大立光2026年第二季度：CP0业务逐步落地

ethan.xu@bernsteinsg.com ? 3008.TT of consensus.GMcame inat 49.4%,flatQoQand~0.4pptsbelow consensus.EPS missconsensus slightly by 1%. Management guides July-Aug revenue to grow MoM, implying anormal 2H seasonal ramp; 3Q profitabilitywill highly depend on yield ramp-up of newvariableaperture (VA)products. precision alignment as its core competitive advantage, despite similar product designsexpansion.Competitive pressure from Corning appears limited, as its glass bridge solutionis primarily designed for edge coupling (EC) rather than grate coupling (GC) where Largan isfocused. The company expects GC to remain the dominant CPO architecture over the nextthree years. Mgmt. confirmed automated FA component pilot lines could begin generatingmeaningful revenue from mid-2027 at the earliest, slightly ahead of our prior expectation ofjust 1% sales contribution in2027E(Largan deep dive).More importantly,the content valueof FA is likely to be higher than lens content that we include in our model. The company hasproduction lines scheduled in late3Q26.Currenteffortsarefocused on FAcomponents ratherthan entire FAU module (Exhibit 2),while expansion into FAUs will depend on end customerdemand and is notconstrained by existing relationships with FAU providers. FAUglasslensesareunderdevelopment.Forlenses,threetechnologypaths arecurrentlyunder development:molded glass, silicon lenses,and metalenses.Largan is focused onmolded glass lenses, which offer lower pitch error and higher precision than silicon lenses,albeit at higher cost and with thermal trade-offs. Mgmt. believes it remains prematureto compare the competitiveness of the two approaches before product specifications arefinalized.In contrast,the companyisless constructive on metalenses,citing efficiencylossesassociatedwithmaterialconstraints,adhesiveprocesses,andprism-based lighttransmissiondespitetheirstrongtheoretical accuracy are expected in 3Q, with minimal contribution in 2Q. Mgmt. noted that particle-control requirements are significantly stricterthan for prior periscope lenses, making this one of the most challenging premium lens transitions in recent years.While someAndroid OEMs are delaying camera upgrades amid rising memory costs,management indicateditskey customer's spec upgradecontinues,with further periscope enhancements, improved zoom capabilities, and higher-resolution cameras already underdevelopmentfornextyear'slaunch. CPO opportunity improves, we see scope for a post-earnings re-rating ofthe stock. Outperform. 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. Source: TSMC BERNSTEINTICKERTABLE 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 1,2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司，SanfordC.Bernstein(Canada)Limited,SanfordAfrica Technologies &Services to produce Bernstein research under a Global Services Agreement inplace between BernsteinandSocieteGeneraleBernstein is partof a joint venture betweenSociete Generale (SG)and AllianceBernstein,L.P.(AB).Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein's“affiliates"relate to both SG and AB and their respectiveaffiliates. We set a NT$5,150target priceusing a P/Emultiple of 23x against our 2027-28 average forward EPS estimate of NT$224 RISKS LarganPrecisionCo Ltd Downside risks to our target price for Largan include: .Weaker-than-expectedreplacementcycleforiPhone18 RATINGSDEFINITIONS,BENCHMARKSANDDISTRIBUTION EQUITYRATINGSDEFINITIONS Bernsteinbrand The Bernstein brand rates stocks based onforecasts of relativeperformanceforthenext 12monthsversus the S&P500 forstocks listed on the U.S.and Canadian exchanges,versus the Bloomberg EuropeDeveloped Markets Large and Mid CapPriceReturn Index EUR (EDME)for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Largeand Mid CapPrice Return Index USD (JPL)for stocks listed on the Japaneseexchanges,andversus the Bloomberg Asia ex-Japan Largeand Mid CapPrice Return Index (ASIAX)forstocks listed onthe Asian(ex-Japan)exchanges-unlessotherwisespecified. The Bernstein brand has three categories of ratings: :Outperform:Stockwill outpacethemarketindexbymorethan15pp . Market-Perform: Stock will perform in line with the market index to within +/-15 pp :Underperform: Stock willtrail the performance of the market index by more than 15 pp Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted,atthe presenttime.The covering analystmay continueto publishresearchreports onthecompanytoupdateinvestorson eventsanddevelopments. Bernsteinb