LARGAN (3008 TT,NT$4,900 ) - CPO the future

研报英文原文证据摘录

LARGAN (3008 TT,NT$4,900 ) - CPO the future

Taiwan Equity | Tech

Company Snapshot

Fubon Research LARGAN (3008 TT)

June 24, 2026

CPO the future

Neutral

Price Target Maintain Neutral, raise target price to NT$5,290, 8% upside

NT$4,900.00 NT$5290 1. 2Q26 results preview: better than expected

○Initiating coverage ○Visit notes

2. 2H26 business outlook: iPhone demand remains strong

○Company update ●Earnings revision

3. CPO FAU project status: two challenges need to overcome

●Earnings preview ○Rating change

Shares out. (mn) 130.8

Mkt cap (NT$mn) 640,920 2Q26 results preview: better than expected

Mkt cap (US$mn) 20,196 Largan posted May unaudited consolidated revenue of NT$4.59bn, down 14.4% MoM but

FINI holding (%) 33.50 up 43% YoY. Current April-May revenue accounts for 76%/78% of Fubon/consensus 2Q26

Local IM holding (%) 6.05 estimate. This result is better than our estimate and consensus. 5M26 revenue reached

Directors holding (%) 19.02

NT$25.5bn, up 15% YoY. We expect revenue to slightly decline in June and forecast 2Q26 52-week high (NT$) 5,195.00

52-week low (NT$) 1,981.84 revenue of NT$14.4bn, GM of 49.6%, and EPS of NT$36.06. We also expect that revenue will

Day-trading % 42.37 again have a big jump starting July because of the start of inventory preparation for the new

iPhone 18 series.

ESG Rating 4 Industry Rank 81/116

2H26 business outlook: iPhone demand remains strong

Looking ahead to 2H26, we are still positive that Largan will benefit from the launch of the

new iPhone 18 series in September because we expect Apple will adopt variable aperture

lens on the new models. We also expect that Largan would be the sole or at least the main

supplier for this new lens given the higher technology requirements. We estimate that there

will be >30% HoH sales growth in 2H26.