Quick Take: Novatek 2Q26 revenue beat slightly

研报英文原文证据摘录

Quick Take: Novatek 2Q26 revenue beat slightly

6 July 2026

Mark Li

+852 2123 2645

Asia Semiconductors and Equipment & Global Memory mark.li@bernsteinsg.com

Novatek Microelectronics Corp Edward Hou, CFA

+852 2123 2623

Rating edward.hou@bernsteinsg.com

Market-Perform Yipin Cai, CFA

Price Target +852 2123 2669

yipin.cai@bernsteinsg.com

3034.TT 370.00 TWD

Novatek June revenue was NT$10B, up 7% MoM and 19% YoY. 2Q26 sales added up to NT

Close Date 6 Jul 2026

$29B, up 24% QoQ and 10% YoY. The quarterly revenue was 2.8% above consensus and

3034.TT Close Price (TWD) 538.00

2.4% above guidance midpoint (Exhibit 1). After removing the 1pt FX tailwind, we conclude

Price Target (TWD) 370.00

2Q26 revenue is still likely a beat.

Upside/(Downside) (31)%

Novatek's 2Q26 guidance came in ahead of expectations, with management forecasting 52-Week Range 606.00/352.00

sequential growth across all three major product segments. The SoC business is expected to ASIAX 1,977.84

be the primary growth engine, supported by strong Edge AI-related demand and successful FYE Dec

cost pass-through, while DDIC shipment should also benefit from order pull-ins. Gross Div Yield 4.3%

margin is projected to remain stable, as higher sales contribution from SoC is likely to offset Market Cap (TWD) (M) 327,379

rising costs of memory, wafers, and packaging. For 2H26, demand visibility is clouded by EV (TWD) (M) 279,028

pull-in orders and uncertainty over end-market acceptance of recent price increases. The Performance YTD 1M 6M 12M

IC design supply chain is reportedly cautious about potential order cuts in 4Q26. That said, Absolute (%) 43.9 9.4 42.3 (0.7)

Novatek is confident to achieve positive full-year revenue growth thanks to new product ASIAX (%) 20.9 0.1 15.7 37.8

launches. Relative (%) 22.9 9.2 26.6 (38.6)