BizLink: Power fuels growth with CPO adding upside; assume coverage at OW

研报英文原文证据摘录

BizLink: Power fuels growth with CPO adding upside; assume coverage at OW

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

14 July 2026

BizLink Overweight

3665.TW, 3665 TT

Power fuels growth with CPO adding upside; assume Price (14 Jul 26):NT$1,775.00

coverage at OW ▲Price Target (Jun-27):NT$3,100.00 Prior (Dec-26):NT$2,100.00

We assume coverage of BizLink at OW and Jun-27 PT of NT$3,100. We forecast

an EPS CAGR of 50% during FY25-28E, driven by higher power content value, Taiwan Industrial

growing optical/CPO exposure, and a robust capital equipment business on semi Amanda Chang AC

capex expansion. While the stock has corrected by 36% (-43% vs TAIEX) after the (886-2) 2725-9861

1Q26 gross margin miss, we view the margin pressure as largely transitory and amanda.chang@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

remain positive on the upcoming power product upgrades under the Vera Rubin

Karen Li, CFAplatform, with our FY27/28E EPS forecasts 10%/4% above consensus.

(852) 2800-8589

• Power content value enhanced by AI infrastructure upgrade. As AI karen.yy.li@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited/ J.P.

platforms migrate from GB200/300 to VR200 and VR Ultra, we forecast Morgan Broking (Hong Kong) Limited

BizLink’s power content value to increase from c.US$8-10k per rack for Gokul Hariharan

GB200/300 to >2x for VR200, with meaningful upside potential for VR Ultra (852) 2800-8564

under the HVDC structure. In addition, by leveraging its early design-in gokul.hariharan@jpmorgan.com

engagement with NVIDIA/hyperscalers, as well as its enhanced system J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

integration and customization capabilities from the announced Interplex William Yang