Tong Yang Industry (1319 TT, NT$72.90)- Robust AM product shipment expected starting from 4Q26

研报英文原文证据摘录

Tong Yang Industry (1319 TT, NT$72.90)- Robust AM product shipment expected starting from 4Q26

Taiwan Equity | Automotive

Company Snapshot

Fubon Research Tong Yang Industry (1319 TT)

July 24, 2026

_ Robust AM product shipment expected starting from 4Q26

Buy

Maintain Buy, adjust target price to NT$92, 26% upside

Price Target price

NT$72.90 NT$92 1. 2Q26 profit to decline QoQ due to customer inventory adjustments

○Visit notes ○Initiating coverage 2. Robust AM product shipment expected starting from 4Q26 on reduced uncertainty

○Company update ●Earnings revision regarding US tariffs

●Earnings preview ○Rating change

3. China OE business to target slight profitability as operating goal in FY26

Shares out. (mn) 592

Mkt cap (NT$mn) 43,120

2Q26 EPS forecast of NT$1.34, down 17.1% QoQ

Mkt cap (US$mn) 1,335

FINI holding (%) 9.18 Impacted by customers adjusting inventory, Tong Yang’s 2Q26 sales reached NT$5.664bn,

Local IM holding (%) 6.63 down 3.9% YoY but up 0.6% QoQ. Regarding GM, affected by product mix change, we

Directors holding (%) 18.36 forecast GM will drop from 32.5% in 1Q26 to 32.3%, with net profit of NT$792mn, up

52-week high (NT$) 109.20

73.5% YoY but down 17.1% QoQ, and EPS of NT$1.34, relative to our previous forecast of

52-week low (NT$) 69.89

Day-trading % 25% NT$1.63.

ESG rating 5 Industry Rank 14/43 Robust AM product shipment expected starting from 4Q26 on reduced uncertainty

regarding US tariffs

Its AM business was affected by higher tariffs in 1H26, with 6M26 sales at NT$8.64bn,

down 14.9% YoY. Looking ahead to 2H26, after the US reduced tariffs on imported

Taiwan’s auto parts from 27.5% to 15% at the end of May, customers are expected to

gradually increase purchasing. Meanwhile, as 3Q26 is a low season, we forecast sales

growth of 4.4% QoQ.