2059

Chuanhu really did it today: during trading it surged to a high of 10,035, writing a new page in Taiwan stock history. It has since pulled back and is currently consolidating around 9,975.

Just looking at the numbers is pretty shocking: Q1 EPS was 36.58 yuan, up 38.82% year over year; first-half revenue was 16.28 billion yuan, nearly double year over year. In just this half, it’s already close to matching last year’s full-year total of 17.5 billion. Gross margin was 77.74% and operating margin 67.06%. This level of profitability efficiency is rare across the entire electronics industry—especially considering what it’s doing is something as traditional-sounding as a “guide rail.”

Having over an 80% market share is essentially its moat. The real variable is in the second half: for NVIDIA’s Vera Rubin platform, upstream component orders are expected as early as July and August; shipments of complete system racks are slated for the end of Q4 through Q1 next year. Chuanhu is therefore one of the “invisible” champions that will be the most directly benefited from this wave of ramp-up. The new factory in Texas starts mass production in September and October, meaning there’s still a capacity-growth story to be told in the second half.

After hitting a high intraday, it pulled back and volume has tightened—this looks more like normal profit-taking after a run, not yet the kind of reversal. What really needs to be watched is whether it can hold above 10,000 going forward. If it stays above 10,000, the market is effectively continuing to assign a valuation based on the logic of scarce assets. But if it breaks below 9,495 (the closing price on 8/4, which was also the prior peak), it would mean short-term profit pressure is heavier than expected, and the market may need some time to digest the positions.

For a stock priced at over a million, would you keep holding to wait for the Vera Rubin ramp-up to play out, or would you cash in first?

#2059 #川湖 #台股萬點 #AI供應鏈 #kingslide