Posiflex Technology (8114 TT, NT$216) - Another upcycle begins

研报英文原文证据摘录

Posiflex Technology (8114 TT, NT$216) - Another upcycle begins

ess deployment expenses, expense ratio was slightly higher, while OpM

was 17.8% and EPS NT$2.75, better than our forecast of NT$2.26.

Source: CMoney

What's changed Robust sales outlook on solid 2-3Q26 order visibility

New Old %

In 2Q26, O2O Solution benefited from delayed transportation and deferred project

Rating Buy Buy

contributions to sales, as well as the launch of new airport security and BORIS projects,Target price 297 235 26

EPS forecast 18.6 16.8 11 resulting in a strong recovery. Embedded Foundry saw AI test equipment demand

Target PE 16 14 outperforming the previous quarter, with healthy inventory among industrial control and

medical customers, thus boosting shipment. We project 2Q26 sales growth of 30.2% QoQ

Financial summary Year-end: Dec 31

NT$mn FY25 FY26F FY27F to NT$4.61bn, down 20.1% YoY, with the YoY decline narrowing significantly compared to

Net sales 18,149 18,698 20,406 4Q25 and 1Q26. In terms of profitability, memory and other cost increases are passed on

YoY growth (%) 30.7 3.0 9.1 to customers, keeping gross profit unchanged, but GM will be suppressed due to a higher

Op profit 4,601 4,175 4,802

denominator. Fortunately, the product mix remains favorable and operational scaleYoY growth (%) 79.3 -9.3 15.0

Net profit 1,989 2,001 2,318 expansion is beneficial. As such, we expect OpM to expand to 21.8% QoQ and project EPS

YoY growth (%) 91.3 0.6 15.8 of NT$4.92. As the IPC industry upcycle has begun, coupled with launch of new platforms

EPS (NT$) 18.50 18.60 21.55

by AI test equipment customers and recovering POS and KIOSK demand, Posiflex’s solid

DPS (NT$) 11.5 13.0 15.0

PE (x) 11.7 11.6 10.0 order visibility is expected to continue into 3Q26, with current key component inventory