Equity Research

12 October 2025 | 9:32PM HKT

Fositek (6805.TW): 3-month preview: Liquid cooling ramp up, and new
foldable phones to drive 4Q25 growth; Sep in line; Buy

Monthly revenue preview: Fositek’s Sep revenue was up 58% YoY / 3% MoM to Verena Jeng
+852-2978-1681 | verena.jeng@gs.com
NT$1.2bn, in line with our estimate, leading its 3Q25 revenues up 79% YoY and Goldman Sachs (Asia) L.L.C.

reflecting the strong momentum of liquid cooling components and hinges’ shipments Allen Chang
+852-2978-2930 |
in 3Q25. For the coming months, we expect Fositek to enjoy the sequential growth in allen.k.chang@gs.com
Goldman Sachs (Asia) L.L.C.
4Q, with monthly revenues up 6% / 10% / 13% MoM in Oct / Nov / Dec 2025, driven
by (1) ASIC AI servers newly in liquid cooling, supporting Fositek’s 4Q25 revenues
growth. The numbers of QDs (quick disconnects) equipped per rack is more than the
GPU-powered rack-level AI servers, positive to Fositek, (2) rack-level AI servers
shipment ramp up in 4Q25 post the model transition in 3Q25, supporting liquid
cooling penetration rate, (3) major smartphone brand customer’s new foldable
phone model is expected to be launched in Nov 2025, supporting Fositek’s hinges
shipments growth. Overall, we expect Fositek’s 4Q25 revenues to grow at 56% YoY /
21% QoQ to NT$4.3bn. Maintain Buy.

Exhibit 1: Fositek monthly revenues preview

Jul-25 Aug-25 Sep-25 Oct-25 (E) Nov-25 (E) Dec-25 (E) 2Q25 3Q25 4Q25E
Rev (NT$m) 1,162 1,183 1,221 1,294 1,423 1,604 2,620 3,566 4,321
YoY 89% 97% 58% 42% 41% 88% 52% 79% 56%
MoM/ QoQ 28% 2% 3% 6% 10% 13% 16% 36% 21%
GS estimates (NT$m) 955 1,162 1,208 2,685 3553
Act. vs. GS 22% 2% 1% -2% 0%

Source: Company data, Goldman Sachs Global Investment Research

We expect the global foldable penetration rate to reach 2.5% / 3.4% / 4.1% in
2025-27E in our Global Smartphone TAM Updates, and Huawei’s, as the leading
foldable phone brand, foldable phone shipments was up 99% YoY in 1H25, echoing

e92c7a75ab8b4efbba794e6b187208c8
our positive view. We remain positive on rising foldable phone trend and with more
leading brands joining the camp in 2026E, we expect it could further attract more
end consumers to purchase foldable phones, positive to Fositek.

Earnings revision: We factor in Fositek’s Sep revenue and keep our 2025E estimates
largely unchanged. Our 2026-27E revenues are revised up by 2% / 3%, reflecting our
positive view on Fositek benefiting from server liquid-cooling and foldable phone
trends. With 2026-27E GMs and opex ratios largely unchanged, our 2026-27E net
incomes are revised up by 2% / 3%. We still model a GM uptrend in the following
years, mainly on rising contribution from liquid cooling components, which carries a
higher GM than other product lines.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision. For Reg AC
certification and other important disclosures, see the Disclosure Appendix, or go to
www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
analysts with FINRA in the U.S.
Goldman Sachs Fositek (6805.TW)

Exhibit 2: Earnings revision

2025E 2026E 2027E
NT$m Old New Diff % Old New Diff % New Diff %
Revenues 12,728 12,759 0% 19,778 20,183 2% 27,261 3%
GP 3,207 3,206 0% 5,466 5,559 2% 7,777 3%
OP 2,516 2,527 0% 4,299 4,369 2% 5,951 3%
Net income 2,100 2,109 0% 3,466 3,521 2% 4,736 3%
Margins
GM 25.2% 25.1% 27.6% 27.5% 28.5%
OPM 19.8% 19.8% 21.7% 21.6% 21.8%
NM 16.5% 16.5% 17.5% 17.4% 17.4%
Source: Company data, Goldman Sachs Global Investment Research

Valuation: We continue to use near-term P/E to derive our 12m TP, and update our
target P/E to 30.2x 2026E EPS (vs. 28.3x 2026E EPS previously). Our target P/E is derived
from peers’ correlation of 2026E P/E to 2027E EPS YoY (vs. peers’ correlation of 2026E
to 2026E-27E avg. EPS YoY previously), as FX loss in 2Q25 could lead to overly robust
2026E EPS YoY growth (due to the low base in 2025E). With the updated earnings and
target multiple, we raise our 12m TP to NT$1,551 (vs. NT$1,430 previously). Maintain
Buy.

Exhibit 3: Fositek peers’ 2026E P/E vs. 2027E EPS YoY Exhibit 4: Fositek 12M forward P/E

30 x (x)
FII 60
25
50

20 AAC 40
+1stv 37x
2026E P/E

Quanta
15 30
Compal avg 27x
y = 70.826x + 5.7453 20
10 Pegatron R² = 0.8115 -1stv 17x
10
5
0
Feb-21

Feb-22

Feb-23

Feb-24

Feb-25
Aug-22

Aug-23

Aug-24

Aug-25
May-21
Aug-21
Nov-21

Nov-22

May-23

Nov-23

May-24

Nov-24

May-25
Nov-20

May-22

-
0% 5% 10% 15% 20% 25% 30%
2027E avg. EPS growth

e92c7a75ab8b4efbba794e6b187208c8
Source: Company data, Goldman Sachs Global Investment Research, Refinitiv Source: Company data, Goldman Sachs Global Investment Research, Refinitiv
Eikon Eikon

12 October 2025 2
Goldman Sachs Fositek (6805.TW)

Exhibit 5: Fositek P&L summary

Rmb mn 2022 2023 2024 2025E 2026E 2027E 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25E 4Q25E
Income statement
Revenue 5,014 5,644 8,188 12,759 20,183 27,261 1,711 1,719 1,988 2,770 2,252 2,620 3,566 4,321
Gross profit 1,166 1,318 1,827 3,206 5,559 7,777 414 398 484 532 498 631 894 1,183
OP income 775 881 1,197 2,527 4,369 5,951 270 253 332 343 366 497 719 945
Net income 564 628 1,227 2,109 3,521 4,736 224 256 334 413 357 330 616 806
EPS (Rmb) 9.33 10.18 17.90 30.78 51.38 69.10 3.27 3.74 4.87 6.02 5.20 4.82 8.99 11.77
Margins
Gross margin 23.3% 23.3% 22.3% 25.1% 27.5% 28.5% 24.2% 23.1% 24.3% 19.2% 22.1% 24.1% 25.1% 27.4%
Operating mar 15.5% 15.6% 14.6% 19.8% 21.6% 21.8% 15.8% 14.7% 16.7% 12.4% 16.2% 19.0% 20.2% 21.9%
Net margin 11.3% 11.1% 15.0% 16.5% 17.4% 17.4% 13.1% 14.9% 16.8% 14.9% 15.8% 12.6% 17.3% 18.7%
Ratios
Opex ratio -8% -8% -8% -5% -6% -7% -8% -8% -8% -7% -6% -5% -5% -6%
Tax rate 32% 31% 18% 20% 21% 21% 0% 0% 0% 0% 0% 0% 0% 0%
YoY
Revenue 0% 13% 45% 56% 58% 35% 93% 21% 27% 56% 32% 52% 79% 56%
Gross profit -2% 13% 39% 75% 73% 40% 101% 27% 34% 22% 21% 58% 85% 122%
OP income -4% 14% 36% 111% 73% 36% 132% 25% 32% 10% 36% 97% 117% 175%
Net income 6% 11% 95% 72% 67% 34% 194% 44% 69% 135% 59% 29% 84% 95%
QoQ
Revenue -4% 0% 16% 39% -19% 16% 36% 21%
Gross profit -5% -4% 22% 10% -6% 27% 42% 32%
OP income -13% -6% 31% 4% 7% 36% 45% 32%
Pretax income 26% -2% 20% 26% -12% -6% 86% 31%
Net income 28% 14% 30% 24% -14% -7% 86% 31%

Source: Company data, Goldman Sachs Global Investment Research

Price Target Risks and Methodology - Fositek

Valuation methodology: We are Buy rated on Fositek. Our target price is based on a
near-term P/E, consistent with our Greater China Hardware coverage. We base our 12m
TP of NT$1,551 on a target P/E multiple of 30.2x on our forward-year EPS (2026E). Our
target P/E of 30.2x is derived from the correlation between P/E and EPS growth of its
peers in technology hardware.

Key downside risks: 1) Slower-than-expected foldable phone penetration; 2) Potential

competition from more suppliers; 3) Soft smartphone market demands.

e92c7a75ab8b4efbba794e6b187208c8
6805.TW 12m Price Target: NT$1,551.00 Price: NT$1,185.00 Upside: 30.9%

Buy GS Forecast
12/24 12/25E 12/26E 12/27E
Market cap: NT$81.3bn / $2.7bn Revenue (NT$ mn) New 8,187.7 12,759.3 20,182.7 27,261.0
Enterprise value: Revenue (NT$ mn) Old 8,187.7 12,727.7 19,778.3 26,350.3
NT$75.0bn / $2.5bn EBITDA (NT$ mn) 1,393.6 2,820.1 4,685.8 6,266.5
3m ADTV: NT$2.9bn / $95.6mn EPS (NT$) New 17.89 30.76 51.35 69.06
Taiwan EPS (NT$) Old 17.89 30.62 50.54 66.77
Greater China Technology P/E (X) 42.5 38.5 23.1 17.2
M&A Rank: 3 P/B (X) 9.4 12.0 9.2 7.0
Leases incl. in net debt & EV?:
Dividend yield (%) 1.0 1.1 1.8 2.4
Yes
CROCI (%) NM 232.8 NM NM

6/25 9/25E 12/25E 3/26E

EPS (NT$) 4.82 8.98 11.76 11.98

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 9 Oct 2025 close.

12 October 2025 3
Goldman Sachs Fositek (6805.TW)

Disclosure Appendix

Reg AC
We, Verena Jeng and Allen Chang, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject
company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the
specific recommendations or views expressed in this report.
Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division.

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Disclosures
The rating(s) for Fositek is/are relative to the other companies in its/their coverage universe: AAC, ACM Research, AMEC, ASMPT, AVC, AccoTest,
Anji Micro, Arcsoft, Asus, Auras, BOE, BYDE, CR Micro, Cambricon, Chenbro, China Mobile (HK), China Telecom, China Tower Corp., China Unicom, China
United Network Comm, Chinasoft Intl, Compal, Desay SV, E Ink, E-Town Semis, EHang, Empyrean, Eoptolink, Fositek, Foxconn Industrial Internet,
GalaxyCore, Gigabyte, Gigadevice, Glodon Co., HG Tech, HTC Corp., Hengtong, Hikvision, Hon Hai, Horizon Robotics, Hua Hong, Huaqin Technology,
Hwatsing, Innolight, Inspur, Inventec, JCET, Kematek, King Slide, Kingdee, Kingsoft Office, LandMark, Largan, Lenovo, Lingyi, Luxshare, Maxscend, Mitac,
Montage, NAURA, NSIG, Nexchip, OmniVision, Pegatron, Piotech, Pony AI Inc., Quanta, Ruijie Networks, SG Micro, SICC, SMIC (A), SMIC (H), SZS, Sangfor,

e92c7a75ab8b4efbba794e6b187208c8
SenseTime, Shennan Circuits, SinoWealth, StarPower, Sunny Optical, TFC Optical, Thundersoft, Transsion, UMT, UNIS, VPEC, Vanchip, Venustech,
VeriSilicon, WNC, Wistron, Wiwynn, YJ Semitech, YOFC (A), YOFC (H), Yonyou, ZTE (A), ZTE (H), ZWSOFT, iFlytek

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There are no company-specific disclosures for: Fositek (NT$1,185.00)

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Goldman Sachs Investment Research global Equity coverage universe

Rating Distribution Investment Banking Relationships

Buy Hold Sell Buy Hold Sell
Global 49% 34% 17% 63% 58% 42%

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12 October 2025 4
Goldman Sachs Fositek (6805.TW)

Price target and rating history chart(s)

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e92c7a75ab8b4efbba794e6b187208c8
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e92c7a75ab8b4efbba794e6b187208c8
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