摩根大通维持台达电增持但确认3Q26营收低于预期，供给约束与4Q回补并存

J P M O R G A N

Asia Pacific Equity Research
13 October 2026

Delta Electronics, Inc.
Supply-driven 3Q26 revenue miss, bigger 4Q uptick
ahead; OW
Post October 12 Taiwan market close, Delta reported September revenue of NT
$65.4bn (+1% MoM, +15% YoY), taking 3Q26 revenue to NT$197bn (+8% QoQ,
+31% YoY). This is 8%/5% below our estimate and BBGe, respectively. While
3Q26 revenue was broadly in line with seasonality, it fell short of recently lowered
market expectations of ~10% QoQ growth. The miss was primarily driven by
weaker-than-expected Power Electronics sales, which we attribute to ongoing
power semiconductor supply constraints. The following are our key takeaways.

•

Delta’s 3Q26 revenue mix was: Power Electronics 54%, Mobility 5%,
Automation 8%, and Infrastructure 34%. Power Electronics was the key area
of the miss, with segment sales up only 11% QoQ versus our 26% forecast. We
attribute the shortfall primarily to power semiconductor supply constraints and
PSU capacitor issues (link), which should support a 4Q26 revenue catch-up as
supply conditions improve.

•

We expect server power momentum to re-accelerate over the next few months,
driven by the 18.5kW PSU ramp and initial HVDC power rack shipments in
4Q26. Additional tailwinds could come from product price pass-through,
which we expect to have a more visible impact on topline growth in 4Q26.
More importantly, we expect server power revenue to grow QoQ in 1Q27,
supported by order backlog and improving supply conditions.

•

Delta stock has outperformed TAIEX by ~25% YTD. Despite the recent
pullback on patent investigation concerns (note), we see limited earnings
impact and expect the stock to regain momentum in late 2026/early 2027,
supported by improving visibility into next year’s AI server power revenue
growth. We remain constructive on the name and reiterate OW with a Jun-27
PT of NT$2,500.

Overweight
2308.TW, 2308 TT
Price (12 Oct 26):NT$1,900.00
Price Target (Jun-27):NT$2,500.00

Technology - Hardware
Albert Hung AC
(886-2) 2725-9875
albert.hung@jpmchase.com
J.P. Morgan Securities (Taiwan) Limited/ J.P.
Morgan Securities (Asia Pacific) Limited/ J.P.
Morgan Broking (Hong Kong) Limited

James Yang
(886-2) 2725-9298
james.yang@jpmchase.com
J.P. Morgan Securities (Taiwan) Limited

Gokul Hariharan AC
(852) 2800-8564
gokul.hariharan@jpmorgan.com
J.P. Morgan Securities (Asia Pacific) Limited/ J.P.
Morgan Broking (Hong Kong) Limited

See page 3 for analyst certification and important disclosures, including non-US analyst disclosures.

Albert Hung AC
(886-2) 2725-9875
albert.hung@jpmchase.com

Asia Pacific Equity Research
13 October 2026

JPMORGAN

Investment Thesis, Valuation and Risks
Delta Electronics, Inc. (Overweight; Price Target: NT$2,500.00)
Investment Thesis
We believe Delta will be a major beneficiary of the secular power and thermal demand in
AI datacenters. Delta is well positioned in the market, in our view, and has a dominant share
in key customers. We expect the stock to regain momentum over the next three months as
data center-related revenues re-accelerate. More importantly, we see a favorable setup for
Delta in the next two years – with power rack/BBU adoption, rising value per watt of dense
PSUs, and initial HVDC adoption this year. Overall, we remain constructive on the data
center power outlook, but component supply remains the key overhang. Stay OW.
Valuation
Our Jun-27 PT of NT$2500 is based on 33x 12M fwd EPS, higher than the historical
valuation range due to the exponential growth of AI server power consumption and Delta’s
leading position in the AI datacenter power and thermal space.
Risks to Rating and Price Target
Key downside risks include more severe-than-expected component shortages, market share
losses in AI liquid cooling/ server power, and a delay in Nvidia’s new product launch
schedule.

2

Albert Hung AC
(886-2) 2725-9875
albert.hung@jpmchase.com

Asia Pacific Equity Research
13 October 2026

JPMORGAN

Analyst Certification: The Research Analyst(s) denoted by an “AC” on the cover of this report certifies (or, where multiple Research Analysts
are primarily responsible for this report, the Research Analyst denoted by an “AC” on the cover or within the document individually certifies,
with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report
accurately reflect the Research Analyst’s personal views about any and all of the subject securities or issuers; and (2) no part of any of the
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Important Disclosures
Market Maker/ Liquidity Provider: J.P. Morgan is a market maker and/or liquidity provider in the financial instruments of/related to Delta
Electronics, Inc. or related entities.
Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: Delta Electronics, Inc. or related
entities.
Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)
as clients, and the services provided were non-investment-banking, securities-related: Delta Electronics, Inc. or related entities.
Client/Non-Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients, and the
services provided were non-securities-related: Delta Electronics, Inc. or related entities.
Potential Investment Banking Compensation: J.P. Morgan expects to receive, or intends to seek, compensation for investment banking
services in the next three months from Delta Electronics, Inc. or related entities.
Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or services
other than investment banking from Delta Electronics, Inc. or related entities.
Debt Position: J.P. Morgan may hold a position in the debt securities of Delta Electronics, Inc. or related entities, if any.
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should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report
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https://www.jpmm.com/research/disclosures , calling 1-800-477-0406, or e-mailing research.disclosure.inquiries@jpmorgan.com with your
request.
Date

Rating

Price (NT$) Price Target
(NT$)

01-Nov-23

OW

290.50

350

21-Jun-24

OW

369.50

430

01-Aug-24

OW

414.50

470

25-Mar-25

OW

392.00

500

01-May-25

OW

333.50

490

20-Jul-25

OW

509.00

630

01-Aug-25

OW

567.00

680

11-Sep-25

OW

837.00

1,000

15-Oct-25

OW

992.00

1,188

21-Jan-26

OW

1130.00

1,400

27-Feb-26

OW

1430.00

1,700

27-Apr-26

OW

2075.00

2,600

31-Jul-26

OW

1530.00

2,500

The chart(s) show J.P. Morgan's continuing coverage of the stocks; the current analysts may or may not have covered it over the entire period.
J.P. Morgan ratings or designations: OW = Overweight, N= Neutral, UW = Underweight, NR = Not Rated

3

Albert Hung AC
(886-2) 2725-9875
albert.hung@jpmchase.com

Asia Pacific Equity Research
13 October 2026

JPMORGAN

Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe:
J.P. Morgan uses the following rating system: Overweight (over the duration of the price target indicated in this report, we expect this stock will
outperform the average total return of the stocks in the Research Analyst’s, or the Research Analyst’s team’s, coverage universe); Neutral (over
the duration of the price target indicated in this report, we expect this stock will perform in line with the average total return of the stocks in the
Research Analyst’s, or the Research Analyst’s team’s, coverage universe); and Underweight (over the duration of the price target indicated in
this report, we expect this stock will underperform the average total return of the stocks in the Research Analyst’s, or the Research Analyst’s
team’s, coverage universe. NR is Not Rated. In this case, J.P. Morgan has removed the rating and, if applicable, the price target, for this stock
because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy reasons. The previous rating and, if applicable, the
price target, no longer should be relied upon. An NR designation is not a recommendation or a rating. Some stocks under coverage have a rating
but no price target; in these cases, we expect the stock will outperform/perform in line/underperform the average total return of the stocks in the
Research Analyst’s, or the Research Analyst’s team’s, coverage universe of the relevant duration of the region. In our Asia (ex-Australia and exIndia) and U.K. small- and mid-cap Equity Research, each stock’s expected total return is compared to the expected total return of a benchmark
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the certifying Research Analyst’s coverage universe can be found on J.P. Morgan’s Research website, https://www.jpmorganmarkets.com .
Coverage Universe: Hung, Albert : ASPEED Technology Inc. (5274.TWO), ASUSTek Computer (2357.TW), Accton (2345.TW), Compal
Electronics, Inc. (2324.TW), Delta Electronics, Inc. (2308.TW), Inventec (2356.TW), Lenovo Group Limited (0992) (0992.HK), Lotes
(3533.TW), Micro-Star International Co., Ltd. (2377.TW), Pegatron Corp (4938.TW), Quanta Computer Inc. (2382.TW), VNET Group
(VNET), Wistron Corporation (3231.TW), Wiwynn Corp (6669.TW)Hariharan, Gokul : ASE Technology Holding Co Ltd (3711.TW),
ASMPT Ltd (0522) (0522.HK), AirTAC (1590.TW), Alchip Technologies (3661.TW), Chipbond Technology (6147.TWO), GDS Holdings
(GDS), GUC (3443.TW), Hiwin (2049.TW), Hon Hai Precision (2317.TW), MediaTek Inc. (2454.TW), Nien Made (8464.TW), Novatek
Microelectronics Corp. (3034.TW), Powerchip Semiconductor Manufacturing Corp. (6770.TWO), SMIC (0981) (0981.HK), Silicon Motion
(SIMO), Sinbon (3023.TW), TSMC (2330.TW), Teco Electric & Machinery (1504.TW), UMC (2303.TW), Vanguard International
Semiconductor Corp. (5347.TWO), Voltronic Power Technology (6409.TW), Xiaomi (1810) (1810.HK)
J.P. Morgan Equity Research Ratings Distribution, as of October 03, 2026

J.P. Morgan Global Equity Research Coverage*
IB clients**
JPMS Equity Research Coverage*
IB clients**

Overweight
(buy)
53%
83%
51%
95%

Neutral
(hold)
35%
81%
37%
93%

Underweight
(sell)
12%
72%
12%
88%

*Please note that the percentages may not add to 100% because of rounding.
**Percentage of subject companies within each of the "buy," "hold" and "sell" categories for which J.P. Morgan has provided
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4

Albert Hung AC
(886-2) 2725-9875
albert.hung@jpmchase.com

Asia Pacific Equity Research
13 October 2026

JPMORGAN

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(886-2) 2725-9875
albert.hung@jpmchase.com

Asia Pacific Equity Research
13 October 2026

JPMORGAN

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(886-2) 2725-9875
albert.hung@jpmchase.com

Asia Pacific Equity Research
13 October 2026

JPMORGAN

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7

Albert Hung AC
(886-2) 2725-9875
albert.hung@jpmchase.com

Asia Pacific Equity Research
13 October 2026

JPMORGAN

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Completed 13 Oct 2026 03:06 AM HKT

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Disseminated 13 Oct 2026 03:06 AM HKT