Zhen Ding Technology (4958 TT, NT$510) - Revise up IC, optical modules, server growth

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Zhen Ding Technology (4958 TT, NT$510) - Revise up IC, optical modules, server growth

aximum ABF

substrate size reaches 158mm*158mm, up to 28 layers, placing its advanced technologySource: CMoney

among the first-tier supply chain leaders. Additionally, reflecting strong AI computing

2027 What's changed

demand, material cost increases, and the company’s capacity expansion, it raised the

New Old %

FY26 sales growth forecast from over 60% in March to over 70%, and it has now further

Rating Buy Buy

raised it to over 80%. Structural optimization is also expected to continue to drive GMTarget price 633 500 27

EPS forecast 24.65 21.18 16 and profit growth.

Target PE 25.7x 23.6x

After joining TSMC 3DFabric UOC, it becomes part of nVidia core supply chain

Financial summary Year-end: Dec 31

In addition to previously joining the TSMC 3DFabric UOC, which demonstrated its

NT$mn FY25 FY26F FY27F

Net sales 182,522 222,085 281,829 advanced technology capabilities and solidified its strategic cooperation and position with

YoY growth (%) 6.3 21.7 26.9 TSMC in the advanced packaging industry chain, nVidia recently launched the latest

Op profit 13,932 26,075 42,949 third-generation MGX system architecture at GTC Taipei, marking a major engineering

YoY growth (%) 20.2 87.2 64.7

breakthrough. Through an innovative PCB-based design, it successfully achieved a fullyNet profit 6,791 15,958 26,559

YoY growth (%) -26.0 135.0 66.4 modular, cable-free new compute unit tray and nVidia NVLink switch tray. ZDT is newly

EPS (NT$) 6.91 14.81 24.65 added to nVidia’s Taiwan partner companies. We believe the company has upgraded from

DPS (NT$) 3.4 7.4 12.3 a pure supplier to a core supplier covering technical certification, product integration, joint

PE (x) 73.8 34.4 20.7