摩根士丹利-大中华区半导体行业云芯片新机遇非GPU服务器放量驱动BMC内存缓冲与网络组件价值重估- Cloud Semis The More Non- GPU Servers,the Better 20260419

NotforredistributionwithoutwrittenconsentofMorganStanley

MorganstanleyRESEARCH

April19,202611:06PMGMT

GreaterChinaSemiconductors|AsiaPacific

CloudSemis:TheMore"Non-

GPU"Servers,theBetter

WethinkthetailwindofgenerativeAIdrivingnon-GPUserverdemandbenefitscloudsemisanddistributors.WereiterateOWonMontage,Aspeed,WPGandWTMicro.WekeepEWonEgis,awaitinganARMCPUramp-up.

KeyTakeaways

WeestimateagenticAIcouldaddUS$30-45bntoCPUTAMby2030,withinaUS$100bn+totaldatacenterCPUmarketby2030.

Besidesvolumegrowth,componentcontentpercapexonnon-GPUserverscouldbemuchhigherthanonGPUracks.

WereiterateourOWratingoncloudsemis(Montage,Aspeed)andsemidistibution(WPG,WTMicro).WealsoraiseAspeed’sPT.

Agenticarchitecturalshiftlikelytodistributesupply-chainprofits:AgenticAI

needsdifferentcomputethantrainingandinference,withincrementallyhigherCPU-centricorhybridworkloadsforcomplexworkfloworchestration.Aswewroteinourcloudsemisnote(GTC/OFCtakeaway),theshiftawayfromGPU(despitecontinuedgrowth)willbenefitmorecompaniesinthetechsupplychain.WeestimateagenticAIwilldriveincrementalCPUTAMofUS$30-45bnby2030(seeShawn'sreport).

Morenon-GPUserverswithhighercloudsemiscontent:WebelieveincrementalCPUserverTAMwillbenefitmostcloudsemiscompaniesinthesupplychainthankstohighervolume.Inaddition,CPUserversprovidehighercapexefficiencyintermsofcomponentvalue/capexthanGPUservers.Forexample,Aspeed'sBMCcapex

efficiencyis>4xonCPUserversvs.VR200.Montage'smemorybufferchipscouldbealmostnon-existentinaVR200computingtray,butcouldeasilyaccountfor>US$100perCPUserver.

Strongernetworkingdemandandhigherbandwidthrequirement:Switch

procurementusuallylagsserverprocurementby1-2quarters.WebelieverisingCPUserverdemandwillalsobenefitswitchesandothernetworkingcomponents.We

believelow-expectationproxiesinTaiwancouldbethesemidistributors(seeourJan-26deepdivereport).WPGhasnotableexposuretoCPU,networking,PMICandmemory.WTMicroisthemajordistributorforTPUandalsohashighexposuretonetworkingcomponents.

Tailwindtomostsemisupplychain;raisePTonAspeedtoNT$15,555:With

Aspeed's1Q26salesbeat(link),weraiseourPTforAspeed.WebelievethetrendisfavorableforthecompanyandourEPSestimatesare23%and20%higherthan

consensusfor2026and2027,respectively.Wealsohighlighttheearningsrevisionbreadthrisks(Exhibit27).

IDEA

MoRGANSTANLEyTAiwANLimiTEd+DanielYen,CFA

EquityAnalyst

Daniel.Yen@

+88622730-2863

CharlieChan

EquityAnalyst

Charlie.Chan@

+88622730-1725

MoRGANSTANLEyAsiALimiTEd+DaisyDai,CFA

EquityAnalyst

Daisy.Dai@

+8522848-7310

MoRGANSTANLEyTAiwANLimiTEd+TiffanyYeh

EquityAnalyst

Tiffany.Yeh@

+88627712-3032

MoRGANSTANLEyAsiALimiTEd+EthanJia

ResearchAssociate

EthanJia@morganstanleycom

+8523963-2287

GREATERCHiNATEcHNoLoGySEmicoNDucToRs

AsiaPacific

IndustryViewAttractive

WHAT’sCHANGED

AspeedTechnology

(5274.TWO)

From

To

PriceTarget

NT$13,488.00

NT$15,555.00

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

Morganstanley

RESEARCH

IDEA

2

BMCtoBenefitfromGrowingAgenticDemand

BMCtoBenefitfromStrongCPUdemand

AccordingtoShawn'sreport(link),AIisenteringanewphase.ThefirstwaveofgenerativeAIwasdominatedbypowerfulchipsrunningsingletasks,suchasansweringqueriesor

generatingtext.Thenextphase–agenticAI–goesfurther.Thesesystemscanplan,

reason,rememberpastactionsandinteractwithtoolstocompletemultisteptasks.Asaresult,theeconomicvalueinAIisshiftingawayfromanysinglechipandtowardthe

overallsystemthatsupportstheseagents.Crucially,agenticAIdoesnotreducedemandforGPUs,butitaddsmoreworkaroundthem.Planning,coordinatingtasks,managingmemoryandcallingexternaltoolsallrelyheavilyonCPUs,memory,networkingand

storage.

OuranalysissuggeststhatCPUsideprocessingcanaccountfor50-90%oftotal

workloadtimeinagenticsystems.Asthesesystemsscale,thebalanceofinfrastructurechanges,withclusterlevelCPUtoGPUintensityrising.Thishasmaterialimplicationsforindustrydemand.WeestimateagenticAIcouldcreateaUS$32.5-60bnincrementaltotaladdressablemarket(TAM)fororchestrationCPUsby2030,withinatotaldata

centerCPUmarketofUS$82.5-110bn.Persistentmemoryrequirementsareequally

important:ouranalysissuggestsagenticworkloadscoulddrive15-45exabytesof

additionalDRAMdemandby2030,equivalentto26-77%of2027annualDRAMsupply.

TheagenticAIshiftbroadenswellbeyondheadlineAIchipsandkeybeneficiariesincludeCPUvendors,memorysuppliers,storagecompanies,andadvancedpackagingand

substrateproviders,alongsidefoundries,equipmentmakersandservermanufacturers.Inshort,agenticAIwidenstheAIinvestmentlandscape,shiftingfocusfromowningthebestacceleratortoenablingthefullsystemthatmakesintelligentagentswork.

Exhibit1:AgenticAIshiftsthelatencybottleneckfromGPUstowardCPUsasworkflowsbecomemoreaction-heavy

ShareofTotalLatency(%)

GPUComputeCPUProcessing

Chatbot(baseline)RAGPipelineCodingAssistantMulti-toolAgentResearchAgentComplexOrchestration

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Source:MorganStanleyResearch,GeorgiaTechandIntelpaper.Note:Per-workloadsplitsaredirectionalestimatesbyMSTechResearch-notmeasuredbenchmarks.

MoRGANSTANLEyREsEARcH3

Morganstanley

RESEARCH

IDEA

Exhibit2:Cluster-levelCPU:GPUintensityrisesasAImovesfromreasoningtoaction

Source:MorganStanleyResearch

Exhibit3:AgenticAIcouldadd$32.5-60bnCPUopportunity…

Source:MorganStanleyResearchestimates

Exhibit4:…and15-45EBofDRAMdemandby2030

Source:MorganStanleyResearchestimates

Morganstanley

RESEARCH

IDEA

4

BaseboardmanagementIC(BMC)isthekeycomponentontheserverboard,withaview

toenablingtheremotecontrolfortheserverfirmwaresystemandmaintainingthe

stabilityofthedatacenter.Previously,AspeedindicatedthatgeneralserverandAIASICserveractuallygeneratehigherefficiencyamongthecapexspendingfromhyperscalers.(Exhibit5)Asaresult,astheCPUplaysacriticalroleinenablingagenticAI,servingasthecentralcoordinatorthatexecutesinstructions,managessystemresources,and

ensuresreliable,real-timedecision-making,weexpectthegrowingdemandforCPU/generalservertofurtherliftAspeed'sBMCrevenueinthecomingyears.

Currently,Aspeedhas~70%ofmarketsharesintheCPUserverBMCmarket,withmajorUSandChinesehyperscalersbeingitsendcustomers,includingMeta,AWS,AlibabaandMicrosoft.However,asitmigratesintothenewgenerationBMCproductAST2700,weexpectittoexpanditsmarketshareincustomersincludingDellandGoogle,whichwouldhelpexpanditsrevenueasspecmigrationalsobrings40-50%ofASPincrease.

Exhibit5:GeneralserverandAIASICservergeneratethehighestcapexefficiencyforBMC

CapexEfficiency

(US$k)

0

GeneralserverH100serverGB300NVL72AIASICserver

80

60

40

20

120

100

Source:Companydata,MorganStanleyResearch;note:CapexefficiencyisdefinedastheamountofserverspendthatwillcontributetooneBMCdemand.Thelowercapexefficiency,thebetterforAspeed.

Aspeedrecentlyannouncedanincreaseinthecompany'sBMCTAMfrom46.5mnto

65.77mnin2030,drivenbyAI-relatedgeneralserverdemand.WethinkAgenticAIwillbethekeydrivingforcebehindthisgrowth.Generalservergrowthshouldbestableat6%over2025-30,whileAI-relatedgeneralserversshouldaccountfor:1)25%oftotal2026generalserverdemand;2)45%in2027;and3)20%throughout2028-30(seeExhibit

29).

Ontheordervisibilityfront,customersbeganprovidingforecasts7-8xAspeed'ssingle-

monthrevenue.AlthoughAspeedcouldnotrolloutanydoublebooking,thecurrent

dynamicisthatshipmentsarewaybeyondallcustomers'needs.CustomersalsoexpecttodoublecapacityY/Yin2027.

Morganstanley

RESEARCH

IDEA

Exhibit6:AspeedexpectsitsBMCTAMtoreach65.7mnunitsin2030

Source:Aspeed

Exhibit7:Aspeed'sproductroadmap

Source:Aspeed

Exhibit8:AMDexpectsserverCPUTAMtoreachUS$60bnin2030

MoRGANSTANLEyREsEARcH

Source:AMD

6

Morganstanley

RESEARCH

IDEA

Exhibit9:AspeedProductRoadmap

Source:Aspeed

Exhibit10:BMCTAMForecast:ExpectsBMCshipmentstoreachmorethan46.5millionunitsin2030

Source:Aspeed

Exhibit11:Server-relatedcompaniesmaintainhighY/Yrevenuegrowthbutslowingabitbecauseofhighbase

80%

60%

40%

20%

0%

-20%

-40%

Jan-22Jun-22Nov-22Apr-23Sep-23Feb-24Jul-24Dec-24May-25Oct-25Mar-26

AverageY/Ygrowthofserverrelatedcompaniesmonthlyrevenue

Source:Companydata,MorganStanleyResearch.Note:MonthlyrevenueincludesrevenuefromAspeed,Wiwynn,Accton,Lotes,Inventec,Quanta,LandMark,Giga-Byte,TSMC,KYEC,AllRing,FOCI,AVC,Auras,GoldCircuit,Unimicron,andHonHai.

MoRGANSTANLEyREsEARcH7

Morganstanley

RESEARCH

IDEA

Exhibit12:Full-yearprocessorexportsincreased68%y/yin2025

98%

52%

40%33%

15%

80%

61%

25%

34%

30%

18%12%

4%

USDmn

30,000

25,000

20,000

15,000

10,000

5,000

0

2010201120122013201420152016201720182019202020212022202320242025

6%

0%

80%

60%

40%

20%

-15%

-20%

YearlyExports(LHS)Y/Y(RHS)

100%

68%

Source:InternationalTradeAdministration,MorganStanleyResearch.

Exhibit13:Processorexportsmaintainstrengthwith20consecutivemonthsofY/Ygrowth

MonthlyExports(LHS)Y/Y(RHS)

USDmn

3,000

2,500

2,000

1,500

1,000

500

0

150%

130%

110%

90%

70%

50%

30%

10%

-10%-30%

-50%

Source:InternationalTradeAdministration,MorganStanleyResearch.

8

Morganstanley

RESEARCH

IDEA

Exhibit14:Datacenterconstructionspendingrose35%Y/Ywhileotherofficespendingdeclined

USDmn

7,000

6,000

5,000

4,000

3,000

2,000

1,000

OfficeSpending(ExcludingDataCenter)

DatacenterSpending

0

Feb-14

May-14

Aug-14

Nov-14

Feb-15

May-15

Aug-15

Nov-15

Feb-16

May-16

Aug-16

Nov-16

Feb-17

May-17

Aug-17

Nov-17

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

May-21

Aug-21

Nov-21

Feb-22

May-22

Aug-22

Nov-22

Feb-23

May-23

Aug-23

Nov-23

Feb-24

May-24

Aug-24

Nov-24

Feb-25

May-25

Aug-25

Source:UnitedStatesCensusBureau,MorganStanleyResearch.

Exhibit15:4Q25UScloudcapexincreased64%Y/Y,maintainingalevelsimilartothe65%Y/Yrisein3Q25

150%

130%

110%

90%

70%

50%

30%

10%

-10%

-30%

-50%

8Q4Q7Q4Q4Q6Q6Q8Q

3Q07

1Q08

3Q08

1Q09

3Q09

1Q10

3Q10

1Q11

3Q11

1Q12

3Q12

1Q13

3Q13

1Q14

3Q14

1Q15

3Q15

1Q16

3Q16

1Q17

3Q17

1Q18

3Q18

1Q19

3Q19

1Q20

3Q20

1Q21

3Q21

1Q22

3Q22

1Q23

3Q23

1Q24

3Q24

1Q25

3Q25

Source:Companydata,MorganStanleyResearch;UScloudcapexcalculatedfromAlphabet,Microsoft,Amazon,andMeta.

MoRGANSTANLEyREsEARcH9

Morganstanley

RESEARCH

IDEA

Exhibit16:Post-UShyperscalerC4Q25earnings,ourcloudcapextrackerisnow

pointingto63%Y/Yin2026,up5pptfromthepriorforecastof+58%Y/YinlateMarch2026

Top11CloudProviders:CloudCapexY/YGrowth

CurrentCloudCapexForecastPriorCloudCapexForecast

80%

70%

60%

50%

40%

30%

20%

10%

0%

-10%

-2%

-4%

30%31%

16%

66%

63%

65%

58%

24%

11%

20%20%

47%

62%

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Source:Companydata,FactSet,MorganStanleyResearch.Note:CloudcapexincludescapexfromAlphabet,Amazon,Microsoft,MetaPlatforms,Alibaba,Tencent,Baidu,CoreWeave,Apple,IBM,andOracle.WestarttoincludeCRWVfrom2024.

Exhibit17:Cumulatively,thetop11cloudplayersareexpectedtodevoteUS$811bnto

capexin2026(MSe),upfromUS$463bnin2025CloudCapexSpending($Billions)

$811

$753

MSeforCY26cloudcashcapexisnow

19%aboveConsensusestimates.

$463

20132014201520162017201820192020202120222023202420252026MS'26E

900

800

700

600

500

400

300

200

100

0

$281

$181$174

$156$119

$44

$53

$40

$32

$64

$94

$92

Source:FactSet,MorganStanleyResearch(E)estimates;Note:ORCLforecastsnotupdatedfollowinglatestearnings.

10

Morganstanley

RESEARCH

IDEA

Exhibit18:Withstrongercloudcapexnowexpectedin2026,overallcapitalintensityisnowexceeding28%,anewall-timehigh

Top11CloudProviders:CapitalIntensity

28.4%26.8%

18.8%

30%

25%

20%

15%

10%

5%

0%

12.9%

8.8%

9.0%

7.2%7.3%

8.5%8.9%

6.4%6.5%

9.9%

7.8%

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026E

MS

'26E

Source:FactSet,MorganStanleyResearch(E)estimates.Note:Darkbluebarsbasedonconsensusestimates,lightbluebarbasedonMSe.ORCLforecastsnotupdatedfollowinglatestearnings.

hibildhdlh

Ext19:QuarteryAspeesipmentsY/YanInte+AMDCPUsipmentsY/Y

Source:Companydata,MorganStanleyResearch(E)estimates.

MoRGANSTANLEyREsEARcH11

Morganstanley

RESEARCH

IDEA

GaugingtheAIASICBMCTAM

Aspeedmaintainsthelion’sshareinAIservers,includingatNVIDIA,AMDandTrainium.GoogleTPUhaslongusedMCUsforremotecontrol.StartingwithTPUv7e(codenameSunfish),webelieveGooglewilladoptAspeed’sAST2700BMCcontroller.Weestimateanadditional5%revenuecontributionin2026and15%in2027.

TogetherwithotherASICs(mainlyTPU,MTIAandTeton),weexpectASICracksto

contribute11%and25%ofAspeed’stotalrevenuein2026and2027,respectively.Weseeupsidetoourexistingnumbers,asordersbeyond2026remainuncertainfornow,and

otherASICplayers–includingMicrosoft,SoftBank/Arm,AppleandFujitsu–allplantobuildASICserversinthecomingyears.

WethereforeexpectAIASICserverstostrengthenAspeed’sgrowthoverthenextfewyears.

Exhibit20:GaugingtheASICTAMforAspeed:Weexpect2026-27toseeASICrackscontributerespective9%and22%ofTAMrevenue

CSPRackRackMPtimeAcceleratornameBMCGeneration

BMCtoASICper

rack%

BICtoASICper

rack%

2026echipshipment

2027echipshipment

Acceleratorchipshipment

(kunits)

BMC

(kunits)

BIC

(kunits)

Acceleratorchipshipment(k

units)

BMC

(kunits)

BIC

(kunits)

AWS

Teton22025Trainium2AST260069%

Teton32H26-2027Trainium3AST270069%

Teton41H28Trainium4AST270069%

320220

1,360944

1,200833

600417

Google

TPUv7e2026SunfishAST270070%

TPUv82027ZebrafishAST270070%

TPUv92028PumafishAST270070%

TPUv102028HumufishAST270070%

960672

400280

3,5002,450

2,5001,750

Minerva2H25AST260072%78%

MetaSantaBabara2026-2027MTIA3Iris&3.5ArkeAST2700100%

SantaCruz2028MTIA4OlympusAST2700100%

150150

1,5001,500

TotalBMCandBICshipment(kunits)2,2666,950

AST2600220

AST27002,0466,950

BIC

BMCASP(US$)

AST2600

15

AST270025

25

BICASP(US$)

RevenuecontributionfromASIC(US$mn)54,461173,750

RevenuecontributionfromASIC(NT$bn)1,6345,213

AspeedCYRevenue(NT$bn)16,45523,332

%oftotalrevenue9.9%22.3%

Source:MorganStanleyResearchestimates

Exhibit21:WeestimateAWS'sTrainium/Tetonrackstocontributearespective5%and4%oftheTAMrevenuein2026-27,respectively

TotalASICshipment

2026e

320

2027e

1,200

Trainium2

320

-

Trainium3

1,360

1,200

Trainium4

600

BMCtoASICperrackratio

69.3%

69.4%

AST2700ASP(US$)

25

25

RevenuecontributionfromAWS(US$mn)

29,100

31,250

RevenuecontributionfromAWS(NT$bn)

873

938

ImpliedCYRevenue(%)

5.3%

4.0%

Source:MorganStanleyResearchestimates

12

Morganstanley

RESEARCH

IDEA

Exhibit22:AWSTrainium3UltraServer

Source:AWS.

MoRGANSTANLEyREsEARcH13

Morganstanley

RESEARCH

IDEA

Exhibit23:AWSTrainium3UltraServerarchitecture

Source:AWS,MorganStanleyResearch.

14

Morganstanley

RESEARCH

IDEA

Exhibit24:WeestimateGoogleTPUwillcontributearespective4.3%and13.5%ofTAMtotalrevenuein2026and2027,respectively

TotalASICshipment

2026e

1,360

2027e

6,000

TPUv7e(3nm,Sunfish;byBroadcom)

960

3,500

TPUv8(3nm,Zebrafish;byMediaTek)TPUv9(2nm,Pumafish;byBroadcom)TPUv10(2nm,Humufish;byMediaTek)

400

2,500

BMCtoASICperrackratio

70.0%

70.0%

AST2700ASP(US$)

25

25

RevenuecontributionfromGoogle(US$mn)

23,800

105,000

RevenuecontributionfromGoogle(NT$bn)

714

3,150

ImpliedCYRevenue(%)

4.3%

13.5%

Source:MorganStanleyResearchestimates

Exhibit25:WeestimateMetaMTIAtocontributearespective0.7%and6.4%ofTAMtotalrevenuein2026and2027,respectively

TotalASICshipment

2025e

50

2026e

150

2027e

2,000

MTIA2

50

MTIA3

150

1,500

MTIA3.5

MTIA4

500

BMCtoASICperrackratio

71.9%

100.0%

100.0%

AST2600ASP(US$)

15

AST2700ASP(US$)

25

25

BICtoASICperrackratio

78.1%

BICASP(US$)

6

RevenuecontributionfromMeta(US$mn)

234

3,750

50,000

RevenuecontributionfromMeta(NT$bn)

7

113

1,500

ImpliedCYRevenue(%)

0.1%

0.7%

6.4%

Source:MorganStanleyResearchestimates

MoRGANSTANLEyREsEARcH15

Morganstanley

RESEARCH

IDEA

Aspeed:EstimateRevisions

Weincrease2026-28eEPSby2%,3%and5%,respectively:Wefactorinthepreliminary1Q26revenuefromAspeed.Weincreaseourrespectiverevenueprojectionsby2%,3%

and4%,drivenbyhigherBMCandBICshipmentforecastsonstronggeneralserverandAIserverdemand,asthecompanyhassecuredmoresubstratesupplyandinitiatedpricehikestartingfromApril1.

Exhibit26:Aspeed:Earningsestimaterevisions

CurrentPreviousCurrentPreviousCurrentPrevious

NT$mn2026E2026EDiff.2027E2027EDiff.2028E2028EDiff.

Netsales

16,455

16,157

2%

23,332

22,729

3%

27,713

26,617

4%

COGS

4,949

4,878

6,841

6,678

8,025

7,777

Grossprofit

11,506

11,279

2%

16,491

16,051

3%

19,688

18,841

4%

Operatingexpenses

2,029

2,023

2,878

2,859

3,207

3,172

Operatingprofit

9,477

9,256

2%

13,614

13,192

3%

16,481

15,669

5%

Non-op.income(exp.)

160

160

160

160

160

160

PretaxIncome

9,637

9,416

2%

13,774

13,352

3%

16,641

15,829

5%

Taxes

1,783

1,742

2,548

2,470

3,079

2,928

Netincome

7,854

7,674

2%

11,226

10,882

3%

13,563

12,901

5%

ReportedEPS

207.79

203.03

2%

297.00

287.90

3%

358.83

341.31

5%

Margins

Grossmargin

69.9%

69.8%

0ppt

70.7%

70.6%

0ppt

71.0%

70.8%

0ppt

Operatingmargin

57.6%

57.3%

0ppt

58.3%

58.0%

0ppt

59.5%

58.9%

1ppt

Pretaxmargin

58.6%

58.3%

0ppt

59.0%

58.7%

0ppt

60.0%

59.5%

1ppt

Netmargin

47.7%

47.5%

0ppt

48.1%

47.9%

0ppt

48.9%

48.5%

0ppt

Source:Companydata,MorganStanleyResearch(E)estimatesExhibit27:Aspeed:Quarterlyfinancials

2024

6,460

106.4%

2,306

36%

4,154

64.3%

64%

1,235

19.1%

829

12.8%

286

4.4%

120

1.9%

2,918

45.2%

170%

249

3,167

49%

596

18.8%

2,571

40%

2,571

40%

155%

68.05

155%

2025

9,085

40.6%

2,906

32%

6,179

68.0%

77%

1,518

16.7%

1,042

11.5%

349

3.8%

128

1.4%

4,660

51.3%

60%

195

4,855

53%

928

19.1%

3,928

43%

3,928

43%

53%

103.94

53%

2026E

16,455

81.1%

4,949

30%

11,506

69.9%

72%

2,029

12.3%

1,260

7.7%

440

2.7%

329

2.0%

9,477

57.6%

103%

160

9,637

59%

1,783

18.5%

7,854

48%

7,854

48%

100%

207.79

100%

2027E

23,332

41.8%

6,841

29%

16,491

70.7%

72%

2,878

12.3%

1,540

6.6%

638

2.7%

700

3.0%

13,614

58.3%

44%

160

13,774

59%

2,548

18.5%

11,226

48%

11,226

48%

43%

297.00

43%

2028E

27,713

18.8%

8,025

29%

19,688

71.0%

73%

3,207

11.6%

1,620

5.8%

700

2.5%

887

3.2%

16,481

59.5%

21%

160

16,641

60%

3,079

18.5%

13,563

49%

13,563

49%

21%

358.83

21%

NT$inmillion(YEDEC31)

4Q26E

4Q28E

4Q27E

2Q26E

2Q27E

2Q28E

3Q27E

3Q25E

3Q28E

1Q26E

1Q27E

1Q28E

TotalRevenues

SequentialChangeChangevsYearAgo

CostofSales

PercentofRevenues

GrossMargin

PercentofRevenuesIncrementalMargin

TotalOpex

PercentofRevenues

R&D

PercentofRevenues

General&administrativePercentofRevenues

Selling&marketing

PercentofRevenues

OperatingIncome

PercentofRevenuesChangevsYearAgo

TotalNon-operatingIncome(Loss)

ProfitBeforeTaxes

PercentofRevenues

Taxes

TaxRate

NetIncome,ContOpsPercentofRevenues

ReportedIncome(TWGAAP)

PercentofRevenues

ChangevsYearAgo

ReportedEPS(NT$,TWGAAP)

ChangevsYearAgo

2,939

20.3%

42.3%

913

31%

2,026

68.9%

71%

459

15.6%

290

9.9%

110

3.7%

59

2.0%

1,567

53.3%

52.6%

40

1,607

55%

297

18.5%

1,310

45%

1,310

45%

0%

34.65

48%

3,823

30.1%

70.2%

1,182

31%

2,641

69.1%

70%

496

13.0%

310

8.1%

110

2.9%

76

2.0%

2,144

56.1%

81.1%

40

2,184

57%

404

18.5%

1,780

47%

1,780

47%

0%

47.10

183%

4,734

23.8%

103.2%

1,395

29%

3,340

70.5%

77%

535

11.3%

330

7.0%

110

2.3%

95

2.0%

2,805

59.2%

127.8%

40

2,845

60%

526

18.5%

2,319

49%

2,319

49%

0%

61.34

91%