2Q26 margins in line; 3Q26 seeing strong revenue growth amid elevated component costs

研报英文原文证据摘录

Not for redistribution without written consent of Morgan Stanley

M

Idea

August 6, 2026 04:52 PM GMT

Accton Technology Corporation | Asia Pacific

Morgan Stanley Taiwan Limited+

Derrick Yang

Equity Analyst

2Q26 margins in line; 3Q26

seeing strong revenue growth

amid elevated component costs

Vivi Huang

Research Associate

Morgan Stanley Asia Limited+

Andy Meng, CFA

Equity Analyst

What’s Changed

Accton Technology Corporation (2345.TW)

From

To

Price Target

NT$3,800.00

NT$3,500.00

AlphaSignals Earnings Reaction

Accton Technology Corporation (2345.TW, 2345 TT)

Unchanged

In-line

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Accton appears on track to deliver strong revenue growth in

3Q26 off a high base, though GM might be under a bit more

pressure amid elevated component costs and a less favorable

revenue mix.

Top Pick

Greater China Technology Hardware | Taiwan

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 6, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Overweight

In-Line

NT$3,500.00

45

NT$2,410.00

NT$2,825.00-884.00

559

NT$1,346,968

NT$1,286,317

NT$7,700

2Q26 OP above consensus: On the back of revenue at NT$95,538mn (+36% QoQ/

Fiscal Year Ending

+58% YoY), GM expanded by 0.1ppt QoQ to 19.7% (vs. MSe of 20.2%/consensus of

EPS (NT$)**

47.13 83.77 115.77 145.77

Prior EPS (NT$)**

- 85.77 115.77 145.77

EPS (NT$)§

45.42 77.68 115.26 161.41

Revenue, net (NT$ mn) 248,320 413,479 541,272 667,428

EBITDA (NT$ mn)

33,894 62,436 85,653 106,950

ModelWare net inc (NT 26,342 46,817 64,707 81,472

$ mn)

P/E

25.1

28.8

20.8

16.5

P/BV

11.5

14.4

9.4

6.6

RNOA (%)

622.3(1,479.8) 4,110.1 1,435.9

ROE (%)

72.6

81.2

69.2

56.9

EV/EBITDA

17.8

20.1

14.1

10.8

Div yld (%)

0.9

0.8

1.1

1.4

FCF yld ratio (%)**

4.5

3.1

4.5

5.7

Leverage (EOP) (%)

(101.7) (96.2) (94.8) (94.4)

19.2%) as tailwinds from a favorable product mix were largely offset by higher

component costs. With opex better controlled at NT$4,491mn (opex ratio 4.7% vs.

…