Global Unichip: Stronger H226 momentum on better wafer allocation

研报英文原文证据摘录

Global Unichip: Stronger H226 momentum on better wafer allocation

rnkey up ~20% QoQ, while NRE down 12% QoQ. GM is expected to decline 1.4ppt

12/27E 104.14 108.09 4 94.24

QoQ to 20.1% on less favourable mix. Nevertheless, we expect its Q426E sales to see 12/28E 155.25 159.66 3 164.31

stronger growth at +49% QoQ as the additional wafer is secured and the faster ramp of

Chinese ADAS customer should see greater contribution in Q426. Overall, we estimate Jerry Su

2026E sales to grow 90% YoY, up from our prior estimate of +78%. Analyst

jerry.su@ubs.com

+886-28-722 7306

Expanding its customer portfolio to support medium-term growth

GUC is constructive on its medium-term growth as it has won cloud ASIC projects at Annie Chen

Associate Analystthree out of four major CSPs (Google CPU, Meta ASIC, Microsoft ASIC/CPU), while

annie.chen@ubs.com

automotive business at US EV customer is scheduled to ramp from H227E and could +886-2-8722 7281

proliferate into robotic applications. Management also noted it has secured next

generation Axion CPU, which we believe will begin revenue contribution from H227.

Management also noted it aims to engage with more customer projects, leveraging its

relationship with TSMC and advanced packaging expertise. Notably, GUC could also

support EMIB-T for advanced packaging, based on customers' requirement.

Valuation: Reiterate Buy with PT of NT$6,700

We raise our 2026-28E EPS by 3-10% and lift our price target to NT$6,700 (from NT

$6,500) with the same 50x average 2027-28E EPS (vs historical 15-62x range),

supported by 52% CAGR in earnings over 2025-30E. We reiterate that GUC should

benefit from Google CPU upside and multiple automotive project ramps.

Highlights (NT$m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E