Lotes Key takeaways from JPM North Asia Spotlight group meeting

研报英文原文证据摘录

Lotes Key takeaways from JPM North Asia Spotlight group meeting

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

28 May 2026

Lotes Overweight

3533.TW, 3533 TT

Key takeaways from JPM North Asia Spotlight group Price (28 May 26):NT$2,485.00

meeting Price Target (Jun-27):NT$3,070.00

We hosted Lotes’s senior IR manager, Ray Tsai, during our North Asia Spotlight Technology - Hardware

ACSeries call on May 28. Key takeaways were: Albert Hung

(886-2) 2725-9875

• Upbeat server outlook despite near-term margin pressure; accelerating albert.hung@jpmchase.com

momentum in 2H. Management reiterated ~20% general server shipment J.P. Morgan Securities (Taiwan) Limited/ J.P.

growth this year, with demand significantly outpacing supply. Lotes sees MorganMorgan SecuritiesBroking (Hong(AsiaKong)Pacific)LimitedLimited/ J.P.

supply chain bottlenecks (e.g. memory, CPU, PCB, passive components) Anthony Leng

capping server shipment growth. Potential upside to server shipment growth (886-2) 2725-9240

could come from easing constraints this year or shipments outgrowing demand anthony.leng@jpmorgan.com

next year due to order backlogs. 1H26 server ODM feedback suggests 8% YoY J.P. Morgan Securities (Taiwan) Limited

shipment growth, implying much stronger momentum into 2H26 (25-30% Gokul Hariharan

HoH or 30-35% YoY growth), which bodes well for Lotes given better product (852) 2800-8564

mix and scale benefits. gokul.hariharan@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

• Market share gains in existing server platforms with a similar market Morgan Broking (Hong Kong) Limited

landscape in the new server platforms. Lotes has gained some market share

in the existing Intel/AMD server platforms (35-40%/ 40%+ vs. prior ~35%

m/s) due to its competitive pricing strategy.