Parade Technologies 2026年第二季度毛利率再次不及预期；ASIC项目再次延迟，盈利能力面临风险；减持评级

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

05 August 2026

Parade Technologies

2Q26 another miss on GM; ASIC project delay again

and risk on profitability; N

Neutral

4966.TWO, 4966 TT

Price (05 Aug 26):NT$618.00

Price Target (Dec-26):NT$570.00

Parade held its quarterly earnings call today. Reported 2Q26 results missed on GM

again, given continued rising costs (especially from OSAT). 3Q26 revenue guidance

of 9% QoQ growth (midpoint) was better than the PC/NB industry’s weakening

outlook, but management’s comment about GM suggests ongoing cost pressure,

despite some support from gradual product price rises in 2H26. Looking forward to

2027, management believes its new ASIC-like project (desktop chipset, in our view)

will enter MP and start revenue contribution in late 2027, with the first chip expected

to tape out in late 3Q26, but we are more concerned about the profitability front, given

its potentially below-peer ASP and GM, in our view. Thus, we remain Neutral.

Technology

Quarterly Forecasts (FYE Dec)

2Q26 results missed on GM; expect product price rise to take effect

gradually and alleviate pressure in 2H26. 2Q26 EPS of NT$7.7 was 7%/5%

below JPMe/BBGe, mainly given weaker GM. GM of 40.2% was flat QoQ vs.

40.3% in 1Q26, but declined YoY from 43.1% in 2Q25 and missed consensus

of a mild recovery to 41.0%, given continued rising OSAT costs. Management

believes 2Q GM could mark the trough, as the company will continue to

relocate part of its back-end supply for cost considerations, while some of its

product price adjustments to customers may also start to take effect. Hence, we

model a slight improvement in 3Q/4Q26 GM, to 40.9%/41.0%, still below the

Street’s 41.5-42% in 2H26. For 2027, there are still uncertainties from potential

foundry cost hikes, which may be another risk for Parade’s longer-term margin

outlook, so we maintain our below-consensus 2027E GM at 41.2%.

3Q26 revenue guidance looks healthy, driven mainly by stronger TTED

demand for increasing touch notebook adoption. 3Q26 guidance of 3-14%

QoQ growth (+9% QoQ at the midpoint) seems solid and largely in line with

BBGe and our estimate, driven mainly by the increasing shipments of its TTED

…