PCB pioneer stocks rose steadily and warrants flashed

2025/06/04

Commercial Times
May 14, 2025
Author Commercial Times Jane Weiser

The Taiwan stock market has recovered the lost ground on Trump's defense line. PCB pioneer stocks have risen steadily, playing a role in stabilizing the morale of the troops. KGI Securities pointed out that Tripod (3044)'s first quarter financial report performance exceeded expectations, and demand in the second half of the year is cautious, maintaining a "buy" investment rating; Uni-President Securities is optimistic about Huatong (2313) Satellite's financial gains, consumer market share increased, and optimistic about the future market.

KGI Securities pointed out that Tripod's operating profit exceeded expectations. Currently, Tripod's orders and shipments are normal, and there is no early pull caused by tariffs. It is not directly shipped to the United States (first shipped to the assembly plant and then to the assembly plant). PCBs are mainly customized. In terms of gross profit margin, although the New Taiwan dollar has appreciated against the US dollar, Taiwan's production capacity is small, and the RMB exchange rate against the US dollar is relatively stable. Therefore, it is estimated that the gross profit margin will not fluctuate much this quarter.

Looking ahead to the future market, KGI Securities believes that the tariff issue is not clear, and demand in the second half of the year will remain flat. Overall, memory modules, servers and automotive applications are the main growth drivers, while smartphone and panel product lines are viewed more conservatively.

Huatong's first quarter financial report was impressive, and the optimization of product structure resulted in excellent gross profit margin. Uni-President Investment Consulting pointed out that Huatong's satellite orders will continue in 2025 and have a more positive trend. In addition, the proportion of consumer product orders increased, and the proportion of SMT in revenue declined, which will optimize the product structure. Therefore, the full-year profit forecast was raised, and the "buy" investment rating was maintained, with a reasonable stock price of NT$81.

Huatong's revenue in April was NT$6.501 billion, a monthly increase of 4%, slightly better than expected. Uni-President Investment Consulting concluded that it was mainly due to the continued strength of satellite orders, coupled with the quarterly expansion of the production capacity of the Thai factory, and the two major satellite customers pulling goods. It is expected that Huatong's satellite product revenue will reach a new high this quarter. In addition, new American smartphones will enter the early stage of pulling goods in June, offsetting the subsidy cycle of Chinese smartphones and the off-season impact of the end of the peak of stocking new American PC products.

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