智邦6月营收创新高，网络交换机和AI加速器需求增长

Accton (2345.TW) Record June Monthly Sales on Networking Switch and Ramp of AIAccelerator; Buy CITI’S TAKEAccton reported record June sales of NT$39.6bn (+38% MoM, +61% YoY). Overall, 2Q26 sales of NT$95.5bn (+36% QoQ) beat our Citi/consensus by9%/12%, which we attribute to 800G switch mainly and the start of AIaccelerator ramp-up partially. In 1H26, overall sales momentum wasmainly backed by switch demand which more than offset the modeltransition impact from AI accelerator. Now given June monthly salesuptick, we expect AI accelerator production ramp to kick off with demandsustaining into 2H26E. Meanwhile, for networking demand, we also seeexisting and new customers to place good order momentum in the comingquarters. We are positive on Accton’s 2H26 outlook and reiterate our Buyrating with TP NT$3,500. Price (06 Jul 26 13:30)NT$2,645.00Target priceNT$3,500.00Expected share pricereturn32.3%Expected dividend yield0.9%Expected total return33.2%Market CapNT$1,484,157MUS$46,466M Jack ChenAC+886-2-8726-9091jack1.chen@citi.com Laura (Chia Yi) Chen+886-2-8726-9090laura.cy.chen@citi.com Nicholas Lai+886-2-8726-9093nicholas.lai@citi.com Accton Valuation We value Accton based on PE multiple as we believe the company’s earnings performance and industry dynamics will be the keyfocus of the market. Our TP of NT$3,500 is based on 33x forward EPS (4Q26-3Q27E EPS), which is at upper end of historicaltrading range since 2020. We believe our target multiple is justified by the company’s robust earnings growth, customerdiversification, share gain opportunities and rising ROE. Risks Key downside risks that could cause Accton’s shares to trade below our target price include: 1) potential volatility in capexdeployment from key customer; 2) peer competition; and 3) FX volatility and component price hikes. If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designatedby “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the reportfor which they are responsible: (1) that the views expressed therein accurately reflect their personal views about eachissuer and security referenced and were prepared in an independent manner, including with respect to Citigroup GlobalMarkets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly orindirectly, related to the specific recommendations or views expressed by that research analyst in this report. IMPORTANT DISCLOSURES Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment bankingservices from Accton in the past 12 months. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and theservices provided were non-investment-banking, securities-related: Accton.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based uponactivities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receivecompensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, andprincipal trading revenues. One factor in equity research analyst compensation is arranging corporate access events betweeninstitutional clients and the management teams of covered companies. Typically, company management is more likely toparticipate when the analyst has a positive view of the company.For financial instruments recommended in the Product in which the Firm is not a market maker, the Firm is a liquidity provider in such financial instruments (and any underlying instruments) and may act as principal in connection with transactions insuch instruments. The Firm is a regular issuer of traded financial instruments linked to securities that may have beenrecommended in the Product. The Fi