Record Earnings but Shares Fall Below 500元
Passive components maker 國巨 held an earnings call on 29日 and released 第三季 results, with quarterly consolidated revenue of 495.32億元, up 11.4% QoQ and 49.7% YoY, a record quarterly high, net profit after tax of 119.81億元, up 27.2% QoQ and 88.5% YoY, EPS of 5.83元, up 88.4% YoY, and gross margin of 41%, up 2.5 percentage points QoQ and 4.8 percentage points YoY, a strong operating performance.
Opened Low and Moved Lower, Intraday Low of 493元
Despite the strong results, 國巨 faced heavy selling pressure on 30日. After closing at 543元 in the previous session, it opened at 520元 and moved lower throughout the session, falling to an intraday low of 493元 and breaking below the 500元 mark. At 上午11時19分 it was trading at 497.5元, down 45.5元 or 8.38%. The broader Taiwan market also plunged on the same day, with electronic heavyweights broadly under pressure, and market reaction after the earnings call leaned cautious.
Strong AI Demand and Healthy Order Momentum
The company said revenue growth was mainly driven by strong AI-related demand, with stable increases in both standard and specialty product demand, and steady growth across end applications. In 第三季 the book-to-bill ratio was close to 2, and capacity utilization for both standard and specialty products was close to 95%, indicating strong order momentum. Cumulative consolidated revenue for 今年前三季 was 1321.54億元, up 36.3% YoY, with net profit after tax of 294億元 and EPS of 14.32元. Each end application segment maintained steady growth in 溫和成長.
Brokerages Maintain Buy, See Continued Growth in 第4季
Looking ahead, a local brokerage maintained a buy rating with a target price of 812元, mainly because 第三季 gross margin of 41% beat market expectations of 39% to 40%, while distributor inventory levels were low and downstream customer pull-in was healthy. 第四季 revenue is forecast at 526億元, up 6.3% QoQ and 46.3% YoY, with gross margin further improving to 41.9% and quarterly EPS of about 6.35元. For 2027, capacity is planned to increase by 10% to 15%, with utilization maintained at 85% to 90%, though weaker-than-expected end demand recovery and price competition risks remain.