VOLTRONIC (6409 TT, NT$708.00) - FY26 a challenging year

Research evidence excerpt

VOLTRONIC (6409 TT, NT$708.00) - FY26 a challenging year

of 18.1%, and EPS of NT$8.59, down 50% YoY.

Source: CMoney

What’s changed FY26 a challenging year

New Old % We revise down our FY26 revenue forecast by 5% due to 1) continued sluggish inverter

Rating Neutral Neutral

demand given the rising competition and conflict in the Middle East; and 2) lower-than-

Target price (NT$) 620 700 -11

expected off line UPS revenue as the clients continuously raised end-market retail prices,EPS forecast (NT$) 29.64 38.68 -23

Target PE (x) 21 18 and it takes time for the market to digest elevated prices. We project On-line UPS to be the

only segment with YoY revenue growth in FY26, thanks to high-power products which grow

Financial summary Year-end: Dec 31 at a faster rate than the overall online segment moving forward. Voltronic is actively

NT$mn FY25 FY26F FY27F

collaborating with Tier-1 clients on several new product developments, securing new

Net sales 20,521 19,418 21,830

YoY growth (%) -10.0 -5.4 12.4 projects that include 300W, 10 to 80 kW, and 10 to 100 kW products, which further validates

Op. profit 4,329 3,454 4,197 the strong outsourcing momentum. Voltronic has cooperated with its Tier-1 customers on

YoY growth (%) -15.4 -20.2 21.5 HVDC development. Voltronic has developed 18.3 kW Power Supply Unit (PSU) with a built-

Net profit 3,521 2,600 3,413 in supercapacitor for HVDC, and the efficiency rate can reach over 97.6%, successfully

YoY growth (%) -16.3 -26.2 31.3

meeting the strict requirements of the Open Compute Project (OCP). Meanwhile, another

EPS (NT$) 40.23 29.64 38.91

DPS (NT$) 37.0 23.7 31.1 Tier-1 client is also working with Voltronic to develop 400V products. However, we expect

PE (x) 17.6 23.9 18.2 meaningful revenue contribution to potentially begin in 2H27.