Kinetic's September Orders Remain at High Level of Over NT$10 Billion, Q3 Revenue Challenges NT$30 Billion

Demand for memory module and server PCBs has surged rapidly, leading Kinetic (3044-TW) and Gold Circuit Electronics (2368-TW) to report record-breaking revenues. Kinetic achieved NT$10.224 billion in August revenue, while Gold Circuit surpassed the NT$10 billion mark with NT$10.384 billion—both setting new highs. Kinetic’s September order intake exceeded NT$10 billion, positioning its Q3 revenue to potentially surpass the NT$30 billion threshold, another record high.

For the full year, both Kinetic and Gold Circuit are expected to join Zhen Ding-KY (4958-TW) and Unimicron (3037-TW) as PCB manufacturers achieving annual revenues exceeding NT$100 billion.

Kinetic has demonstrated strong performance in 2026 despite traditional off-season trends. Its August 2026 revenue reached NT$10.224 billion, up 4.1% month-on-month and 65.48% year-on-year. Cumulative revenue from January to August 2026 totaled NT$65.864 billion, a 38.72% year-on-year increase. Based on current revenue and order trends, Kinetic’s Q3 2026 revenue is poised to exceed NT$30 billion, with full-year revenue targeting the NT$100 billion milestone.

PCB industry executives note that monthly shipment fluctuations are primarily due to component shortages. In high-demand markets, EMS providers’ ability to secure materials and complete assembly directly affects their procurement willingness. Meanwhile, PCB manufacturers’ revenue growth is largely driven by rising product prices.

Kinetic’s 2026 capital expenditure plan exceeds NT$10 billion, surpassing the previous annual high of NT$8 billion and setting a new record. This increase is primarily due to expanded investments in its Xiantao, Hubei facility and new Vietnam plant.

In the first half of 2026, Kinetic reported NT$45.822 billion in revenue, with a gross margin of 28.45%, up 2.85 percentage points year-on-year. Net profit after tax reached NT$6.843 billion, a 42.55% year-on-year increase and a record high for the period, translating to earnings per share of NT$13.02.

Demand for Kinetic’s server and memory-related products remains robust, with order visibility extending into the second half. As major PCB suppliers focus on high-end AI servers using GPUs and ASICs, general server orders are increasingly shifting to Kinetic. Additionally, pricing for memory module boards is gradually reflecting rising gold prices, resulting in stronger-than-expected order growth in both segments.

Kinetic is part of Apple’s PCB supply chain, producing PCBs for memory modules, hard drives, laptops, optoelectronic boards, smartphones, servers, and automotive applications. It supplies PCBs to Huawei, Samsung, and Xiaomi smartphones, with manufacturing bases in Pingzhen, Taiwan; Wuxi, Jiangsu Province; and Xiantao, Hubei Province. The company has completed the acquisition of a Japanese-owned PCB factory in Dong Nai, Vietnam, and is nearing completion of a new plant in Zhoude, Vietnam, which is close to commencing operations.