Largan (3008.TW): CPO lens in progress; High-end handset lens to ramp up in 3Q26; Buy

研报英文原文证据摘录

Largan (3008.TW): CPO lens in progress; High-end handset lens to ramp up in 3Q26; Buy

Equity Research

13 July 2026 | 10:16PM HKT

Largan (3008.TW): CPO lens in progress; High-end handset lens to ramp

up in 3Q26; Buy

We are positive on Largan and expect sequential revenue growth ahead following Verena Jeng

+852-2978-1681 | verena.jeng@gs.com

the slow season in 2Q26, driven by the ramp up of new models at its major Goldman Sachs (Asia) L.L.C.

smartphone brand customers and launches of China smartphone flagship models. Allen Chang

We expect premium smartphone brands to expand market share under high memory +852-2978-2930allen.k.chang@gs.com|

costs, and Largan’s focus on high-end lens would continue to support peer Goldman Sachs (Asia) L.L.C.

Yifan Huoutperformance with GM expansion. On CPO, despite its small contribution in the +852-2978-0996 | yifan.hu@gs.com

near term, we view it as a new market that could allow Largan to benefit from strong Goldman Sachs (Asia) L.L.C.

end demand and fast specification migration, supporting long term growth and

valuation re-rating. Maintain Buy.

Exhibit 1: Largan revenues by products

CPO lens

Others

Periscope lens

Largan

Other handset revenues at

lens NT$77bn

(+17% YoY) in

2027E

20MPx+ handset

lens

Source: Goldman Sachs Global Investment Research

Key takeaways from 2Q26 earnings call

1. CPO opportunities: Management highlights its focus on FA and glass-molding

PMLA for FAU in CPO switches. On FA, Largan aims to start sampling in coming 2-3

weeks, with customers usually taking 2-4 weeks for qualification. Largan will enter

mass production once qualification is passed. The company aims to complete the

pilot line for FA in late 3Q26. Overall, management commented the mass production

timeline could be at mid 2027 the earliest.