Voltronic Power Technology (6409 TT, NT$1,105.00)- 2Q26 revenue beat, HVDC revenue contribution in FY27

Research evidence excerpt

Voltronic Power Technology (6409 TT, NT$1,105.00)- 2Q26 revenue beat, HVDC revenue contribution in FY27

Taiwan Equity | Tech

Company Snapshot

Fubon Research Voltronic Power Technology (6409 TT)

July 13, 2026

2Q26 revenue beat, HVDC revenue contribution in FY27

Neutral

Price Target Maintain Neutral, raise target price, 9.5% downside

NT$1,105.00 NT$1000 1. 2Q26 revenue beat

○Initiating coverage ○Visit notes 2. Sequential revenue growth expected in 3Q26

●Company update ●Earnings revision

3. HVDC revenue contribution expected in FY27

○Earnings preview ○Rating change

Shares out. (mn) 88.3

2Q26 revenue beat Mkt cap (NT$mn) 97,570

Mkt cap (US$mn) 3,037 Voltronic delivered 2Q26 revenue of NT$5.55bn, up 32% QoQ but down 2.6 YoY, accounting

FINI holding (%) 53.15 for 110.1% and 105.5% of Fubon/consensus 2Q26 revenue estimates, respectively,

Local IM holding (%) 5.85

exceeding expectations. We attribute the revenue beat to 1) better-than-expected Directors holding (%) 16.52

52-week high (NT$) 1,290.00 restocking demand for On-Line UPS, and 2) shipment of Off-Line UPS was previously

52-week low (NT$) 663.00 delayed in 1Q26 due to component/material constraints. As the material supply improved

Day-trading % 43.13

during 2Q26, Off-Line UPS revenue increased accordingly. We thus forecast 2Q26 GM of

27.1%, improving from 1Q26’s 26.1%, thanks to 1) the company implementing a price

ESG Rating 7 Industry Rank 5/94 increase to offset the impact of rising material/component costs, and 2) a favorable product

mix. We accordingly forecast OpM of 19.4% and EPS of NT$10.15, down 41% YoY.

Sequential revenue growth expected in 3Q26

We project the restocking demand for On-Line UPS and Off-Line UPS to carry into 3Q26.

Moreover, increasing orders are adopting new prices.