AirTAC: High quality at cycle peak

研报英文原文证据摘录

AirTAC: High quality at cycle peak

29 July 2026

Jay Huang, Ph.D.

+852 2123 2631

Asian Industrial Technology jay.huang@bernsteinsg.com

AirTAC International Group Weibin Liang, Ph.D.

+852 2123 2666

Rating weibin.liang@bernsteinsg.com

Outperform

Elsa Fu

Price Target elsa.fu@bernsteinsg.com

1590.TT 1,570.00 TWD (1,500.00 OLD)

AirTAC’s 2Q26 results beat consensus and our estimates in all lines (Exhibit 1). Topline

Close Date 28 Jul 2026

growth further accelerated to 35.9% YoY (24.7% in RMB), and the continued margin

1590.TT Close Price (TWD) 1,365.00

expansion came as a positive surprise (GPM/OPM 49.7%/35.0% vs. 47.9%/33.2% in

Price Target (TWD) 1,570.00

1Q26).

Upside/(Downside) 15%

China cycle continues at peak growth, with no signs of immediate weakness, and the 52-Week Range 1,600.00/741.00

strength remains broad-based (Exhibit 3). Management is optimistic about demand in ASIAX --

2H26 and 2027, based on expectation of new smartphone capex, outlook from battery FYE Dec

manufacturers, and improving brand recognition among automotive customers. The last Div Yield 2.1%

point was validated by company’s accelerating growth in the automotive vertical, despise Market Cap (TWD) (M) 273,000

weakening auto industry capex. Semi products only contribute RMB 13mn per month. The EV (TWD) (M) 266,282

progress is gradual as expected. AirTAC raised its full year guidance to 20% YoY revenue Performance YTD 1M 6M 12M

growth (in RMB) and a 34% OPM (previously saw mid-to-high teens YoY revenue growth and Absolute (%) 46.8 0.4 33.2 57.6

a 33% OPM). ASIAX (%)

Relative (%)

AirTAC’s margin expansion was largely thanks to low inventory / high utilization and operating Source: Bloomberg, Bernstein estimates and analysis.

leverage (Exhibit 12), amidst rising raw material costs and stable pricing.