Compal Electronics (2324 TT) Hold: Healthy revenue outlook while margins may face pressure

研报英文原文证据摘录

Compal Electronics (2324 TT) Hold: Healthy revenue outlook while margins may face pressure

idance of a flattish PC shipment in 2026, we are more conservative and expect 38.00

Compal’s PC shipment to decline c7% y-o-y. 31.50

Server growth still intact: Compal’s server business accounted for around 5% of 25.00

total revenue in 1Q26 with further upside possible in the next few quarters. 05/25 11/25 05/26

Target price: 28.00 High: 36.40 Low: 26.80 Current: 29.90

Management reiterated that the server business will account for over 10% of total

Source: LSEG IBES, HSBC estimates

revenue in 2026, up from c2% in 2025, as per our estimates, mainly due to a higher

contribution from L10-L11 system servers, whose ASP is higher. The company

Carol Juan*

indicated post the earnings release that it’s still making progress with B300 HGX for Analyst, Technology

regional and neoclouds customers, as well as R&D investment in Nvidia’s next HSBC Securities (Taiwan) Corporation Limited

carol.cc.juan@hsbc.com.tw

generation GPU server platforms. Currently the margin of server business is above +886 2 6631 2862

the corporate average. However, we expect a gross margin improvement to be slow Lorraine Ou*

for Compal given rack server also leads to lower margins. Research Associate

HSBC Securities (Taiwan) Corporation Limited

lorraine.yt.ou@hsbc.com.tw

Maintain Hold: Our 2026 EPS forecast is unchanged given the upward revision of our +886 2 6631 2867

revenue estimates is offset by margin dilution. Our operating profits forecast for 2026 are

largely in line with consensus. We maintain our TP at TWD28.00 by applying an * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

unchanged target multiple of 12x to our unchanged 2026 EPS forecast of TWD2.33.