Grand Process Technology Raise PT to NT$4,400; key beneficiary of strong, extended semi capex cycle; OW

研报英文原文证据摘录

Grand Process Technology Raise PT to NT$4,400; key beneficiary of strong, extended semi capex cycle; OW

J P M O R G A N Asia Pacific Equity Research

27 May 2026

Grand Process Technology Overweight

3131.TW, 3131 TT

Raise PT to NT$4,400; key beneficiary of strong, Price (27 May 26):NT$3,425.00

extended semi capex cycle; OW ▲Price Target (Dec-26):NT$4,400.00 Prior (Dec-26):NT$3,700.00

We update our GPTC model and raise our Dec-26 PT to NT$4,400, based on a 33x

2H27E-1H28E P/E. GPTC’s share price has been flat over the past month and Technology

underperformed the Taiex by 12%. While GPTC’s stock is up 120% YTD, the gain Jimmy Huang AC

has lagged many peers’. We expect GPTC to begin outperforming from here, with (886-2) 2725-9865

catalysts being: (1) improved execution that eases investor concerns; (2) an jimmy.huang@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

announcement of securing new capacity; and (3) a better-than-expected 2028

Gokul Hariharandemand outlook. We expect GPTC to grow revenue and operating profit by 38%

(852) 2800-8564

and 51% CAGRs, respectively, in 2025-28, driven by a strong, extended gokul.hariharan@jpmorgan.com

semiconductor capex cycle. Maintain OW. See our 1Q26 investor meeting First J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Take here. Morgan Broking (Hong Kong) Limited

• Raise equipment outlook. We model equipment deliveries of 350/420 units

in 2027/28 (a 34% CAGR in 2026E-28E) vs. corporate guidance of 350/450 Key Changes (FYE Dec)

units. From a revenue recognition perspective, we model 295/385 units in Prev Cur Δ

Adj. EPS - 26E (NT$) 67.88 70.04 3.2%

2027/28 (a 44% CAGR in 2026E-28E), while assuming ASP rises at a 4% Adj. EPS - 27E (NT$) 102.17 107.24 5.0%

CAGR (given more high-end tools). GPTC’s equipment revenue mix could