联发科（2454.TW）：上调2027年AI ASIC收入

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31 Jul 2026 10:08:41 ET │ 17 pages

Mediatek (2454.TW)

Raising AI ASIC revenue for 2027

CITI'S TAKE

MediaTek’s 2Q26 result was better than market expectation with stable

GM/OPM at 46.2% and 15%. The key highlight remained on AI, where

MediaTek sees growing demand from both cloud AI infrastructure and

Agentic AI at the edge. Production of its first AI ASIC is on track for 4Q26,

with company expecting its 2026 AI data center revenue to exceed US$2bn.

Management expects AI data center revenue to continue scaling

substantially in 2027, supported by stronger customer demand. Reflecting

this confidence, the company raised its 2027 AI ASIC TAM to US$80bn and

increased its target market share to 15–20% from 10–15%, implying US$1216bn revenue (vs our estimate of US$18bn) reinforcing AI ASIC as one of

MediaTek’s most important long-term growth drivers. Maintain Buy.

Sustainable and scalable AI revenue growth — Mediatek’s first AI accelerator

remains on track for production in 4Q26, while the second-generation continues

progressing smoothly toward high-volume production in 2028 alongside improving

advanced packaging yields and supply chain readiness. Management highlighted

that it is now engaged with several additional data center ASIC customers,

demonstrating a broader pipeline beyond its initial project. It emphasized that

execution excellence, close collaboration with customers and supply chain partners,

and technology leadership remain its primary competitive advantages. Mediatek is

seeing both 2027 and 2028 demand remain strong. It also expects the first- and

second-generation ASIC programs to contribute simultaneously in 2028,

supporting another meaningful step-up in long-term AI growth.

n

Buy

Short-Term View: Upside

Price (31 Jul 26 13:30)

NT$3,555.00

Target price

NT$6,800.00↑

from NT$6,055.00

Expected share price

91.3%

return

Expected dividend yield

1.5%

Expected total return

92.8%

Market Cap

NT$5,701,848M

US$175,967M

Price Performance

(RIC: 2454.TW, BB: 2454 TT)

Building complete AI silicon platform — Beyond custom ASIC design, MediaTek

continues expanding into a comprehensive AI silicon platform provider. Rather than

…