Gudeng Precision (3680 TT, NT$568) - Well-known specialist in semiconductor carrier

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Gudeng Precision (3680 TT, NT$568) - Well-known specialist in semiconductor carrier

Taiwan Equity | Semiconductor

Company In-depth

Fubon Research Gudeng Precision (3680 TT)

May 22, 2026

_ Well-known specialist in semiconductor carrier

Buy

Initiate at Buy with target price of NT$700, 23% upside

Price Target price

NT$568 NT$700 1. Carrier sales expected to grow over 30% consecutively as EUV enters upcycle

○Visit notes ●Initiating coverage 2. Significant sales expected in FY28 as company does not miss out on panel-level

○Company update ○Earnings revision packaging opportunities

○Earnings preview ○Rating change

3. Valuation remains attractive compared to peers

Shares out. (mn) 96

Mkt cap (NT$mn) 52,220

Gudeng to benefit from advanced process, memory manufacturers' EUV demand Mkt cap (US$mn) 1,653

FINI holding (%) 23.89 Gudeng's main products include supplying EUV carriers to the monopolistic EUV player

Local IM holding (%) 2.91 ASML of the Netherlands, with an EUV carrier market share of 85%. In 2026, we observe

Directors holding (%) 11.22 that investors are refocusing on front-end advanced processes, and ASML's EUV will

52-week high (NT$) 616.00

benefit from: 1) aggressive expansion of front-end advanced process capacity to address

52-week low (NT$) 281.43

bottlenecks, and 2) memory manufacturers adopting more EUV, resulting in EUV Day-trading % 39%

shipment volumes reaching 65 and 91 units in 2026 and 2027, respectively. This will drive

ESG rating 7 Industry Rank 37/204 Gudeng's EUV carrier sales to grow by 38% and 46% in FY26 and FY27, respectively. In

addition, the Phase 2 and Pellicle versions, suitable for international shipping, further

complete the company's product portfolio.

Wafer carrier business focused on diffuser FOUP, advanced packaging