AI revenue pushed out to 4Q26 and 2027

研报英文原文证据摘录

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M

Idea

August 7, 2026 09:07 PM GMT

Morgan Stanley Taiwan Limited+

King Yuan Electronics Co Ltd | Asia Pacific

Charlie Chan

Equity Analyst

AI revenue pushed out to 4Q26

and 2027

Daniel Yen, CFA

Equity Analyst

Morgan Stanley Asia Limited+

Daisy Dai, CFA

What’s Changed

Equity Analyst

King Yuan Electronics Co Ltd (2449.TW)

From

To

Price Target

NT$369.52

NT$338.00

Morgan Stanley Taiwan Limited+

Tiffany Yeh

Equity Analyst

AlphaSignals Earnings Reaction

Weakens our thesis

In-line

Modest revision lower

Lucas Wang

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Research Associate

Source: Company data, Morgan Stanley Research

Slower R-Series XPU ramp drives revenue guidance cuts.

However, 2027/28 revenue growth remains promising in view of

AI demand. We cut our price target to NT$338 but reiterate OW.

King Yuan Electronics Co Ltd (2449.TW, 2449 TT)

3Q26/2026 revenue guidance cut from slower R-series XPU ramp and lower test

time: Management cut 3Q26 revenue growth guidance from up 10-15% Q/Q to high

Greater China Technology Semiconductors | Taiwan

partly driving the 2026 full-year revenue growth guidance cut from >40% Y/Y to up

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 7, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

Avg daily trading value (mn)

36-38% Y/Y, in our view. However, the company remains optimistic about a 4Q26

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS (NT$)**

EPS (NT$)§

Revenue, net (NT$ mn)

EBITDA (NT$ mn)

ModelWare net inc (NT

$ mn)

Div yld (%)

P/E**

8.96

8.95 13.69 18.55

8.94

9.29 14.62 19.85

34,934 47,683 67,303 87,546

16,516 27,106 43,374 53,297

11,016 11,388 17,634 23,886

single digits Q/Q because of a slower R-series XPU ramp at the largest customer.

The slower major product ramp also lowers the 3Q26 gross margin outlook to 3638% vs. 39.5% in 2Q26. Our recent checks suggest R-series XPU final test time

might ramp from 800-900 seconds, not much higher than the prior generation,

margin rebound as the R-series XPU ramps.

…