quarter highs.

Net sales 60,004 96,121 149,874

YoY growth (%) 54.0 60.2 55.9 Thailand plant turns profitable in 1Q26, better-than-expected progress; capacity

Op profit 14,043 28,003 49,467

expansion continues at all plantsYoY growth (%) 74.1 99.4 76.6

Net profit 9,607 18,890 33,351 The Thailand plant achieved a small profit of NT$28mn in 1Q26, better than our

YoY growth (%) 71.1 96.6 76.6 expectations. In May, the capacity measured by output value has increased to NT$600mn,

EPS (NT$) 19.47 36.38 64.22

though this is slower than the originally expected NT$1bn, but the plan for single-month

DPS (NT$) 10.0 18.2 32.1

PE (x) 73.4 39.3 22.3 output of NT$2.8bn or more in 2H26 remains unchanged. In addition, after the completion