AWSC (8086 TT, NT$179) - 2Q26 operations heating up

研报英文原文证据摘录

AWSC (8086 TT, NT$179) - 2Q26 operations heating up

and Korean

Source: CMoney brands increasing adoption of Chinese suppliers, with flagship models now covering all

the way to mid- and low-end Android phones. For Wi-Fi, with the rising penetration of Wi-

What's changed

Fi 7, both smartphones and routers are expected to see modest growth, while drone

New Old %

Rating Buy Buy applications will become a strong growth driver. For FY26, although the downstream

Target price 206 155 33 customer product mix is shifting toward mid-to-high-end models and thus less affected

EPS forecast 6.24* 4.68 15 by memory, GM in 2H26 may be pressured by rising costs such as gold prices and epi

Target PE 33.0 33.1 wafers. Overall, we forecast 2Q26 sales of NT$1.33bn, up 9.41% QoQ and 37.2% YoY, with

* FY27 EPS forecast GM slightly down to 33.4%, and EPS at NT$1.54.

Financial summary Year-end: Dec 31

NT$mn FY25 FY26F FY27F Drone Wi-Fi PA gaining traction, sales contribution to rise to 6-8%

Net sales 4,117 4,982 5,458

YoY growth (%) -7.6 21.0 9.6 China is actively developing the low-altitude economy, such as using drones for food

Op profit 738 1,200 1,409 delivery, deliveries to remote areas, or transporting large items. Drones require real-time

YoY growth (%) 40.5 62.6 17.4 image and data transmission for identification and reporting functions after ascending to

Net profit 660 1,060 1,226

YoY growth (%) 26.7 60.6 15.7 high altitudes, which places high demands on transmission. As a result, each drone needs

EPS (NT$) 3.36 5.39 6.24 as many as 4-8 Wi-Fi PAs. The Ministry of Industry and Information Technology estimates

DPS (NT$) 1.7 2.2 2.5 that by 2035, the output value of logistics drones could exceed RMB1tn, with a CAGR of

PE (x) 53.3 33.2 28.7

around 20%.