ASUSTek Computer Resilient 1H earnings momentum, but 2H visibility fades on PC demand

研报英文原文证据摘录

ASUSTek Computer Resilient 1H earnings momentum, but 2H visibility fades on PC demand

. ASUSTek’s Prev Cur Δ

1Q26 OPM came in at 5.4% (vs. JPMe at 3.6% and 4.3% in 4Q25). We attribute Adj. EPS - 26E (NT$) 39.30 49.66 26.3%

the stronger-than-expected margins to a better product mix, improving server Adj. EPS - 27E (NT$) 41.68 49.94 19.8%

profitability, and a lagged impact from memory cost inflation. Non-OP gains

were lower than expected, but net income still came in 23% above Quarterly Forecasts (FYE Dec)

expectations. For 2Q26, management guided PC/component/server revenues Adj. EPS (NT$)

2025A 2026E 2027E

to increase 10–15%/be flattish/+50% QoQ, implying ~20% QoQ group Q1 10.82 13.19 9.44

revenue growth. Despite GM headwinds from rising memory costs and a Q2 13.20 14.69 12.22

higher server mix, management sounded confident in sustaining a 4–5% OPM Q3 14.21 13.40 17.05

range in 2Q, supported by price increases, better scale leverage, and execution. Q4 15.36 8.37 11.24

FY 53.59 49.66 49.94

• Servers are emerging as a third growth engine. Management highlighted

rising AI inference demand from Neo Cloud customers and beyond. This drove Style Exposure

ASUSTek’s server revenue to triple YoY in 1Q26 and could sustain the

momentum in 2Q26. The company also raised its FY26 server revenue growth

guidance to 100%+ (from 50–100% previously). We believe the server

segment's profitability has improved to ~3% OPM on better scale, but we see

the long-term margin profile as structurally capped as server systems become

increasingly commoditized.

• 2H26 PC seasonality remains the key overhang. Management expects

industry PC shipments to decline 10–15% YoY in 2026. Together with 1H pull-

ins and potential additional price actions in 2H (to reflect memory inflation),