地緣政治與供應鏈去中化浪潮正在重塑功率半導體版圖。研究機構最新評等顯示，受惠於安世半導體歐洲爭端帶來的外溢訂單，強茂積壓訂單量已重回 2021 年歷史高峰。這場轉單並非短期應急拉貨，而是歐美車廠與雲端服務業者基於供應鏈安全所啟動的長期重組。強茂憑藉歐洲車廠認證加速，以及AI資料中心對高壓保護元件的需求暴增，一舉擺脫消費性電子低谷。在車用電子與AI伺服器雙引擎驅動下，台系供應鏈正迎來營收與產品毛利的雙重躍升期。Geopolitical friction and Western supply-chain de-risking away from China are fundamentally reshaping the power semiconductor landscape. According to the latest research ratings, Panjit International has seen its order backlog rebound to its 2021 historical high, propelled by business deflected from Nexperia amid European regulatory and corporate disputes. This reallocation represents far more than transient, emergency stockpiling; it reflects a long-term architectural realignment by European and U.S. automakers and cloud service providers seeking supply-chain resilience. Accelerated by expedited qualifications from European automakers and an explosion in demand for high-voltage protection components in AI data centers, Panjit has decisively climbed out of the consumer electronics trough. Powered by the dual engines of automotive electronics and AI servers, Taiwanese suppliers are entering a period of dual expansion across both top-line revenue and gross margins.

歐美去中化轉單帶動規格升級Western Supply Diversification Accelerates High-End Mix Shift

歐美車廠縮短供應商認證週期，使強茂車用電子營收占比迅速攀升至 35%至 37%，確立其在歐美供應鏈的地位。與此同時，資料中心運算架構升級帶來更關鍵的實質增量。單一AI伺服器機櫃內部的高壓MOSFET與TVS二極體用量高達 100 至 200 顆，直接推動強茂AI相關營收占比由前期的 11%快速拉升，預期 2026 年將達到 14%至 15%，2027 年更上看 17%。車用與AI高階規格不僅消化了產能，更顯著改善過去仰賴低階產品的營收體質。Automakers across Europe and the U.S. have compressed supplier qualification timelines, driving automotive electronics to 35%–37% of Panjit's revenue and cementing its footprint in Western supply chains. Simultaneously, evolving data center architectures are providing an even more consequential demand tailwind. A single AI server rack now absorbs between 100 and 200 high-voltage MOSFETs and TVS diodes. This dynamic has rapidly lifted Panjit's AI-related revenue share from 11% in prior periods toward a projected 14%–15% in 2026, with 2027 expected to reach 17%. These high-end automotive and AI design wins are not only absorbing fab capacity, but also decisively enriching a revenue mix historically weighed down by commodity products.

產能槓桿釋放推升營收毛利率Operating Leverage Unlocks Margin Expansion and Profit Growth

實質接單動能已完整反映在出貨數據上。強茂接單出貨比維持在 1.3 至 1.5 的高檔水位，2026 年 7 月營收繳出 14.48 億元、年增 31%的亮眼成績。為應對高壓車用與伺服器零組件需求，徐州廠新增 6 條封裝產線，加上第 3 季全面啟動產品調價與越南封測新廠交付，產能槓桿正加速釋放。市場預期 2026 年全年營收將落在 155.1 億元至 163.3 億元區間，毛利率可望由 2025 年的 31.3%拉升至 35%水準，法人更全面上修獲利預期。Strong incoming order momentum is now fully visible in shipment figures. Panjit's book-to-bill ratio has held firm in the high 1.3 to 1.5 range, with July 2026 revenue delivering a standout NT$1.448 billion, up 31% year-over-year. To support robust orders for high-voltage automotive and server components, the company added six packaging lines at its Xuzhou plant. Combined with broad-based third-quarter price increases and commercial handoffs at its new testing and packaging facility in Vietnam, operating leverage is compounding rapidly. The market now expects full-year 2026 revenue to land between NT$15.51 billion and NT$16.33 billion, while gross margin is projected to expand from 31.3% in 2025 to around 35%, triggering widespread earnings upgrades by institutional analysts.

成本逆風與供應鏈移轉變數Cost Headwinds and Competitive Shifts Introduce Variables

營運擴張步伐的背後仍面臨成本與外部競爭考驗。國際金、銅等貴金屬原料價格居高不下，疊加晶圓代工與封測成本高漲，持續對製造毛利形成壓迫；轉投資子公司虹冠電的獲利波動，先前亦曾對毛利率表現帶來干擾。另一方面，競爭對手安世半導體若在東南亞產線加快驗證節奏以爭取訂單回流，或者歐美電動車終端銷量成長幅度不如預期，都將直接考驗轉單紅利的延續性與產品溢價能力，為中長期獲利空間增添變數。This operational expansion must nevertheless navigate mounting input costs and shifting competitive dynamics. Persistently high spot prices for gold and copper, coupled with elevated foundry and OSAT fees, continue to squeeze manufacturing margins, while earnings volatility at affiliate Champion Microelectronic has historically weighed on consolidated profitability. On the competitive front, should rival Nexperia accelerate qualifications for its Southeast Asian facilities to claw back lost orders, or should Western EV demand fall short of expectations, the longevity of these spillover orders and the sustainability of pricing premiums would be directly tested, introducing uncertainty into the medium-term earnings outlook.

本刊判斷，強茂正站在地緣供應鏈重組與規格升級的甜蜜點。未來的關鍵觀察方向在於海外新封測產能的交付驗證節奏，以及終端高壓零組件在成本上漲壓力下的轉嫁能力。只要AI伺服器與高壓車用營收比重持續攀升，獲利擴張格局就不致輕易轉向。In our view, Panjit sits in a sweet spot carved out by geopolitical supply-chain reconfiguration and higher product specifications. Key variables to track include the pace of customer qualifications at its new overseas packaging facility and its ability to pass through upstream raw-material inflation on high-voltage components. As long as revenue contributions from AI servers and high-voltage automotive applications continue to rise, the company's broader earnings expansion is unlikely to reverse course.