大立光2026年第一季度：所有目光都聚焦于其CPO业务

Shirley Yang, CFA+852 2123 2660shirley.yang@bernsteinsg.com RatingMarket-Perform Ethan Xu+852 2123 2634ethan.xu@bernsteinsg.com Price Target 2,600.00 TWD 3008.TT Largan 1Q26: All eyes are on its CPO business... 1Q26 GM miss slightly.Revenue rose 7% YoY (-10% QoQ on seasonality), tracking aheadof expectations. GM came in at 49.4%, ~0.5ppts below consensus due to higher fixed costs,utilities and uneven yield, but improved +1.7ppts QoQ as impairment losses reduced vs. 4Q25.EPS beat consensus by 18%, driven by strong interest income and FX gains. Managementguides Apr–May revenue to grow YoY; 2Q profitability will depend on mix upgrade and yieldnormalization. CPO/FAU now top new-business priority, though no mass-production visibility yet.Largan confirmed sampling optical components for FAU tied to customers’ future CPOroadmaps. This project now ranks the first priority apart from main smartphone business. Giventhe technological complexity, mass production feasibility remains uncertain and capacity buildwould take 1-2 years once approved. We believe initial focus appears to be mirrors and siliconlenses as shown in Exhibit 2. Despite being a late entrant to networking optics, Largan’s lens/prism know-how and Taiwan supply-chain partnerships should position it to benefit longerterm from the CPO trend. Apple demand resilient; iPhone 18 upgrades on track.While some Android customersare delaying camera upgrades amid memory price inflation, Apple remains more resilient andLargan plans to stay selective on Android orders to protect margins. Management continuesto target near-full utilization in 2H26, supported by premium smartphone camera roadmaps.Variable aperture for iPhone 18 is progressing with specs finalized, though margin visibilityvs. periscope lenses will depend on volume ramp. Foldable phone shipments may see minordelays per channel checks, with manageable impact to Largan. Overall the weak sentiment over consumer electronics is likely remain in near term, we thinkthe upcoming WWDC and more updates regarding Largan’s CPO projects may create tacticalbuy opportunities.Market-Perform. EXHIBIT 2:By aligning FAU precisely with the microlens on the top of COUPE structure, optical signalstransmitted by fibers can be coupled into PIC and thenEIC. INVESTMENT IMPLICATIONS We rate Largan Market-Perform, with price target NT$2,600.00. BERNSTEIN TICKER TABLE I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Société Générale. Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY Largan Precision Co Ltd We set a NT$2,600 target price using a P/E multiple of 14x against our 2026-27 average forward EPS estimate of NT$186 RISKS Largan Precision Co Ltd Upside risks to our target price for Largan include: •Higher-than-expected content increase for lens in AI phones•Higher-than-expected high-end smartphone shipment•Major breakthrough in non-smartphone business Downside risks to our target price for Largan include: •Weaker-than-expected replacement cycle for iPhone 17 •Stronger-than-expected competition and hence bigger-than-expected share loss on major customers•Stronger-than-expected margin pressure due to new product ramp or competition RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japaneseexchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian(ex-Japan) exchanges -unless otherwise specified. The Bernstein brand has three categories of ratings: •Outperform: Stock will outpace the market index by more than 15 pp •Ma