联发科：TPU产能提升及AI加速器项目推动26/27年营收和利润上行

SteepTPUramp and diversifying AIacceleratorengagement liftingpotential 04May2026 Salesandmarginsholdingupbetterthanfeared 1Q26saleswere-1%QoQ,withsoftersmartphone-17%partiallybalancedbyresilientsmart edgeandpowerIC+23%and +14%.On slightlybettermixand stablesales,GMs/0pMswere.upmildlyQoQto.46.3%/15.3%.2Q26saleswereguided-0-6%QoQ.inlinewithourpreview-5%but better thanstreet'sfearof-7-13%,dueto similar endmarketdynamicsvs.1Q26.2Q26GMsandOpMsareguided44.5-47.5%and11.5-18.5% Equity TPUrampsteer,liftingrevenue/profitupsidefor26/27E As wehighlightedattherecentstocktrough in MarchthatTPUmass production is wellontrackfrommid-2Q26,thetonefromMediatekmgmt.isevenmorepositiveby liftingtheproject contributionfromUss1bn+to-USs2bnrevenuein'26and"multi-billion'intheassumptionofUSS4,600/USS5,100chipsetASPsand15k/110kCoWoSdemand,TPUsalescouldreachUSS2bn/USS12bnin26/27.(15%/41%ofitsop.profit.) Haas Liu>>ResearchAnalystMera Lynch (Taiwan)-886223763727haaslu@bafa.com NewAlacceleratorprojectsandbusinessmodelinsight Mediatek's milestone in collaborating with Google on thetraining TPU design (report)startupand hyperscaler customers onAl acceleratorASiC forramp in28.Whilethe MikeYang>>ResearchAnalystMerril Lymch (Taiwan)+886223763729mikec.yangobofacom Cathy HsuResearch AnalystMerra Lymch (Taiwans+886223763726cathyhsu3@bofa.com ASiC-ledtransformationpotentialnotyetfullypricedin ratingand liftourPOnotablyfromNTS2,160toNTS3.000.Weralseourmultipleto23x2027EP/E(vs.20xpriorandimplied30xNTS83fromTPU+13xNTS46merchantbusiness)aswenowseea strongeroutlook andbettervisibilityfromtheASiCbusiness. This research report provides general information only.No part of this report may be usedpersons without the express written consent of BofA Securities. >>Employed bya non-US afflate of BofAS and is not registered/qualified as a research analystunder the FINRA rules. Glossary on Exhibit11 Refer toOther Important Disclosures'for information on certain BofA Securities entities that takeresponsibilityforthe informationherein inparticularjunisdictions BofA Securities does and seeks to do business with issuers covered in its researchreports.As a result, investors should beaware that the firm may have a conflict ofinterest that could affect the objectivity of this report Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 10 to 12.Analyst Certification on page 7.PriceObjectiveBasis/Risk onpage7.12968276 iQprofile"MediaTek CompanySectorSemiconductors CompanyDescription MediaTekisafablessICdesign.companysupplyingtowireless communicatians and digitalconsumermarketsBeforetakingleadershpinmobileSoCarea,ithadbuiltsoid ground in the TV SoCand optical disk drivemiarketsThefiminvestsheavily inR& toseekbetterpositioningin the SGcyce,and has acomplete ofeng including ASIC.Wi-F, PMK etc. to address applications beyondsmartphone, such as loT and auti Investment Rationale Wehave Buy rating on MediaTek aswethink MediaTek isproliferation of loT devices and opportunities in.growingmarkets lkeASIC,ARM-basedPCatto,and etc,and wbelieveits soldbalancesheetandcashlow could providedownside supportto thie shiare price.Meanwhile, we expectSG smartphone penetration tobeamulti-yearthemeforthe.company.with its bettercompetitivelandscapein Stock Data Price to Buok Value11.1x Key Metrics Focuschartsand tables Exhibit1:Mediatek1Q26-2Q26and2026-27estimatesBofAevs.streetWeliftour2026/2027EPStoNTS64.40/NTS129.02 Exhibit 2: Mediatek's revenue by segment Mediatek'score consumerbusinessfaces pressure in2026growth in2027 will beled by cloud ASICproject ramp Exhibit 3:Mediatek's5G smartphoneshipmentand its market shareWeexpectMediatek tokeepitsoverall 5Gsharestablethoughmix couldbe skewedtowardhigh-end Exhibit5:Mediatek's smartphoneSoCpricingtrend Shipmentmixshiftedtowardhigh-end ishelpingMediatek'smobileSocASPs Exhibit 6:Mediatek'ssmartphone GMs trendFlagshipmargins lowestamong thesegments Exhibit7:Mediatek'sGMsbymajorbusiness segmentMediatek'sGMscouldstaydownwardtrendasASiCsramp Exhibit 8:Mediatek'ssales andGMs/OpMstrend Mediatek'sGMs couldgraduallytrenddown,butoperatingleverageshouldkick infrom4Q26 Exhibit 9:Mediatek'sP/EvaluationbandMediatek'sshareat30xfollowingrecentrally Exhibit 10:Mediatek's valuation based on BofA estimatesMediatek'svaluationof30xis atupperhalfofitshistorical7-26xrange Exhibit 11:Terms anddefinitions Gossaryofabbreviatians/acroryms TermDefinitionArtificiai nteligenceICIntegrated CircuitCoWosChip-on-Wafer-on-SubstrateASKCApplication Specific integrated Circuit.TPUTensorProcessingUnit Priceobjectivebasis&risk MediaTek (MDTKF)OurPOofNTS3,000isbasedon23x2027P/E(implied30xNTS83fromTPU+13x NTS46merchantbusiness),asweareconstructiveonitsbroadeningASiCpipelinetodrive eamnings upgrade cycle and re-rating as it locks in more supply. Upside risks to ourPO are:(1)better than expected smartphonedemand,especially inChina,(2)abetterpricing inmobilecommunicati