Quanta Computer Inc: Quanta 2Q26 sales beat consensus

研报英文原文证据摘录

Quanta Computer Inc: Quanta 2Q26 sales beat consensus

7 July 2026

Alex Wang, CFA

+852 2123 2613

Asia Tech Hardware alex.wang@bernsteinsg.com

Quanta Computer Inc Shirley Yang, CFA

+852 2123 2660

Rating shirley.yang@bernsteinsg.com

Underperform Ethan Xu

Price Target +852 2123 2634

ethan.xu@bernsteinsg.com

2382.TT 250.00 TWD

Quanta 2Q26 sales beat consensus

Quanta 2Q26 topline beat consensus by 9%. 2Q26 revenue increased by 106% YoY and Close Date 7 Jul 2026

28% QoQ to NT$1,037B, near the upper end of NT$952-1068B sales forecast based on two-

2382.TT Close Price (TWD) 373.00

month sales trends. June 2026 revenue alone was up by 91% YoY and 23% MoM in USD terms.

Price Target (TWD) 250.00

We think the beat mainly attributes to higher-than-expected memory price increase.

Upside/(Downside) (33)%

With AI servers contributing over 75% of server revenue, Quanta has seen continued gross 52-Week Range 438.00/252.50

margin compression, while the buy-sell model has become increasingly demanding on working ASIAX 1,979.72

capital. In response, the company announced a 200-245 million share GDR offering in June FYE Dec

2026, which is expected to raise NT$70-80 billion to support its funding requirements. The Div Yield 4.2%

GDR issuance represents c.5-6% of the company's current shares outstanding and will result Market Cap (TWD) (B) 1,440.76

in further shareholder dilution. The stock rose in early June on strong general server demand EV (TWD) (B) 1,677.09

and profitability reported by several OEMs. However, Quanta is less exposed to this upside Performance YTD 1M 6M 12M

given its strategic focus on AI servers. As an ODM, its gross margin is also unlikely to benefit Absolute (%) 37.1 (4.5) 32.3 34.7

from memory inventory markups. Underperform. ASIAX (%) 21.1 0.2 16.2 38.4