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Delta Electronics Inc. Investment Summary

Rating: Outperform
Price Target: NT$490 TWD (+22% upside)

Key Financial Highlights

• Revenue Forecast:
  • 2Q25 sales estimated at NT$125B (mid-range projection, +5% QoQ), slightly below consensus.
  • Without FX headwinds, 2Q25 sales could be 3% above consensus due to USD depreciation impact.
• Sector Growth:
  • Infrastructure segment: +46% YoY growth in Apr-May driven by liquid cooling solutions, with ~$24B revenue expected in 2025 (incl. $7B in Q1 2025).
  • Power electronics segment: +16% YoY growth from AI server demand; revenue mix improving, supporting gross margin gains.
  • Automation and EV segments showed moderate and low-single-digit declines, respectively.

Core Growth Drivers

• Liquid cooling solutions in infrastructure (backed by AI demand) and power electronics (AI server products).
• Nvidia partnerships for 800V HVDC development by 2027, positioning Delta favorably in verified supplier ranks.

Investment Implications

• Upside Factors: Strong potential in AI-related infrastructure expansion and supply chain involvement with Nvidia.
• Risks: Competitive pressures in power components and thermal management; delayed recovery in China/Automation markets; U.S. tariffs on regional production sites.

Financial Projections

• Revenue Trends:
  • 2025E Revenue: NT$493.3B, CAGR 13.3%.
  • EBIT Growth: 2025E NT$62.8B (+25.9% from 2024A), margin expansion to 14.0%.
• Valuation: Forward P/E 19.6x at target price, below 5-year average.

Analyst Recommendations

• Long-Term Case: Delta favored for diversified portfolio amid volatile AI sentiment; stock rebounded 40%+ since April.
• Action: Buy/hold position recommended based on Outperform rating.