HON (7769 TT, NT$6,870.00) - Reinforces AI/HPC growth visibility

研报英文原文证据摘录

HON (7769 TT, NT$6,870.00) - Reinforces AI/HPC growth visibility

uction ramps. Shipment of dual-temp FT

handlers for a US EV customer’s AI chip is expected to start in 3Q26. Hon shared more

details on this project for the first time, as the timeline has become more concrete. Large-

Source: CMoney package ATC handler shipment is also scheduled to begin from 3Q26. For SLT, shipment to

a US Austin customer for next-generation CPU is expected to be concentrated in 3Q-4Q26,

What’s changed

New Old % with meaningful quantities in both FT and SLT. Engineering validation equipment has been

Rating Buy Buy - delivered to a US GPU customer for GPU and CPU testing in both US and India, mainly

Target price (NT$) 8600 6150 40 targeting next-generation projects in 2027. Hon is also developing 10kW+ solutions for a

EPS forecast (NT$) 207.05 180.81 15

CSP customer’s next-generation TPU and CPU to support the customer’s mass production

Target PE (x) 42 34 -

in 2027-2028. In addition, shipment of tri-temp SLT handlers for a US EV customer’s AI

Financial summary Year-end: Dec 31 chip is scheduled from 3Q26, with relatively high ASP. For cold plates, Hon stated that

NT$mn FY25 FY26F FY27F recent cold plate order momentum has been very strong and expects cold plates to add 3-

Net sales 30,271 51,391 85,060

YoY growth (%) 116.3 69.8 65.5 5% to total revenue in FY26.

Op. profit 15,046 25,921 43,092 Capacity expansion to support strong AI/HPC demand

YoY growth (%) 139.4 72.3 66.2 Hon previously raised its FY26 capacity expansion target from 30% to 40%, but the

Net profit 12,362 22,402 37,254

management noted that even a 40% expansion remains insufficient to meet currentYoY growth (%) 133.9 81.2 66.3

EPS (NT$) 75.71 124.51 207.05 customer demand. It recently acquired a new facility in Taichung.