Amkor Technology: Strong Results and Guidance on AI Compute Ramp; Gross Margin Inflecting Well Ahead of Investor Day Model, Reit OW

研报英文原文证据摘录

Amkor Technology: Strong Results and Guidance on AI Compute Ramp; Gross Margin Inflecting Well Ahead of Investor Day Model, Reit OW

J P M O R G A N North America Equity Research

28 July 2026

Amkor Technology

Strong Results and Guidance on AI Compute Ramp; Overweight

Gross Margin Inflecting Well Ahead of Investor Day AMKR, AMKR US

Model, Reit OW Price (27 Jul 26):$60.71

Price Target (Dec-27):$85.00

AMKR delivered a record 2Q and, more importantly, guided 3Q to another record Semiconductors & Semiconductor

with gross margin stepping to levels the Investor Day model did not contemplate Capital Equipment / IT Hardware

until CY28, supporting our thesis that the AI-driven advanced packaging cycle Mayur Ramdhani AC

would inflect AMKR’s earnings power sooner than the Street appreciated. (1-212) 622-1664

Composition of the 2Q beat was notable - upside came from record compute and mayur.ramdhani@jpmorgan.com

auto/industrial, not smartphone seasonality, and margin expansion was driven by Harlan Sur

utilization and mix rather than one-timers (with mgmt raising the bar again with (1-415) 315-6700

guidance that steps margins up another leg). Five takeaways drive our higher harlan.sur@jpmorgan.com

estimates: (1) compute growth is shifting into high gear with record 2Q revenue Apoorva Kumar

(1-212) 270-0668

(+20% Q/Q vs. +MSD guided), accelerating to nearly +30% Q/Q in 3Q on the apoorva.kumar@jpmorgan.com

HDFO datacenter CPU ramp and broad AI datacenter demand, lifting compute to J.P. Morgan Securities LLC

~27% of revenue (from 21% two quarters ago) at well-above-corporate

incremental margins (~60% implied fall-through in the 3Q guide); (2) the

unseasonal 3Q Comms decline (down HSD% Q/Q in what is normally a ~+30% Key Changes (FYE Dec)

iPhone-build quarter - a ~$300M gap vs.