DigiTimes综述南亚科法说会：Q3毛利率85.7%创新高、长约覆盖50-70%产能，屏东3D封装厂与Linkou 5A扩产均为旧闻

Nanya Technology reported record profits in the third quarter of 2026, with president Pei-Ing Lee saying long-term agreements (LTAs) now cover approximately 50–70% of the company's production capacity. Some customers are seeking to extend contracts to three years or longer.

With AI infrastructure applications accounting for more than 20% of revenue, Nanya plans to prioritize customer-backed AI projects in its future expansion. These include a new 3D wafer packaging and testing facility at Pingtung Science Park, which is expected to introduce advanced 3D IC technologies, including through-silicon vias (TSVs) and wafer stacking, by the end of 2028.
Pingtung facility targets advanced 3D IC packaging
Nanya recently announced plans to establish its new facility at Pingtung Science Park. Lee said the site will focus on advanced packaging and testing technologies for AI applications, including 3D ICs, TSVs, and wafer-on-wafer (WoW) bonding, with initial wafer starts scheduled for the second half of 2028.
The facility will be funded entirely by Nanya and designed around specific customer requirements. Total capital expenditure has yet to be finalized, with initial spending focused on construction before equipment investment begins. The Pingtung facility's capital expenditure is expected to be lower than that of the company's Linkou fab.
Lee explained that urgent customer demand made Pingtung the fastest option for capacity expansion, although Nanya has not ruled out additional facilities in other locations.
However, equipment delivery lead times have become a major industry bottleneck, extending by three to six months and complicating expansion plans.
As the Pingtung plant will handle back-end processes, it will enable Nanya to establish a more vertically integrated supply chain.
The new facility will primarily serve as a manufacturing base, while related research and development activities have already begun in northern Taiwan, supported by engineering and equipment personnel.
Most of the staff required for advanced packaging development are already in place, while manufacturing workforce requirements are still being planned. The facility will be comparable in scale to a 12-inch wafer fab.
Lee emphasized that validation of customized memory solutions for AI application-specific integrated circuits (ASICs), including Ultra Wide I/O (UWIO) technology, is progressing smoothly, with small-volume shipments already underway.
Applications span cloud and edge computing, with further expansion expected alongside customer development.
WoW bonding is not currently performed in-house, as Nanya is initially concentrating on DRAM-related processes. The company plans to internalize additional processes in the future, while advanced packaging could also help improve gross margins.
Linkou 5A expansion to contribute gradually from late 2027
Nanya expects only limited overall capacity growth in 2027.
Equipment installation at its new Linkou 5A fab is scheduled to begin in the first quarter of 2027, with monthly wafer starts targeted to reach 30,000 by the end of 2028 and 50,000 by the end of 2030.
The new fab is expected to make only a modest contribution by late 2027, and the vast majority of its additional capacity has already been reserved by customers.
Total investment in the Linkou 5A facility is estimated at approximately NT$480 billion (approx. US$15.05 billion). With equipment installation expected to peak in 2027, capital expenditure will increase further from 2026 levels.
Lee said Nanya currently holds approximately NT$270 billion in net cash, which, together with further cash generation, is expected to cover its 2027 capital expenditure without borrowing.
The company expects to maintain a net cash position through the end of 2027, while more than 70% of the workforce required for the 5A facility is already in place.
AI-related applications now contribute more than 20% of Nanya's revenue, covering servers, networking, storage, and system management within AI infrastructure. The company expects this proportion to continue increasing between 2027 and 2029.
DDR5 production remains flexible as memory shortages support longer contracts
Lee said DDR5 currently accounts for approximately 10% of Nanya's revenue, although the company can adjust its production allocation according to customer demand.
If demand increases significantly, Nanya could raise DDR5's share from 10% to 40%. However, with DDR4 demand remaining strong, there is no immediate urgency to make a substantial shift.
Amid widespread memory shortages, Nanya's LTAs currently cover approximately 50–70% of capacity, with contract durations ranging from three months to three years.
The company is negotiating longer commitments with customers, including extensions from three months to three years or beyond.
Following Nanya's record gross margin of 85.7% in the third quarter of 2026, Lee expects average selling prices (ASPs) to continue rising in the fourth quarter, although the extent of the increase will vary by product mix. Gross margins could also improve further.
Employee bonuses and Chinese capacity expansion
Recent attention surrounding employee bonuses at memory manufacturers prompted Lee to explain that Nanya has historically calculated bonus allocations based on overall operating performance, including gross margins.
As a result, employee bonuses for the third quarter of 2026 are expected to increase from the second quarter.
Regarding aggressive capacity expansion by Chinese memory manufacturers, Nanya noted that China has been expanding production for approximately a decade without causing major disruptions to the broader industry.
Global memory manufacturers are now increasing capacity in response to AI demand, but constructing new fabs, securing equipment deliveries, and introducing advanced manufacturing processes all require substantial lead times.
Consequently, announced expansion plans will not immediately translate into additional market supply.