Riding AI-driven networking upgrade and unlocking new TAM in server racks; initiate at OW

研报英文原文证据摘录

Riding AI-driven networking upgrade and unlocking new TAM in server racks; initiate at OW

J P M O R G A N Asia Pacific Equity Research

25 June 2026

Initiation

Accton Overweight

2345.TW, 2345 TT

Riding AI-driven networking upgrade and unlocking new Price (24 Jun 26):NT$2,375.00

TAM in server racks; initiate at OW Price Target (Jun-27):NT$3,600.00

We initiate coverage of Accton at OW with a Jun-27 price target of NT$3,600, Technology - Hardware

ACbased on ~26x 12M forward EPS (around the high end of the historical valuation Albert Hung

range, supported by stronger earnings growth outlook amid an accelerating (886-2) 2725-9875

networking upgrade cycle). Accton stock trades around the high end of its albert.hung@jpmchase.com

historical valuation range, reflecting its strong earnings outlook, high ROE, and J.P.MorganMorganSecuritiesSecurities(Asia(Taiwan)Pacific) Limited/Limited/ J.P.J.P.

expanding TAM. We expect Accton to deliver a ~50% earnings CAGR over 2025– Morgan Broking (Hong Kong) Limited

28, driven by rapid 800G/1.6T switch upgrades, share gains in Meta’s ToR, and a Anthony Leng

resumption of AWS ASIC momentum. TAM expansion into server racks and (886-2) 2725-9240

optical adjacency offers further upside optionality. Our 2026/27 EPS estimates are anthony.leng@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

12%/6% above consensus estimates. Key downside risks include potential share

loss in AWS AI ASIC modules, slower-than-expected 800G/1.6T adoption, and Gokul Hariharan

(852) 2800-8564

intensifying competition from Nvidia and OEMs in Ethernet switches. gokul.hariharan@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

• AI network upgrades drive step-change in growth. Accton stands at the Morgan Broking (Hong Kong) Limited