Hon. Precision: 2Q26 revenue solid beat; robust demand across ASICs, CPUs, Tesla and China; SEMICON TW demos; OW

研报英文原文证据摘录

Hon. Precision: 2Q26 revenue solid beat; robust demand across ASICs, CPUs, Tesla and China; SEMICON TW demos; OW

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

12 July 2026

Hon. Precision Overweight

7769.TW, 7769 TT

2Q26 revenue solid beat; robust demand across ASICs, Price (09 Jul 26):NT$6,660.00

CPUs, Tesla and China; SEMICON TW demos; OW Price Target (Jun-27):NT$8,000.00

Hon’s 2Q26 revenue beat consensus by low teens, and we highlight strong ASP Technology

ACgrowth for equipment and solid margins into the 2Q26 results (likely in late Jul). Jimmy Huang

Looking into 2H26, Hon’s equipment business should benefit from robust demand (886-2) 2725-9865

across ASICs, Tesla, CPUs, China, while capacity tightness persists. Recall that jimmy.huang@jpmorgan.com

SEMICON 2025 boosted sentiment and contributed to Hon’s stock out- J.P. Morgan Securities (Taiwan) Limited

performance; we expect SEMICON 2026 to remain a key event, where Hon will Jerry Tsai AC

showcase new handler platforms including large-package and CPO test insertion (886-2) 2725-9867

jerry.tsai@jpmorgan.com

4 (new platforms mean replacement demand and double digit price uptick). We J.P. Morgan Securities (Taiwan) Limited

remain constructive on Hon given solid near-term earnings and mutliple mid-to-

Josie Yu

long term growth drivers. While we have projected a low 60% CAGR for Hon’s (886-2) 2725-9877

revenue/EPS in 2025-28, we see upside potential, driven by shipments, ASP and josie.yu@jpmorgan.com

margins. J.P. Morgan Securities (Taiwan) Limited

Gokul Hariharan

• 2Q26 revenue beat by low teens; expecting solid margins. 2Q26 revenue of (852) 2800-8564

NT$13.8bn rose 29% QoQ and 101% YoY, beating both JPMe and consensus gokul.hariharan@jpmorgan.com

by 12–13%, driven by strength in both ATC handlers and cold plates.