At a glance. Revenue barely moved. Profit did. Jih Lin's Q1 2026 investor conference — Taiwan's equivalent of a US earnings call — showed EPS at NT$1.00 against NT$0.43 a year earlier, on a mix that has started to include top-side cooling leadframes and Clipper parts transferred from automotive power modules into AI-server HVDC. April revenue set a record. There is still no 800V share of sales.
What changed this quarter
The mix, not the top line. High-margin new parts, including AI applications, began volume shipments from 2025Q4. Revenue was only +2% year on year; operating profit more than doubled because the internal mix got richer.
AI-server HVDC parts are in production. Management named two: top-side cooling (dual-sided) leadframes and Clipper components. Both came out of automotive module technology and were moved across to AI-server high-voltage DC, where the package is small and the thermal demand is high.
Utilisation rose to 70–75%, and copper cost was passed through in selling prices. The other side of the P&L was a small FX hit as the Taiwan dollar, renminbi and ringgit all firmed against the US dollar.
The numbers
| Q1 2026 | Value | Change |
|---|---|---|
| Revenue | NT$1.357bn (~US$43m) | +8% QoQ, +2% YoY |
| Gross profit | NT$254m, margin 19% | GM from 15% in 2025Q4 and 13% in 2025Q1 |
| Operating profit | NT$134m (~US$4.3m), margin 10% | +101% QoQ, +153% YoY |
| Net income | NT$102m (~US$3.2m) | +90% QoQ, +133% YoY |
| EPS | NT$1.00 (~US$0.032) | vs NT$0.53 in 2025Q4 and NT$0.43 in 2025Q1 |
Non-operating expense was NT$4.65m, almost all FX. Debt-to-assets stayed at 46%; book value NT$29.12; interest coverage rose from 7.69 times to 15.74.
April revenue was described as an all-time high. No April figure was given.
NVIDIA 800V read-through
Jih Lin is a power-leadframe name, the same slot as Chang Wah, and it is already shipping rather than prototyping. The honest comparison stops there.
Chang Wah has quantified 800V HVDC leadframes at 6–8% of sales with a process upgrade and a 30–50% ASP premium. Jih Lin has not given a percentage. What this call named is the parts — top-side cooling and Clipper — the origin (automotive modules), the destination (AI-server HVDC), and the economic effect (high barrier, better margin, mix up even when revenue is flat). Production can be split across two or three plants for international IDMs and Chinese customers.
Power devices, management said, are a second-stage AI product — pulled along after the first wave, not leading it. Edge devices adding AI are the medium-term volume argument, not a 2026 number.
Do not add Jih Lin's unnamed share to Chang Wah's 6–8%. The two disclosures are not in the same units.
Segments that moved
| Application | Q1 2026 share |
|---|---|
| Automotive | 49% |
| Industrial | 29% |
| Consumer | 22% |
Auto plus industrial is about 80%, which is the structure management wants to keep. Auto stays around half. Industrial is the bucket management said would be reshaped as AI and other high-margin applications develop. Consumer is the residual.
Guidance
- Operations to keep building from a monthly revenue base above NT$500m.
- Auto plus industrial to stay 75–80% of sales; auto around 50%, industrial adjusting as AI content rises.
- 2026 capex about NT$200m, a little more than the prior-year run of just over NT$100m, for line optimisation, automation and equipment replacement — not a large new plant.
- No near-term capacity addition at 70–75% utilisation; if one is needed, Southeast Asia would be first.
- Returning to the 2021 revenue and profit peak is a stated aim, not a dated target; April's record is the evidence management pointed to.
Management Q&A
Q: Capex plan this year, and the operating and product-line outlook?
A: Capex is estimated a little over NT$200m, up from just over NT$100m in prior years, mainly for line optimisation and equipment replacement rather than a large new plant. The operating base is meant to hold around the current NT$500m-plus a month. Automotive plus industrial should stay 75–80% of sales, with auto around 50% and industrial mix shifting toward higher-margin AI applications.
Q: Why did Q1 2026 gross margin rise so much, and why has profit improved when revenue growth has been modest?
A: New high-value products that combine stamping and etching have entered volume, and the company has moved into AI applications such as dual-side cooling and Clipper devices. Those parts come from automotive-module technology transferred into high-voltage DC for AI servers, where size is small and thermal demand is high. The sales total did not have to jump because the mix, not the volume, is what changed.
Q: Impact of geopolitics?
A: The company uses its global plants to meet customers' regional production needs and thereby reduce a direct geopolitical hit. A global footprint is a plus in customer scorecards; the point is whether it can make the same part where the customer needs it.
Q: Utilisation trend and expansion plans?
A: Group utilisation is about 70–75%. There is no large expansion in the near term; the focus is automation and line optimisation, and if a new site is needed later, Southeast Asia would likely come first.
Q: Specifics of the AI position?
A: AI work is focused on power-management efficiency and thermal performance. Dual-side-cooling leadframes and Clipper devices are already in volume and can be made at two or three plants depending on the customer, covering international IDMs and Chinese accounts. Power devices are a second-stage AI beneficiary, with broader use expected in edge computing, which the company views as optimistic.
Q: When can revenue and profit return to the 2021 peak?
A: The company is working toward that. April's record revenue is read as a good trend, and it hopes to reach the target at the earliest possible point.
Disclaimer
English notes on Jih Lin Technology's investor conference of 21 May 2026, covering Q1 2026. Figures and statements are as presented by management and have not been independently verified. USD equivalents are approximate, converted at about NT$31.5 to the dollar, and are for orientation only. For reference only; not investment advice.