Nan Ya Plastics Corp: Strong electronic materials revenue growth of +15% m/m; July revenue surged to a 49-month high

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

07 August 2026

Nan Ya Plastics Corp

Strong electronic materials revenue growth of +15% m/

m; July revenue surged to a 49-month high

NPC’s electronic materials revenue reached a new record-high of NT$17.4bn in

July 2026. While 3Q revenue typically rises q/q due to seasonality, the y/y growth

has accelerated significantly from 39% in 1H26 to 85% in July. The m/m growth

of 15% outperformed CCL peers Elite Materials/ITEQ (+8%/+13% m/m) and was

only slightly below TUC’s +21% m/m. The July revenue growth came from both

volumes/utilization and ASP, and we believe the company is on track to achieve

30% electronic materials OPM in 2027. Our 2027 EPS forecast is 25% above

consensus. Reiterate OW.

July electronic materials revenue +15% m/m: NPC reported electronic

materials revenue of NT$17.4bn in July, an increase of NT$2.3bn from June.

63% of the m/m growth came from volume and 37% came from ASP

improvement. Excluding NYPCB, NPC’s electronic materials revenue also

grew 15% m/m. The company noted that utilization of all major products has

improved to >90%, implying a sequential utilization improvement for epoxy

resins and copper foil. Shipments and revenue contribution of specialty

products continue to ramp up, and customer verification for higher grade

products is underway. Consumer-type products are also seeing m/m volume

expansion and price hikes, driven by the tight supply of commodity grade

materials.

More details on the 2Q electronic materials beat: NYPCB reported 2Q26

results yesterday (6 August). 2Q revenue was up 21% q/q and 42% y/y to NT

$13.6bn. 2Q OP was up 114% q/q to NT$2.9bn, with 2Q OPM of 21% reaching

the highest since 1Q23. The company noted robust demand for AI/data center

products, which now account for ~60% of ABF substrate sales. Demand for

servers, ASIC platform and memory products also continued to grow. ABF

substrate utilization was maintained at 80-85%, while BT substrate utilization

was close to 100%. Following the strong 2Q, NYPCB guided to continued q/q

revenue growth and margin improvement in 2H26, driven by the tight supply

of advanced substrates for AI applications.…