强劲 2Q 超预期后 3Q 放缓

研报英文原文证据摘录

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M

Update

August 18, 2026 03:25 PM GMT

Morgan Stanley Taiwan Limited+

WPG Holdings | Asia Pacific

Daniel Yen, CFA

Equity Analyst

3Q slower post strong 2Q beat

Charlie Chan

Equity Analyst

AlphaSignals Earnings Reaction

Morgan Stanley Asia Limited+

Strengthens our thesis

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

2Q EPS beat on stronger sales: Strong 2Q26 results with record net profit of NT

Daisy Dai, CFA

Equity Analyst

Morgan Stanley Taiwan Limited+

Tiffany Yeh

Equity Analyst

$8.6bn and EPS of NT$5.12, beat MSe/consensus by 35%/32%. Revenue is up 44% Q/

Q and 82% Y/Y, mainly driven by strong memory revenue growth ( 54% sales mix vs.

Lucas Wang

45% in 1Q26 and 26% in 2Q25). GM is at 4.43% vs. 4.49% in 1Q. OPM came in at

Research Associate

2.62% vs. 2.68% in 1Q. Management also highlighted improving operating efficiency,

Morgan Stanley Asia Limited+

with record ROWC and lower working capital intensity.

Ethan Jia

Research Associate

Slower 3Q outlook on memory and pull-in: Management maintained a positive

2H26 outlook, supported by AI demand and continued memory supply tightness,

but 3Q26 revenue guidance only implies 5% Q/Q growth. We believe lower memory

price increases and customer pull-ins in 2Q26 likely temper near-term upside.

Nevertheless, we still expect healthy earnings growth, supported by AI demand,

LaaS expansion and improving operating efficiency.

WPG Holdings (3702.TW, 3702 TT)

Remain OW: We believe AI-related demand, memory content growth and expanding

Greater China Technology Semiconductors | Taiwan

value-added services should continue to support earnings growth.

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 18, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

Avg daily trading value (mn)

Fiscal Year Ending

Overweight

Attractive

NT$160.00

50

NT$106.50

NT$130.50-56.60

1,751

NT$186,503

NT$1,022

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

EPS (NT$)**

5.77 12.82 12.51 13.18

Prior EPS (NT$)**

EPS (NT$)§

…