美银称泰达电二季度利润大幅低于预期且AI收入未能带来利润率改善

Delta Electronics (Thailand) reported 2Q26 pre-exceptional profit of Bt5.55bn, which missed both the firm's forecast by 31% and consensus by 39%, driven by weaker gross margins from inventory write-downs, higher royalty expenses and lower underlying product profitability. Elevated procurement relative to cost of sales, rising net inventory and deteriorating inventory turnover suggest margin benefits will be realized gradually even if procurement costs improve. With AI-related products accounting for nearly 60% of revenue, royalty expenses are likely to stay high, and not all AI products deliver superior profitability, indicating AI growth does not boost margins. The firm maintains an Underperform rating, citing gradual gross margin recovery slower than market expectations amid ongoing procurement issues and structural royalty burdens, despite partial share-price correction.
2Q26 Earnings Miss Driven by Weakened Margins
Delta Electronics (Thailand) posted 2Q26 pre-exceptional profit of Bt5.55bn, falling 31% short of internal forecasts and 39% below market consensus. The underperformance stems entirely from weaker-than-projected gross margins, which were pressured by three key factors: inventory write-downs, increased royalty expenses, and diminished profitability of core products. This margin weakness overshadowed any potential upside from top-line performance, resulting in a significant miss on quarterly earnings targets.
Procurement Outpaces Cost of Sales, Delaying Margin Recovery
Net inventory climbed 25% quarter-over-quarter, while inventory turnover continued to worsen. Concurrently, trade payables saw a sharp increase, signaling that procurement activity remained elevated relative to cost of sales. Even if procurement costs begin to improve, the enlarged inventory balance means that any margin benefits from lower input costs will be recognized only gradually, as the company works through its existing stockpile rather than immediately passing savings through to earnings.
Structural Cost Pressures Persist Amid AI Revenue Growth
AI-related products now make up nearly 60% of the company's revenue, and this shift is driving sustained higher royalty expenses as more sales rely on technology from Delta Taiwan. Additionally, management's segment EBIT margin disclosures reveal that not all AI-related products generate above-average profitability. This indicates that while AI is driving top-line growth, it is not inherently margin-accretive, creating a structural headwind for overall margin expansion.
Underperform Rating Maintained Due to Lingering Downside Risks
Although the share price has corrected partially to reflect near-term earnings disappointment, significant downside risks remain. Excluding inventory write-downs, normalized gross margin in 2Q26 was only 29.9%, over 200 basis points below the firm's FY26 assumption. Combined with ongoing procurement activity outpacing cost of sales and the structurally higher royalty burden, the company's gross margin recovery is expected to be far more gradual than the market currently anticipates, supporting the decision to maintain an Underperform rating with a price objective of 285.00 THB.