半导体硬件材料：上调 EMC、TUC、MPI 订单预期，受益于谷歌 ASIC 业务-Semis_hardware materials_ raise EMC_ TUC_MPI POs on Google ASIC benefits

Summary of Key Points from Conference Call Industry Overview - Industry: Technology - Asia-Pacific, specifically focusing on semiconductor and hardware materials - Key Companies: EMC (Elite Material), TUC (Taiwan Union), MPI (Microchip Technology), GUC (Global Unichip) Core Insights and Arguments 1. Rising Demand for TPU: Anticipated increase in demand for Tensor Processing Units (TPU) through 2026/27, leading to upgrades for GUC and WT Micro to "Buy" ratings due to their potential benefits from Google's in-house ASIC supply chain [1] 2. EMC's Position: EMC is highlighted as a major supplier in the Copper Clad Laminate (CCL) space for PCBs, with a projected 10% increase in 2027E EPS and a price objective (PO) raised to NT$1,950 based on a 26x P/E ratio [2] 3. TUC's Growth Potential: TUC is expected to benefit from increased demand for networking boards and has a 4% increase in 2027E EPS, with a new PO of NT$565 based on a 23.5x P/E ratio [3] 4. MPI's Contribution: MPI is projected to contribute to TPU v8 in 2027, with a 1% increase in 2027E EPS and a new PO of NT$2,900 based on a 35x P/E ratio [4] Financial Estimates and Changes - EMC Financials: - 2027E EPS raised by 10% - New PO: NT$1,950 (previously NT$1,650) - Expected 40%+ CAGR in net income from 2025-27 [10][13] - TUC Financials: - 2027E EPS raised by 4% - New PO: NT$565 (previously NT$480) - Expected high-20% CAGR in revenue from 2025-27 [14][16] - MPI Financials: - 2027E EPS raised by 1% - New PO: NT$2,900 (previously NT$2,450) - Expected growth in total sales to NT$24,945 million by 2027 [17][18] Additional Important Information - Valuation Method Changes: The valuation multiples for EMC and TUC have been increased, while MPI's valuation base has been rolled over to 2027E [9] - Consensus Comparison: BofA's estimates for 2027E EPS are significantly above consensus for all three companies, indicating a more optimistic outlook based on stronger revenue growth assumptions [11][15][18] - Market Dynamics: The report emphasizes the structural growth in the underlying markets for these companies, suggesting a favorable environment for continued investment [1] This summary encapsulates the key points from the conference call, focusing on the industry dynamics, company-specific insights, financial estimates, and important disclosures.