亚洲科技硬件月度销售 - 欣兴电子2026年第二季度营收符合预期，广达电脑高于预期

Monthly sales - Unimicron 2Q26 revenue tracking in line whileQuanta tracking above Unimicronreported Apr+May 2026 sales of NT$28B (+29% YoY in US$ terms). If Junefollows the historical seasonality, 2Q26 sales would be NT$41-43B (+10% to 15% QoQ),the average of which is NT$42B (13% QoQ/+30% YoY),in linewith consensus. May 2026revenue alone was up by 27% YoY and 1% MoM in USD terms. The accelerated sequentialgrowth (from 8% in 1Q to c.13% in 2Q) is likely driven by a stronger ABF substrate ASP growthas discussed in 1Q26 PCB market update & Unimicron model update Alex Wang, CFA+852 2123 2613alex.wang@bernsteinsg.com Shirley Yang, CFA+852 2123 2660shirley.yang@bernsteinsg.com Ethan Xu+852 2123 2634ethan.xu@bernsteinsg.com Management has guided to increase ABF substrate capacity by 40% Yoy in end-2026 thoughacross different sites, and ramp up 2nd site in KF and 2nd site in Yangmei. This supportsUnimicron to captures c.35% ABF market share in Nvidia high-end GPUs in this year, alongwith a 50%+ share for ASIC chips including Google TPU and AWS Trainium. The resurgenceof CPU demand will also maintain a high utilization rate in its Yangmei and older ABF sitesafter capacity expansion in year-end. We model gross margin to recover from high-teens in Quantareported Apr+May 2026 sales of NT$651B (+106% YoY in US$ terms). If Junefollows the historical seasonality, 2Q26 sales would range between NT$952-1068B (18%to 32% QoQ), averaging NT$1007B (+24% QoQ),6% above consensus.Overall TaiwaneseODM companies revenue grew 39% YoY in Apr+May (Exhibit 5). 2Q26 sales strength was likely driven by better general server sales and pull-forward PCshipments, alongside higher memory pricing. Though the company is in talks to shift someprojects (e.g., GB300, Vera Rubin) to consignment to ease working capital burden, we believethe buy-sell model should remain dominant through 2026. Rising memory prices and a higherAI server mix are likely to continue pressuring margins. We forecast gross margin declining to INVESTMENT IMPLICATIONS We rate Quanta Computer Underperform, with PT = NT$250.00. We rate Unimicron Outperform, with PT = NT$990.00. DISCLOSURE APPENDIX 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 Bernstein 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 Quanta Computer Inc We set a NT$250 price target using a P/E multiple of 11X against our 2027 EPS estimate of NT$23.1. Unimicron Technology Corp We set a NT$990 target price using a P/E multiple of 32X against our 2027-28 avg. EPS of NT$30.8. RISKS Quanta Computer Inc Upside risks to our price target for Quanta include: •Higher-than-expected demand for AI server from hyperscalers in 2026-27•Less-than-expected gross margin drag from AI server•Higher-than-expected PC shipment, especially from consumer PCs Unimicron Technology Corp Downside risks to our price target for Unimicron include: •Aggressive ABF capacity expansion among competitors that slow down the ABF market recovery•Slower-than-expected recovery of HDI yield and gross margin•Macroeconomic pressure and tariff issue could delay the recovery of smartphones and PCs, impacting the utilization of multipleproducts at Unimicron 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•Market-Perform: Stoc