Nanya Technology
ConvictionContext
Integrated device manufacturer (IDM): designs and fabs its own DRAM at a New Taipei (Taishan/Fab-3A) 300mm site; sells standard DDR/LPDDR, MCP/eMCP, KGD and Elixir-brand modules to OEMs, module makers and distributors. Commodity, ASP-cycle-driven; single owned fab with a new fab under construction (equipment move-in targeted Q1 2027).
Revenue
FY2025 NT$66.59B~US$2.1B); Q1 FY2026 NT$49.09B (~US$1.55B), an ~NT$196B (~US$6.2B) annualized run-rate.Rev growth
FY2025 +95.1% YoYQ1 FY2026 +582.9% YoY, +63.1% QoQ (ASP-driven, not volume).Gross margin
67.9%Q1 FY2026), up from 49.0% QoQ.Op margin
61.3%Q1 FY2026), up from 39.1% QoQ.Capex intensity
High -- 2026 capex guide ~NT$52B~US$1.64B), ~25-30% of the current annualized revenue run-rate; ~70% new-fab construction, ~30% wafer equipment.Market cap
~NT$1.55T~US$49B), TWSE: 2408 (also quoted as 2408.TW / 2408:TT). Re-rated hard on the 2026 DRAM upcycle (stock +~730% over the trailing year); earlier-2026 aggregator marks were far lower (~US$28-44B) before the re-rate.The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence