台湾供应商月度销售：Largan和Chroma的月度销售跟踪远超 市场共识

tracking well above consensus seasonality for June, 2Q26 revenue should be NT$14.0-15.7B (+20% to+35% YoY), withthe NT$15.1B midpoint, c.15% above cons.We attribute this to strong iPhone 17 sales andinitial ramp of higher-ASP iPhone 18 variable aperture lenses.Ourchannelchecks indicateLargan'sFAUopticalcomponents forCPOremains in sampling alex.wang@bernsteinsg.comEthan Xu +8522123 2634ethan.xu@bernsteinsg.com and we expect revenue contributionto start in end-2027.Thestock has rallied over 40%recentlyonoptimismaroundCPOandApplewWDC,consistentwithourearliertacticalcall(Largan 1Q26: All eyes are on its CPO business..). Overall we are pleased to see Larganexpandto new business area,and believe the company will benefit from the Taiwan-centricCPO supply chain in a longer term. But near-term profit-taking is possible after the reboundto~20xP/Evaluation.Market-Perform +85221232660shirley.yang@bernsteinsg.com seasonality,2Q26 sales shouldreachNT$13.8-15.6B(+115%to+141%YoY),withtheNT$14.9B midpoint c.20% above cons. as well as China ESS battery projects. As we addressed in 1Q26 earnings report, whileequipment companies' sales tend to by lumpy, Chroma's diversified portfolio should helpsmooth quarterly swings this year. Current sales trends point to solid QoQ growth in 2Q.We will revisit our model, and continue to view Chroma as a key beneficiary of rising power,thermal, and photonics demand in Al datacenter.Outperform. YoYin USsterms Source: Bloomberg,Bernstein estimates and analysis Source:Bloomberg,Bernstein estimates and analysis References to"Bernstein"orthe"Firm"inthesedisclosures relateto 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 1,2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司，SanfordC.Bernstein(Canada)Limited,SanfordSanfordC.BernsteinJapanKK（7才一下·C·八一个株式会社）andanalystsemployedbySocieteGeneraleAfrica Technologies &Services toproduce Bernstein researchundera Global Services Agreement in place betweenBernsteinand Societe Generale. otherwise, for purposes of these disclosures,references to Bernstein's“affiliates"”relate to both SG and AB and their respectiveaffiliates. Chroma ATE Inc Weseta NT$1,660target priceusing a P/Emultipleof 38x against our2027EPSestimateof NT$43.7 RISKS Largan Precision CoLtd Upside risks to our target price for Largan include: .Higher-than-expected content increaseforlens in Al phones:Higher-than-expected high-end smartphone shipment.Majorbreakthrough in non-smartphone business Downside risks to ourtarget price for Largan include: :Weaker-than-expected replacement cycleforiPhone 17.Stronger-than-expected competitionand hencebigger-than-expectedshareloss onmajorcustomers ChromaATEInc DownsideriskstoourpricetargetforChroma ATEinclude: .Lower-than-expected demandfor Alchips from hyperscalers, Al startups and enterprises: Increasing competition in the Al chip SLT market.Slower-than-expected EVpenetration pace RATINGSDEFINITIONS,BENCHMARKSANDDISTRIBUTION EQUITYRATINGSDEFINITIONS Bernsteinbrand stockslistedontheU.S.andCanadianexchanges,versustheBloombergEuropeDevelopedMarketsLargeandMidCapPriceReturn IndexEUR (EDME)forstocks listed on the European exchanges and emergingmarkets exchanges outside of the AsiaPacific region,versus the Bloomberg Japan Large and Mid Cap PriceReturn IndexUSD (JPL)forstocks listed on the Japaneseexchanges,andversus the Bloomberg Asia ex-Japan Largeand Mid CapPrice Return Index (ASIAX)forstockslistedon the Asian(ex-Japan)exchanges -unless otherwise specified. :Market-Perform: Stock will perform in line with the market index to within +/-15 pp:Underperform:Stock will trail theperformance of the market indexby more than 15pp are suspendedtemporarily,are no longer current, and should therefore not be relied upon. onevents and developments. Not Covered (NC)denotes companies that are not under coverage. Autonomousbrand-commonstocks The Autonomous brand rates common stocks as indicated below. As our benchmarks we use the Bloomberg Europe 5oo BanksAndFinancialServicesIndex(BEBANKS)andBloombergEuropeDevMktFinancialsLargeandMidCapPriceRetIndexEUR(EDMFI)indexfordeveloped EuropeanbanksandPayments,theBloomberg Europe5OOInsuranceIndex(BEINSUR)forEuropeaninsurers,theS&P5OOandS&PFinancialsforUSbanksandPaymentscoverage,S5LIFEforUSInsurance,theS&PInsuranceSmall Cap PriceReturn Index (EMLSF)for emerging market banks and insurers and Payments.Ratings are stated relative to thesector (not the market). TheAutonomous brandhas threecategoriesof commonstockratings: :Outperform (OP):Stock will outpace the relevant indexbymore than 10 pp : Neutral (N): Stock will perform in line with the market index to within +/-10 pp :Underperform (UP): Stock willtrail theperformance of the relevant index by more than 10 pp Coverage Suspended:Coverage of a company under the Autonomous researchbrand has been suspended.Ra