Asia Vital Components (3017 TT, NT$2,555) - OpM growth exceeds expectations, growth engine continues through FY27

研报英文原文证据摘录

Asia Vital Components (3017 TT, NT$2,555) - OpM growth exceeds expectations, growth engine continues through FY27

Taiwan Equity | Technology

Company Snapshot

Fubon Research Asia Vital Components (3017 TT)

May 14, 2026

_ OpM growth exceeds expectations, growth engine continues

through FY27 Buy

Price Target price

NT$2,555 NT$3,300 Clear order visibility in CSPs, robust sales growth in thermal, chassis, maintain Buy,

●Visit notes ○Initiating coverage raise target to NT$3,300, 29.1% upside

●Company update ●Earnings revision 1. 1Q26 OpM exceeds expectations, hits new high

○Earnings preview ○Rating change

2. Growth in Vera Rubin cooling dollar content, ASIC liquid cooling to generate sales

Shares out. (mn) 392

from 2H26

Mkt cap (NT$mn) 1,002,070

Mkt cap (US$mn) 31,795 3. Clear order visibility in GPU, ASIC cooling, chassis to sustain robust growth from

FINI holding (%) 53.80 2H26 to FY27

Local IM holding (%) 10.53

Directors holding (%) 13.97 1Q26 OpM exceeds expectations, hits new high

52-week high (NT$) 2,945.00

AVC’s 1Q26 GM and OpM surged to 29.8% and 24.5%, respectively, ahead of our

52-week low (NT$) 508.55

Day-trading % 33% estimates of 27.6% and 22.5%. Sales scale expanded as the high-GM server segment rose

to a new high of 66.4% (vs. 53.6% in 4Q25). Additionally, product mix improved with a

ESG rating 7 Industry Rank 26/111 significant decline in the system assembly sale weight, which contributed to better-than-

expected profit improvement. Taking into account non-op forex loss of NT$305mn, EPS

reached NT$20.17, roughly in-line with our estimate of NT$20.04. Given a high 1Q26 base,

we expect 2Q26 sales to grow 2.4% QoQ, driven by GB300 liquid cooling shipment, new

platform air cooling ramp-up from ASIC customers, and initial small-volume contribution