GSEO (3406 TT, NT$516.00) - Still waiting for new iPhone

研报英文原文证据摘录

GSEO (3406 TT, NT$516.00) - Still waiting for new iPhone

e to the launch

of new iPhone 18 series. We expect that Genius will gain more share in periscope lens. In

addition, Genius will also try to deliver variable aperture lens for qualification, and it aims

Source: CMoney

to get a small share in 2027.

What’s changed

New Old % Other business segment status

Rating Neutral Neutral

We believe that the AR/VR business will remain stable as the CAGR of AR/VR is about

Target price (NT$) 518 450 15

15~20% based on our estimate. This segment will continue to contribute about 20% ofEPS forecast (NT$) 39.84 37.65 6

Target PE (x) 13 12 Genius’ total revenue. Genius also has some other new projects for drones and robots.

However, we expect these projects will probably start contributing more in FY27. Another

Financial summary Year-end: Dec 31 market focus is about the CPO project. Although the market is talking about Genius sending

NT$mn FY25 FY26F FY27F

the CPO samples for qualifications, but we think that 1) CPO requires extreme high

Net sales 24,989 28,392 30,982

YoY growth (%) 7.8 13.6 9.1 technology, especially in alignment accuracy, and Genius probably needs some time to

Op. profit 4,773 5,574 5,724 improve this; and 2) even if this is true, it will still take another 1~2 years for the CPO project

YoY growth (%) 2.2 16.8 2.7 to start mass production. This is a long-term growth engine for Genius as we estimated

Net profit 3,702 4,492 4,763 previously.

YoY growth (%) -14.4 21.3 6.0

EPS (NT$) 32.84 39.84 42.25

DPS (NT$) 17.0 19.9 21.1 How are we different?

PE (x) 15.7 13.0 12.2 Our new FY26/FY27 EPS forecasts of NT$39.84/NT$42.25 compare to the consensus of

PB (x) 2.2 2.3 2.0 NT$36.0/NT$39.0, respectively.

Div. yield (%) 3.3 3.9 4.1

ROE (%) 14.4 17.2 17.6

Valuation, risks