Report published September 25, 2026
AVC (3017.TW): Liquid Cooling Rising Adoption Along with New AI Servers across GPU and ASIC to Drive Sequential Monthly Revenues Growth
Goldman Sachs · September 25, 2026
Goldman Sachs maintains a Buy rating on AVC (3017.TW) and raises its 12-month target price to NT$4,513 on accelerated sequential monthly revenue growth through 4Q26. Growth is underpinned by rising liquid cooling adoption across GPU and ASIC AI server architectures.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.AVC is expected to experience sequential monthly revenue growth through December 2026, with 3Q26 and 4Q26 revenues forecasted to expand +18% and +27% QoQ respectively.
- 2.Key growth catalysts include ramp-ups in AI server racks (NVL72-equivalent), higher liquid cooling penetration, ASIC AI server model ramps, and expansion into ultra-thin vapor chambers for foldable phones.
- 3.Goldman Sachs raised AVC's 12-month price target from NT$3,986 to NT$4,513 and reiterated a Buy rating, raising 2026-28E net income estimates by 1%, 5%, and 17%.
Table of Contents
- 3-month revenues preview
- Earnings revisions
- Valuation
- Price Target Risks and Methodology - AVC
Report data
Exhibit 3: Earnings revisions — as of September 24, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-Month Price Target | 4513.00 NT$ | Raised from NT$3,986 based on a target P/E of 30.3x 2027E EPS. |
| Current Stock Price | 3555.00 NT$ | Closing price as of 24 Sep 2026 close, offering 26.9% upside. |
| AI Server Rack Shipments (NVL72-equivalent) | 55k/105k/163k units | Expected shipments across Nvidia and AMD racks, increasing by 16% / 20% in 2027 / 28E. |
| 2026E Revenue | 229917 NT$ mn | Full-year 2026 estimated revenue (up 65% YoY). |
| 2027E Revenue | 315979 NT$ mn | Revised up by 4% from NT$302,446 mn. |
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