LOTES (3533 TT, NT$2,450) - 1Q26 GM/OpM miss due to increased material cost

研报英文原文证据摘录

LOTES (3533 TT, NT$2,450) - 1Q26 GM/OpM miss due to increased material cost

hat’s changed

server shipment growth outlook will be 15~20% YoY in 2026, and growth momentum will

New Old %

Rating Buy Buy be maintained in 2027. The server segment is still the main growth driver for Lotes this year,

Target price (NT$) 2850 2250 27 triggered by strong general server shipment growth and an increased penetration rate of

EPS forecast (NT$) 124.05 117.75 5 the new server platform. The penetration rate of Intel’s general server platform, Birch

Target PE (x) 23 19

Stream, is around 15% currently and will increase to 20-30% at the end of 2026. The next

Financial summary Year-end: Dec 31 platform, Oak Stream, will be launched in 3Q26 and the penetration rate is expected to

NT$mn FY25 FY26F FY27F reach 10% at the end of 2026. AMD’s next general server platform, Venice, will be launched

Net sales 33,783 40,370 48,039 in 2Q26 and the penetration rate is expected to reach 20-30% at the end of 2026. The ASP

YoY growth (%) 12.3 19.5 19.0

Op. profit 10,344 12,460 16,974 of the new CPU socket will increase by at least 20% due to more pins on the socket. PCIe

YoY growth (%) 1.0 20.5 36.2 6.0 will be adopted in these two new platforms and also drive the ASP growth. For the AI

Net profit 7,866 10,438 13,960 server related business, SOCAMM will be used in Vera Rubin and shipped to customers in

YoY growth (%) -15.2 32.7 33.7

2H26. The GPU socket project is still being verified with a customer, and the actualEPS (NT$) 70.17 92.83 124.05

DPS (NT$) 35.0 46.6 62.03 shipment schedule is uncertain. The management has no comment on its CPO-related

PE (x) 34.9 26.4 19.8 products due to the confidentiality agreement, but it is cooperating with its subsidiary Lintes.

PB (x) 7.7 7.1 6.0