At a glance. The only company in this collection with 800V already in reported revenue rather than on a roadmap. AI server 800V HVDC leadframes are 6–8% of sales at an ASP 30–50% above standard, with management targeting 10–15% within one to two years — while the rack integrators upstream are still guiding to 2027.
What changed this quarter
The recovery broadened. Management's framing shifted from single-product strength to structural demand: every line grew — QFN, QFP, IC leadframes — with power management strongest. Growth is no longer confined to one product or application.
QFP came back. Industrial and automotive MCU inventory digestion ended and customers restocked hard, lifting QFP to 13% of product mix.
High-growth end markets reached a quarter of revenue. EV, data center, low-earth-orbit satellites, and humanoid robots together are now 25% of sales.
The numbers
| Q2 2026 | Value | Change |
|---|---|---|
| Revenue | NT$4.32bn (~US$137m) | +18% QoQ, +36% YoY |
| Net profit to parent | NT$660m (~US$21m) | +40% QoQ, over 5x YoY |
| EPS | NT$0.71 (~US$0.02) | — |
Gross margin, operating margin and net margin all rose together.
Management validated the recovery against customer behaviour rather than its own order book: IDM customers' inventory days are falling while their revenue keeps growing, which it read as demand returning to normal rather than restocking.
NVIDIA 800V read-through
This is the memo to cite when someone claims Taiwan's 800V exposure is entirely prospective.
- Leadframes for AI server 800V HVDC applications are 6–8% of sales.
- ASP is 30–50% above standard leadframes, because the parts require special surface treatment.
- The target is 10–15% of revenue within one to two years.
Why leadframes sit in the 800 VDC story at all: every conversion stage in NVIDIA's architecture — the MV rectifier, the power shelf, the 64:1 LLC beside the GPU — steps voltage down, and stepping down produces heat. Copper-alloy leadframes are the thermal path out of those devices, which is why they are hard to design out.
Etch process share reached 57% (stamping 43%), pulled up by power-management ICs and QFN, with management expecting it to settle in a 55–60% band.
Segments that moved
Product mix. IC leadframes and QFN were each 32% of sales — QFN on continued market strength plus price adjustments, IC leadframes on power-management demand. QFP rose to 13% on the MCU restock. Discrete was 15% and EMC 8%.
Application mix. Consumer electronics about 46%. Industrial rose to 28% on power management, with AI and data-center-driven growth spreading into automation, robotics, and LEO satellites. Automotive was improving slowly.
Guidance
Management expected Q3 2026 to be better than Q2 on both sequential and annual growth, with the annual comparison potentially stronger still.
The framing for the cycle was that leadframe demand has recovered across the board, and that this is structural growth driven by AI and data centers rather than a single-product rebound.
Management Q&A
Q: If precious-metal prices stay high, what happens to second-half gross margin, and is there a hedge or pass-through?
A: The company has a precious-metal hedge, so a slow rise has only a limited effect on gross margin; list prices follow supply and demand and product competitiveness, not cost alone. Management added that gold and silver have actually fallen recently, but because the market is still short — lead times 14–24 weeks — there is no plan to cut prices, and some products have already been raised.
Q: As QFN and IC leadframes remain the main products, is there room to raise prices further in the second half if power devices go up?
A: Any further increase will be decided product by product on supply and demand. If shortage continues and costs are still rising, the company will negotiate a pass-through with customers.
Q: How concentrated is the customer base, and are new accounts or applications such as AI ASICs in qualification?
A: The top five customers are 55–60% of revenue, including US IDMs such as Texas Instruments and onsemi, European IDM STMicroelectronics, Chinese OSATs Tianshui Huatian and Tongfu Microelectronics, and Taiwan's ASE Group. New customers and new applications will be discussed in public only when there is concrete progress.
Q: What is the one-to-two-year revenue-mix target for AI-server 800V HVDC leadframes?
A: The slice is about 6–8% of revenue today. The aim is 10–15%, because these products carry a relatively higher gross margin.
Q: How long is the average leadframe lead time?
A: Average lead time is about 14–24 weeks, depending on the product and factory schedule.
Q: What is the status of MiniLED work with mainland brands TCL and Hisense, and when does volume start?
A: Management said it would report at a public briefing when there is concrete progress.
Q: Is the company developing more products for advanced packaging or other AI uses?
A: Management said it would disclose further details when there is a concrete R&D milestone to report.
Disclaimer
English notes on Chang Wah Technology's investor conference of 29 July 2026, covering Q2 2026. Figures are as presented by management and have not been independently verified. USD equivalents are approximate at about NT$31.5 to the dollar. For reference only; not investment advice.