Chipbond Technology: Silicon Photonics to drive revenue growth and GM uptick, raise PT to NT$225; Neutral
Report Coverage
- Broker
- JPMorgan
- Region
- Asia Pacific
- Report Type
- Market Report
- Primary Focus
- Chipbond Technology
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Report Summary
We rate Chipbond Neutral. Despite SiPh emerging as a major driver, we stay cautious given 1) downside from DDIC to cap overall GMs growth, and 2) somewhat demanding valuation (given SiPh is still likely to be only 20% of revenue in 2028). The company's foray into SiPh has secured several customer wins, and we expect SiPh to contribute 5%+ of revenue in 2026 with continued growth thereafter. However, the DDIC segment, which still accounts for 65%+ of revenue, is likely to see sluggish growth over the next few quarters amid lukewarm CE YTD 1m 3m 12m and smartphone demand in 2H26 following 1H pull‑in. Abs 367.5% 21.7% 250.5% 336.0% Rel 307.1% 8.1%
Key Takeaways
- SiPh business emerges as a major growth driver for the next few years: As
- 6T/3.2T in the next few years, we expect gold-bump to be more widely
- DDIC to see downside over the next few quarters due to weak end demand,
- GM recovery driven by strong non‑DDIC growth momentum, but weak DDIC still
- 0 36% 40% 40 23% 30%
- 0 23% 30% 20%
Why This Report Matters
JPMorgan's 15-page analysis on "Chipbond Technology: Silicon Photonics to drive revenue growth and GM uptick, raise PT to NT$225; Ne" provides institutional-grade insights for investors and professionals seeking to understand current market dynamics and investment implications in this space.
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This summary is for users researching the JPMorgan Chipbond Technology report. It helps users review Chipbond Technology: Silicon Photonics to drive revenue growth and GM uptick, raise PT to NT$225; Neutral coverage, key takeaways, and related broker or sector research paths across networking, supply chain, revenue; Asia Pacific Equity Research, June.
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