Elite Material Co Ltd (2383 TT, NT$5,315 )- Clear upgrade trend

研报英文原文证据摘录

Elite Material Co Ltd (2383 TT, NT$5,315 )- Clear upgrade trend

eSource: CMoney

back-to-back, with a backplane/midplane serving as the signal bridge between these

What's changed

blades. This replaces the need for at least tens of thousands of traditional copper wires to

New Old %

achieve 448G SerDes ultra-high-speed transmission, enabling the creation of a

Rating Buy Buy

computing cluster connecting 144 GPU chips and reducing the design space. In additionTarget price 7,700 6,600 17

EPS forecast 220.19 188.52 17 to challenges in upstream PCB materials such as Q-glass and improved PTFE testing and

Target PE 35 35 the difficulty of processing 78 or more layers, new specifications and designs for thermal,

power, and rack rails have also led to diverse challenges, extending the overall learning

Financial summary Year-end: Dec 31

curve and leading the market to expect Kyber adoption to be postponed to 2028.

NT$mn FY25 FY26F FY27F

Net sales 94,261 198,268 340,437 However, we believe that despite the industry challenges, the upgrade trend is clear. The

YoY growth (%) 46.4 110.3 71.7 Kyber architecture’s use of CCL materials has already skipped the M9 grade and moved

Op profit 19,108 52,050 103,036 directly to M10, and the related supply chain began delivering samples in mid-May. In

YoY growth (%) 57.2 172.4 98.0

addition, strong demand for ASIC AI servers is driving aggressive upgrades, including AWSNet profit 14,649 40,334 78,894

YoY growth (%) 52.9 175.3 95.6 Trainium 4 and Google TPU V9, which are also expected to be switched to the M9 grade.

EPS (NT$) 41.67 112.57 220.19 We expect ASIC growth in 2027 to outpace GPU, and the high-end CCL capacity will

DPS (NT$) 25.0 67.5 132.1 continue to be in shortage.

PE (x) 127.5 47.2 24.1

PB (x) 37.7 18.7 11.1

Div.