Daiwa keeps Sell on Vital Link despite AI-driven growth
Daiwa Securities retained its Sell rating on Vital Link while raising its target price to NT$1,210, citing stronger-than-expected quarterly performance and a better outlook. The company reported Q3 2026 net profit of NT$621 million and forecast Q4 revenue of NT$1.8 billion, as CSP AI-datacenter construction supported demand for silicon-photonics materials. Daiwa also noted four-year supply agreements and planned capacity expansion, but warned that elevated valuation and limited margin expansion leave room for corrections.
The report offers a concrete signal on AI-datacenter demand for silicon-photonics materials, alongside supply commitments and capacity plans, while highlighting valuation and margin risks for the company.
大和證券（Daiwa）發表最新投資研究報告，針對光通訊磊晶大廠聯亞光電雖調升財務預測與目標價，但維持「賣出」的投資評級。
大和證券指出，儘管受惠於雲端服務提供者（CSP）積極建置 AI 資料中心，帶動矽光子材料需求強勁，第三季財報與第四季展望雙雙優於預期，但目前股票估值過高，且市場對其利潤率過度樂觀，未來仍面臨修正風險。
報告指出，聯亞光電公布 2026 年第三季單季淨利達新台幣 6.21 億元、季增 33%、年增 528%，優於大和證券及市場預期，主要歸因於研發費用較低。其中，資料中心業務為主要營收來源，佔比達 80% 至 85%。針對第四季展望，聯亞光電預估單季營收將達 18 億元、季增約 16%，主要受到連續波雷射（CW laser/矽光子）需求持續強勁，以及順利轉嫁磷化銦（InP）襯底等材料上漲成本所致。