Chroma ATE: July revenue suggests 3Q beat on SLT and CPO

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

06 August 2026

Chroma ATE

July revenue suggests 3Q beat on SLT and CPO

Overweight

2360.TW, 2360 TT

Price (06 Aug 26):NT$1,975.00

Price Target (Dec-26):NT$3,160.00

Chroma’s July revenue tracks 40%/39% of JPMe/Street estimates for

3Q26. While ESS tools have started shipment, the more meaningful driver is

CPO and SLT. We reiterate our belief that Chroma is benefiting from both

conventional transceiver and CPO insertion tool strength. Meanwhile, on the

SLT front, Chroma has many more projects in the shipment pipeline beyond the

main accelerators. We expect SLT to fuel upside in the coming quarters with

more and more product launches, while CPO should be an even larger

incremental driver in 2027 due to strong Ins-3 and transceiver light source

reliability testing demand. We see meaningful upside to our 2027 estimates.

Technology

We remind that Chroma’s monthly revenue can be lumpy, as the company is an

equipment maker. We believe the July revenue suggests significant upside to

Street expectations. Chroma’s 3Q revenue would still be a significant beat of

15-20% to both JPMe and Street estimates even if August and September

revenue were to stay flat vs. July revenue.

(852) 2800-8564

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

Morgan Broking (Hong Kong) Limited

Jerry Tsai AC

(886-2) 2725-9867

J.P. Morgan Securities (Taiwan) Limited

Josie Yu

(886-2) 2725-9877

J.P. Morgan Securities (Taiwan) Limited

Gokul Hariharan

Figure 1: Chroma monthly revenue trend

Source: Company data.