Delta Electronics (2308 TT, NT$1,740)- 2Q26 GM expected to miss; 800VDC/400VDC production ready

研报英文原文证据摘录

Delta Electronics (2308 TT, NT$1,740)- 2Q26 GM expected to miss; 800VDC/400VDC production ready

ular server demand; and

Source: CMoney 3) the rest of products including mobility, automation, passive components, liquid cooling,

and fans, which will grow QoQ due to seasonality. We accordingly forecast GM of 37.3%,

What’s changed

OpM of 19.7%, and EPS of NT$12.06, up 68% YoY. New Old %

Rating Buy Buy

Target price (NT$) 2,500 3,000 -17% 800VDC/400VDC power rack production ready

EPS forecast (NT$) 65.06 66.45 -2% Based on our understanding, Delta’s 800VDC power rack production has recently

Target PE (x) 38 45 -

commenced. However, the delivery schedule is still subject to client demand, and small

Financial summary Year-end: Dec 31 shipment is expected in 4Q26. In terms of configuration, each 800VDC power rack is paired

NT$mn FY25 FY26F FY27F with two Vera Rubin IT racks. However, when factoring in redundancy, the setup will shift

Net sales 554,885 788,921 1,076,629

to two power racks to three IT racks (2:3). 800VDC/400VDC configuration rate is highlyYoY growth (%) 31.8 42.2 36.5

Op. profit 83,932 149,909 227,166 flexible and is determined by customers’ redundancy requirement. 400VDC with 900kW

YoY growth (%) 76.1 78.6 51.5 production line has entered the preparation stage, with shipment expected in 4Q26 as well.

Net profit 60,108 109,823 169,008

However, the actual pull-in schedule remains subject to client demand. We maintain our

YoY growth (%) 70.6 82.7 53.9

EPS (NT$) 23.14 42.28 65.06 previous assumption of 10% adoption rate of HVDC in Vera Rubin, and maintain our

DPS (NT$) 11.6 21.1 32.5 previous estimate that HVDC, including 400V and 800V, will account for 5~10% of Delta’s

PE (x) 75.2 41.2 26.7 FY27 revenue.

PB (x) 16.4 12.9 10.0

Div. yield (%) 0.7 1.2 1.9