J.P. Morgan Asia Technology Tracker 28 May 26 Grand Process Technology; China Renewables and More

研报英文原文证据摘录

J.P. Morgan Asia Technology Tracker 28 May 26 Grand Process Technology; China Renewables and More

Asia Pacific Equity Research

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Asia Technology Tracker 28 May 2026

Asia Pacific Reports/Notes

Grand Process Technology (Overweight), Taiwan

Raise PT to NT$4,400; key beneficiary of strong, extended semi capex cycle; OW (Jimmy Huang)

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 underperformed the Taiex by 12%. While GPTC’s

stock is up 120% YTD, the gain has lagged many peers’. We expect GPTC to begin outperforming from

here, with catalysts being: (1) improved execution that eases investor concerns; (2) an announcement of

securing new capacity; and (3) a better-than-expected 2028 demand outlook. We expect GPTC to grow

revenue and operating profit by 38% and 51% CAGRs, respectively, in 2025-28, driven by a strong,

extended semiconductor capex cycle. Maintain OW. See our 1Q26 investor meeting First Take here.

China Renewables

Global China Summit Takeaways: Key Trends and 4 key picks (Alan Hon)

We returned from the Energy Evolution Tour and Global China Summit last week and observed a pick-up in

investor interest in China renewables, driven by heightened energy-security concerns from the Middle East

conflict and developed-market data-center power infrastructure constraints. Sungrow and Deye share prices

are up 14%/20%, respectively, since May 15th (vs. SHCOMP -1%).