瑞银称台达电子二季度业绩符合预期并维持买入评级，AI电源与HVDC展望延续但缺少新惊喜

Q2 results in-line with latest expectations and milder due to supply constraints
Q226 results were in-line with sales at NT$183.3bn +15% QoQ/+48% YoY driven by cooling component rush orders driving +22% QoQ/+85% YoY growth to infrastructure (34%) while segment OpM was -180bp to 17.9%. Power electronics (53%) was +13% QoQ/+48% YoY to NT96.3bn, with OPM of 20.9%. Automation NT$14.3bn, +8% QoQ / +11% YoY but reversed to op loss of NT$443mn due to memory inflation, while mobility NT$8.2bn, +3% QoQ/-26% YoY with NT$744mn op loss. Blended GMs/OpM declined 140bp/110bp QoQ to 35.6%/16.7% less Q1 benefits from delivered duty on liquid-cooling products and1x reversals, but booked NT$4.4bn non-op gain and FX to lift EPS to NT$9.68 above prior UBS/Street NT$9.36/NT$9.58. The margin impact was less than Delta Thailand as the factory network absorbed component costs/inventory reserves vs. the parent seeing higher margin system and solution sales.
H226 strong outlook intact, with margins gradually improving
We maintain Q326 +15% QoQ led by GB power supply while liquid cooling could be slightly weaker given the high base in Q2. We model GMs mildly rebounding from 35.6% to 36.1%/36.7% in Q3/Q4 as the company qualifies 2nd sources and negotiates to pass through higher costs. Mix shift to server power supply also should support some mild margin recovery. The company stays aggressive on investments, targeting opex growth of +30% YoY to support heavier system design as power architectures grow more complex moving toward HVDC/SST and adds more US field support. It also expects AI demand to sustain next couple years, with capex rising from NT$46.5bn to NT$67.5bn to expand in Taiwan, Thailand and China for AI and fuel cell investment.
Power racks start initial shipments in Q4 and ramp into ASICs in 2027
The HVDC power racks will start MP in 3Q with small shipments starting 4Q mainly on +/-400V for ASIC pushing aggressively for next year up to ⅓ of mix but supply constrained by tight supercapacitors. The company expects milder ramp for NVIDIA's 800VDC as customers are staying more conservative on adoption. We view the milder roadmap on Rubin and Rubin ultra staying with the Oberon NVL72 keeps that option optional for the next 1-2 years. Amid mild HVDC initial ramp, it still stays constructive on its strong pipeline and push for data center deliveries through 2027 to resolve tight compute demand even amid the concerns on hyperscaler cash flows.
Estimates intact - Maintain Buy and NT$2,750
With results and outlook in-line with preview, we fine-tune 2026 from NT$43.0 to NT$42.3 and maintain 2027/28 EPS at NT$67.5/NT$90. Delta's stock has pulled back 36% since May due to Kyber delays / less aggressive HVDC ramp, milder Q2 sales / margin performance and broader AI correction, pulling it back to 22x/17x 2026-27 EPS. We now see better entry with sales ramping in H226, spec upgrades to ASIC power racks and Rubin at 60% higher TDP over Blackwell and margins holding better than feared.