Delta Electronics 2Q26: capacity expansion signals confidence in long-term growth

研报英文原文证据摘录

Delta Electronics 2Q26: capacity expansion signals confidence in long-term growth

30 July 2026

Alex Wang, CFA

+852 2123 2613

Asia Tech Hardware alex.wang@bernsteinsg.com

Delta Electronics Inc Ethan Xu

+852 2123 2634

Rating ethan.xu@bernsteinsg.com

Outperform Shirley Yang, CFA

Price Target +852 2123 2660

shirley.yang@bernsteinsg.com

2308.TT 2,620.00 TWD

Delta Electronics 2Q26: capacity expansion signals confidence in

long-term growth

Q2 gross margin is resilient. Delta's revenue rose 48% YoY and 15% QoQ to NT$183bn. Close Date 30 Jul 2026

GPM declined 1.4ppt QoQ to 35.6%, missing cons. by 80bps, but the result was not as weak

2308.TT Close Price (TWD) 1,530.00

as some investors had feared following Delta Thailand's print. OPM came in at 16.7%, 1.7ppt

Price Target (TWD) 2,620.00

below cons., including a NT$1bn credit loss provision. EPS was roughly in line.

Upside/(Downside) 71%

HVDC power rack will begin shipping in 4Q26. The company is broadening its offering 52-Week Range 2,585.00/520.00

from white space into grey space and power source. HVDC rack production starts in 3Q26, ASIAX 1,810.56

with initial shipments in 4Q26 and volume deployment from 2027. Early demand focused on FYE Dec

±400V solutions. We model power-rack penetration at 20% next year in VR racks. Delta is Div Yield 0.8%

also extending into microgrids, BESS, SST and SOFC. Its latest power Whitebook outlines Market Cap (TWD) (B) 3,974.24

an integrated solution to address load-volatility in AI data centers (Exhibit 4 - Exhibit 5). Initial EV (TWD) (B) 3,917.64

SST deployments have begun in China data centers, with broader adoption from 2029 onward. Performance YTD 1M 6M 12M

SOFC products should enter mass production in 2027; Delta’s product leverages porous metal Absolute (%) 58.9 (21.5) 25.4 188.7