BizLink Holding Inc (3665 TT, NT$2,775) - 1Q26 GM/EPS miss due to platform transition

研报英文原文证据摘录

BizLink Holding Inc (3665 TT, NT$2,775) - 1Q26 GM/EPS miss due to platform transition

e: CMoney exposure from power cable products, we expect GM to grow QoQ. Overall, we estimate

2Q26 revenue of NT$22.83bn (+9.4% QoQ, +34.8% YoY), GM of 31.9%, OpM of 18.6%, and

What’s changed

EPS of NT$15.39. New Old %

Rating Buy Buy

Target price (NT$) 3780 3780 - Long-term growth trend of copper, optical interconnect market unchanged

EPS forecast (NT$) 108.22 114.66 -6 BizLink is well-positioned in both the copper and optical interconnect industries. For data

Target PE (x) 35 33

interconnects, we believe that AEC will continue to grow in 2026/2027, driven by the 800G

Financial summary Year-end: Dec 31 specification migration as well as new data products from Credo such as PCIe AEC and ALC

NT$mn FY25 FY26F FY27F (active LED cable). We think the GM pressure of data products from platform transitions is

Net sales 71,247 94,432 124,379

temporary and will show improvement in 2Q26. For power interconnects, with the risingYoY growth (%) 31.7 32.5 31.7

Op. profit 12,458 17,812 28,438 wattage of AI server per rack, we see a significant increase in dollar content of power cables

YoY growth (%) 89.7 43.0 59.7 such as power whips and busbars. For GB200, the wattage is around 120kW per rack and

Net profit 9,005 13,254 21,105

increases to over 200kW in VR200, which drives the dollar content of power cable growth.

YoY growth (%) 104.8 47.2 59.2

EPS (NT$) 46.57 67.96 108.22 For the optical related business, BizLink has completed the acquisition of XFS

DPS (NT$) 15.0 20.4 32.5 Communications, Inc. in January 2026. We expect BizLink’s CPO related business to see

PE (x) 59.6 40.8 25.6 some revenue contribution in 2H26. According to our check, BizLink’s subsidiary XFS

PB (x) 11.6 9.9 8.5

Div.