Allis Electric Co Ltd (1514 TT, NT$120.50) - Robust semiconductor orders maintain sales growth momentum

研报英文原文证据摘录

Allis Electric Co Ltd (1514 TT, NT$120.50) - Robust semiconductor orders maintain sales growth momentum

oosting its backlog to NT$12bn,

mainly from Taipower (40%), semiconductor (30%), rail engineering (20%), and telecom,

Source: CMoney

IDC, green energy, and other fields (10%). Overall order visibility extends to FY29.

What's changed Domestically, the ongoing Taipower resilient grid plan ensures stable power equipment

New Old %

orders, with high demand from the semi industry expansion and turnkey projects further

Rating Buy Buy

supporting power equipment needs. Overseas, as TSMC expands, global power

Target price 143 135 6

infrastructure upgrades, and new US memory plant construction progresses, orderEPS forecast 4.21 3.91 8

Target PE 34 34.5 visibility improves. Additionally, the company recently secured new orders from nVidia’s

Latin American subsidiary, entering AI/IDC data center construction, with overseas sales

Financial summary Year-end: Dec 31 weight expected to rise above 15%. Overall, with sustained shipment momentum for semi-

NT$mn FY25 FY26F FY27F

Net sales 10,571 12,738 15,316 related orders and overseas market deployment, its mid- to long-term business outlook is

YoY growth (%) 19.1 20.5 20.2 positive. We project FY26 sales of NT$12.74bn up 20.5% YoY, GM to climb to 18.8% and

Op profit 1,068 1,359 1,649 price adjustment and declining sales weight of engineering, and EPS of NT$4.21.

YoY growth (%) 18.9 27.2 21.3

Net profit 893 1,149 1,370

YoY growth (%) 11.5 28.6 19.2 Capacity expansion, AI demand driving growth

EPS (NT$) 3.30 4.21 5.02 As the rapid expansion of AI applications significantly boosted overall power demand,

DPS (NT$) 2.0 2.6 3.1

technology plant expansion and turnkey projects are driving heavy electrical equipment

PE (x) 36.5 28.6 24.0