花旗称日月光AI封测需求强劲并上调2026年资本开支至105亿美元

AI semiconductor accelerates multi-year growth and structural Margin Upside
CITI'S TAKE
ASEH delivered another upbeat result, with solid 21% GM and net profit of NT$21bn (up 49% QoQ and 180% YoY). It raised its growth outlook (IC ATM to be up 35% YoY; LEAP revenue to be over US$3.5bn and doubling into 2027) and 2026 capex expectations (from US$8.5bn to now US$10.5bn), citing stronger-than-anticipated demand for LEAP (advanced packaging and testing). With accelerating investment in LEAP, panel-level packaging, full-process packaging and future CPO technologies, ASEH believes it is well positioned to capture a multi-year AI growth cycle while continuing to expand profitability. Maintain Buy and lift TP to NT$750 (25X 2027 EPS).
Capex accelerates to expand advanced packaging leadership
ASEH believes AI remains in the early stages of a structural infrastructure buildout, supporting sustained demand well beyond current AI accelerator deployments. Demand is also broadening beyond AI accelerators into industrial power, connectivity and storage, reinforcing confidence that AI infrastructure spending will remain a multi-year growth driver. Profitability continues to improve faster than expected as LEAP and advanced testing contribute a larger share of revenue. ATM gross margin reached 27.3% in 2Q26, while management expects margins to improve sequentially and potentially exceed the long-standing 30% structural ceiling in 4Q26. Margin expansion is being driven by higher utilization, richer product mix, automation and operating leverage rather than temporary cost benefits. Pricing also remains supportive, with inflationary cost increases largely passed through to customers.
Technology roadmap broadens beyond CoWoS
Other than CoWoS, ASEH is investing across multiple next-generation technologies, including panel-based packaging, full-process CoWoS packaging and future CPO integration. It expects its fully automated panel-level packaging line to begin production in 1Q27, providing a scalable platform for larger chiplet architectures. Meanwhile, CPO is expected to enter initial production later this year, allowing the industry to validate bandwidth, thermal performance and manufacturing yield before broader deployment. Management also highlighted future heterogeneous integration combining digital, analog and sensor technologies for AI and humanoid applications. ASEH believes its neutral ecosystem position enables collaboration across foundries, substrate suppliers and customers in various packaging architecture - CoWoS, EMIB, panel-based or future optical integration, reinforcing its long-term competitive advantage.