Inventec (2356.TW): Structural shift toward AI server business remains intact, but short-term headwinds from tight upstream components supply

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11 Aug 2026 07:41:48 ET │ 14 pages

Inventec (2356.TW)

Structural shift toward AI server business remains intact, but shortterm headwinds from tight upstream components supply

CITI'S TAKE

Inventec reported 2Q26 net profit of NT$3,895m, up 60% QoQ and 78%

YoY, beating our and consensus estimates by 31-37%, mainly driven by

strong revenues growth of 35% QoQ and 45% YoY given the NB pull-in

demand and the ramp of server business. Nonetheless, GM dropped from

1Q26’s 5.1% to 4.2% and missed market expectation (Citi/Consensus

5.2%/5.1%) due to the margins dilution effect from higher component cost,

especially in NB products line. While current outlook into 3Q looks to be

tempered by the tight supply of upstream components for server business

and the inevitable NB shipment decline on strong pull-in in 1H, we remain

constructive over its growth outlook into next year, backed by its new

production capacity ramps, emerging general server and ASIC business and

continued ramps of its rack level AI server business. Maintain Buy.

Flattish 3Q sales with sequential GM improvement — Despite Inventec already

achieving >30% QoQ sales growth for both server and NB business in 2Q, the

company is guiding for 3Q26 revenues to be flattish QoQ. NB shipment is expected

to decline HSD QoQ, but due to better mix toward commercial NB products and price

hike, Inventec is expecting a slight sequential decrease for its NB revenues. With

strength in server to largely offset weakness in NB, GM is expected to improve

sequentially, marking 2Q as the trough of the year.

n

Buy

Price (11 Aug 26 13:30)

Target price

from NT$63.00

Expected share price

return

Expected dividend yield

Expected total return

Market Cap

Nicholas Lai AC

Earnings Summary

15.2%

2.6%

17.8%

NT$233,545M

US$7,240M

Price Performance

(RIC: 2356.TW, BB: 2356 TT)

Near-term delay not changing its long-term server growth narrative — Inventec

commented that the supply shortage in some key components (memory, CPUs,

PCB, etc) has led to some order delay from 3Q to 4Q. We acknowledge the near-term

supply shortage may cap upside to its server sales momentum in 3Q, but we see

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