Nanya Technology: 2Q26 a slight beat; rising server mix coupled with favorable LTAs to bode well for mid-long term earnings; reiterate OW

研报英文原文证据摘录

Nanya Technology: 2Q26 a slight beat; rising server mix coupled with favorable LTAs to bode well for mid-long term earnings; reiterate OW

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

12 July 2026

Nanya Technology

2Q26 a slight beat; rising server mix coupled with Overweight

favorable LTAs to bode well for mid-long term earnings; 2408.TW, 2408 TT

reiterate OW Price (09 Jul 26):NT$435.50

Price Target (Jun-27):NT$710.00

NYT’s 2Q results were a slight beat vs. JPMe/consensus thanks to sustained Technology - Semiconductors

ACpricing momentum (DRAM ASPs up >60%) alongside a flattish bit shipment Jay Kwon

trend. Management raised its 2026E bit growth guidance to high-teens % Y/Y (82-2) 758-5725

(from teens % in 1Q26), citing lower inventory levels vs historical trends, and jay.h.kwon@jpmorgan.com

reiterated its 2026 capex guidance of NT$52bn, pointing to severe industry-wide J.P.BranchMorgan Securities (Far East) Limited, Seoul

shortages (S-D shortage continuing into 2028E, consistent with Micron

Sangsik Lee

commentary). We expect both DDR5 and DDR4 pricing to trend higher in 2H26E (82-2) 758 5146

as the demand outstripping supply environment continues. We found NYT’s server sangsik.lee@jpmorgan.com

sales mix exposure increase as a positive development and its product J.P. Morgan Securities (Far East) Limited, Seoul

Branch

diversification into LPDDR5 (likely for server applications in our view) and other

line-ups. Mid-to-long term capex plan of US$16bn for 45k wspm capacity sounded Neelay Y Kamath

(91-22) 6157 3764

higher than our initial expectation; however, we view overall capital intensity neelay.kamath@jpmchase.com

under control and expect an increase in R&D spending to support NYT’s product J.P. Morgan India Private Limited