台湾电子与半导体：台湾月度追踪及AI新动态——AI和数据中心供应链持续强劲势头

Taiwan Monthly Tracker and What's New in Al- Al and Data CenterSupply Chain Continues Seeing Strong Momentum +886-2-8726-9090laura.cy.chen@citi.comJack Chen Ai/datacenter/networking supply's strongmomentum,deliveringupbeat2Q26 revenue.Among our coverage,CCL/ABF and testing interface areshowing thestrongestQoQand YoYgrowththankstonewAl chipupgradecycle and strong demand across GPU, CPU and ASiC.We also see serverODMs'June sales/2Q revenue tracking ahead of market expectations,thanks to solid GB rack shipments and CPU servers. In the upcomingearningsseason,weexpectcompaniestodeliverpositiveoutlookin2Handseepotentialguidanceupward revisionstartingfromTSMC. +886-2-8726-9091jack1.chen@citi.com +886-2-8726-9092michael.hung@citi.com Nicholas Lai+886-2-8726-9093nicholas.lai@citi.com Semiconductor foundry-Expect another round ofupwards earnings revision -.TSMCreportedJunsalesatNT$442.7bn(+68%YoY/+6%MoM)with2Q26revenuerising12%QoQtoNT$1.27trn,betterthanourexpectation.WeexpectTSMCtoliftrobust ordervisibility andN2 ramping up (see recent TSMC report).While wekeepourUS$55-56bncapexfor2026EunchangedduetolongleadtimeforWFE,wedonot rule out thepossibility of TSMC also lifting its capex outlook dueto strongadvanced node demand for Al, in particular the upside from CPUs.Other thanadvanced nodes, we also see trailing edge foundry including UMC and VIS'UTRimprovingin2H26.UMCandViS'salesup13%/14%QoQ,respectivelyin2Q26;withbetterpricingahead,weexpectimprovingGMoutlook. OSATandTestinginterfaceandequipment-mostlybeat-ASEHandKYEC's2Q26revenues were up10% and 9% QoQ,respectively,largely in-linewithmarketexpectation.Withincreasingadvancedpackagingdemand,weseeupsidetoASEH'sprevious>US$3.5bn LEAP revenue guidance for2026.In testing interface,MPl,WinWayand CHPTreportedbetterJuneand2Q26revenuesdrivenbyrobusttestingdemand acrossAI GPUand HPCplatforms.WenoteASEH,KYECand testingimplyingcontinuedrevenuemomentumandacceleratedbacklogordervisibility.Intesting equipment,Hon's Jun and 2Qrevenues were alsoupbeat,2Q26 sales atrecordhighof NT$13.8bn(+101%YoY/+29%QoQ),better than expectation.Webelievethestrongperformancewasmainlydrivenbybetter-than-expecteddemandfromcoldplatesproductandsolidATChandlersalesforitskeyGPUandASICclientsLongterm, we are constructiveon Hon'sgrowth outlook supportedby itsmulti-yearAIGPU/ASICandCPUprojects,and seeupsidefromCPO insertion4testing. Fabless-Mediatek,Realtek and Novatekbeat onpull-indemand; GUC andAspeedriding onAl-Whileconsumerdemand remainssluggish,fabless includingMediatek,Realtek and Novatek's June sales and 2Q revenuewere better thanexpected on pull-in order ahead of further price hike. We are, in particular,positiveonMediatekandexpectbetter2H26outlookgivencontinuedpull-inmomentumin3Q26 and its Al accelerator revenuewill start in late 3Q26 with upside potential.GUCandAspeedalsoreportedupbeat2QrevenuethankstoupsidefromCPUsandAspeed is benefitingfrombothGPU serverand generalserverdemand.WithfurtherupsideinCPUs,weseemomentumofbothcompaniesacceleratingin2H26. salestrackingfaraheadofexpectation(21%/14%higherthanCiti/BBGconsensusforecasts)asthecompanyiscontinuouslynegotiatingwithcustomersonhigh-endAlproducts,drivingmonthlysalesmomentum.TUC's2Q26salescameinlinewith2Q26Citi/BBGconsensusforecasts.WethinkTUC's3Q26wouldseestrongcatalystsfollowingEMC'spricehikesinitiatedcontinuously.GCE'sJunesalesslightlyweakened 6%MoM, likelyduetosome sales delayed to3Q26.Threesubstratenames'2Q26salescamein linewithexpectationswithABF/BTdemandsteadilypickingupMoM.Currently,we likesubstate/CCLsectorsgivensustainedpricehikes initiated inupcoming quarters.We likeNYPCB/Kinsus/UnimicronamongsubstrateandpreferEMC/TUC intheCCLsector.WearelesspositiveonthePCBsectorgivenCCLshortageand likelytimelaginpassingthroughrawmaterialpricehikes. near-termmomentumdrivenbypull-indemand-ForserverODMs,Quanta/Wiwynn's2Q26salestrendslightlybeatCiti/BBGconsensusforecasts, whichwebelievewas drivenbyongoing Alproduction rampandbetter-than-expectedgeneral-purposeserverunit shipments.Fornamesof AwS supplychainlikeWiwynn/Accton,weseeJunesalesuptick,whichweattributetoinitialrampofTrainium3from June.Weexpect improvingpull-in demand fromTrainium3in3Q26.WithinserverODMsector/AWSsupplychain,welikeHonHai,WiwynnandAccton. ForNBODMs,overallNBshipments inJunegrew29%MoMdrivenbythestronginventory build byNB customers at thequarter's end.Overall,2QNB shipmentresultswerebetterthan expectedas customers continuedtopull-in orders infearofrisingcomponentcosts.Lookingahead,weseedownstreamNBODMsremaining conservative overthe unit shipmentoutlook in 2H.Given the early pull-inandrising constraintsincomponentsprocurement,weexpect3Q26ENBshipmentstodecline-6%QoQ/-16%YoY.Nonetheless,webelieveprice hikeeffectinNBproducts lines should partially offsettheimpactfromtheshipments decline,supportingNBODMsrevenueperformance. Power,thermalandcomponent-Delta'sJuneand2Q26salescameslightlybelowbutbetterthanfeared.June2026saleswereup11%MoMand55%YoYreachingrecord NT$65.6bn.Driven by solid mom