Power industry: Read-through from Lite-On 2Q26 earnings

研报英文原文证据摘录

Power industry: Read-through from Lite-On 2Q26 earnings

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

02 August 2026

Power industry

Read-through from Lite-On 2Q26 earnings

Liteon Tech (2301 TT, NC) also reported 2Q26 earnings and held an analyst Technology - Hardware

ACmeeting after the Taiwan market close on 31 July. Key takeaways included: Albert Hung

(886-2) 2725-9875

• Margin uptick on inventory reversals and mix upgrade. Liteon’s GM/OPM albert.hung@jpmchase.com

rose to 27.2%/15.6% in 2Q26 from 21.7%/9.4% in 1Q26, driven primarily by J.P. Morgan Securities (Taiwan) Limited/ J.P.

(1) product mix improvement (rising contribution from higher-margin IT/CE MorganMorgan SecuritiesBroking (Hong(AsiaKong)Pacific)LimitedLimited/ J.P.

products), (2) new product ramps (e.g., Amazon T3 8.5kW PSU/BBU), and (3) Anthony Leng

inventory reversal gains (~+1ppt tailwind vs. a ~1ppt headwind in 1Q). Based (886-2) 2725-9240

on Liteon management’s commentary on margins, the divergence vs. Delta’s anthony.leng@jpmorgan.com

margin trajectory was due to: (1) different points in the AI server product cycle J.P. Morgan Securities (Taiwan) Limited

(Liteon entering the T3 ramp vs. Delta facing a later-cycle GB300 mix in 2Q); Gokul Hariharan

and, (2) different inventory provisioning timing (Delta booking gains in 1Q and (852) 2800-8564

losses in 2Q, the opposite of Liteon). Looking into 2H26, Liteon expects GM gokul.hariharan@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

to be around ~25% (1H26 average), with upside potential from continued mix Morgan Broking (Hong Kong) Limited

improvement - broadly consistent with Delta’s 2H26 margin direction.

• Continued revenue momentum into 2H26 on new product ramps and

potential price increases.