Gold Circuit Leads Taiwan PCB Makers in Nine-Month EPS as Tripod Ranks Second
Table of Contents
You might want to know
- Which Taiwanese PCB maker reported the highest earnings per share in 2026’s first three quarters?
- How are AI and high-performance computing demand shaping the outlook for PCB and substrate manufacturers?
Main Topic
Gold Circuit Electronics (金像電, 2368-TW) reported the highest earnings per share among the PCB manufacturers discussed for the first three quarters of 2026, while Tripod Technology (健鼎, 3044-TW) ranked second. Unimicron (欣興, 3037-TW), supported by strong sales of ABF substrates, placed third. All three companies earned more than one share’s par value during the nine-month period, according to the reported results.
Gold Circuit’s latest results follow a series of business milestones. The company’s monthly revenue first surpassed NT$10 billion in July 2026, setting a new record. Amazon (AMZN-US), a customer of the company, also participated in a private placement. On the 10th, Gold Circuit disclosed its latest earnings: third-quarter after-tax net profit was NT$6.386 billion, equivalent to more than one share’s par value, and earnings per share (EPS) reached NT$12.24. For 2026’s first three quarters, after-tax net profit totaled NT$14.653 billion, up 1.2 times year over year, while EPS was NT$28.41.
Gold Circuit’s third-quarter revenue reached NT$29.567 billion, another record. Gross margin was 38.7%, rising 4.05 percentage points from the previous quarter and 3.14 percentage points from a year earlier. After-tax net profit also set a record at NT$6.386 billion, up 33.5% quarter over quarter and 97.79 times year over year. The results lifted quarterly EPS to NT$12.24.
Across the first three quarters, Gold Circuit generated revenue of NT$73.159 billion and a gross margin of 36.33%, up 3.85 percentage points year over year. After-tax net profit was NT$14.653 billion, an increase of 1.2 times from the same period a year earlier, and EPS came to NT$28.41. That EPS figure placed Gold Circuit first among the PCB companies compared, ahead of Tripod’s NT$24.96 and Unimicron’s NT$17.85.
Gold Circuit has expanded production capacity in Taoyuan, Taiwan; Suzhou, mainland China; and Thailand since the beginning of 2026. More recently, its board approved NT$7.9 billion in capital expenditure for investment and capacity expansion in Taiwan. These projects point to continued investment in production capacity as the company addresses customer demand and pursues growth.
Tripod also reported record quarterly results. For the third quarter of 2026, revenue reached NT$30.694 billion, while gross margin set a new high of 34.84%. Gross margin improved by 4.75 percentage points from the second quarter and 8.08 percentage points from a year earlier. After-tax net profit reached a quarterly record of NT$6.274 billion, increasing 61.02% quarter over quarter and 1.12 times year over year. Quarterly EPS was NT$11.94.
Tripod’s operating gross margin, operating profit margin, and pretax net profit margin all increased from the second quarter. The company attributed the improvement mainly to a stronger product mix, higher selling prices that reflected increased raw-material costs, and a lower depreciation ratio. Together, these factors helped its net profit margin exceed 20%, a record high.
For the first three quarters of 2026, Tripod reported revenue of NT$76.516 billion and a gross margin of 31.02%, up 5 percentage points year over year. After-tax net profit was NT$13.116 billion, an increase of 69.17%, and EPS reached NT$24.96. The company’s nine-month profit exceeded its total earnings for the previous full year.
Unimicron, meanwhile, benefited from strong sales of ABF substrates. Its third-quarter revenue reached a record NT$52.65 billion. Gross margin was 28.85%, increasing 4.05 percentage points quarter over quarter and 15.47 percentage points year over year. Third-quarter after-tax net profit totaled NT$10.052 billion. This was down 23.36% from the preceding quarter but up 3.58 times from a year earlier. EPS for the quarter was NT$6.15.
In 2026’s first three quarters, Unimicron generated revenue of NT$132.986 billion and a gross margin of 24.48%, up 11.2 percentage points year over year. After-tax net profit reached NT$28.21 billion, an increase of 7.99 times, and EPS was NT$17.85. The company’s results placed it third among the three manufacturers in nine-month EPS, while its substantial profit growth reflected the strength of demand for its products.
Demand from artificial intelligence (AI) and high-performance computing (HPC) is an important part of Unimicron’s outlook. AI-related products accounted for more than 60% of the company’s product mix in the first half of 2026, and that share is expected to rise to 70% in the second half. Market observers expect Unimicron to remain the Taiwanese substrate maker with the largest number of GPU and ASIC server orders among the island’s three major substrate manufacturers. It may also benefit as AI server substrates grow in area and layer count, with potential advantages in pricing and the pace at which capacity is filled.
Gold Circuit and Tripod have both been identified as PCB makers whose full-year 2026 revenue could exceed NT$100 billion. Their nine-month results show strong profitability, although the companies differ in quarterly performance, margins, product mix, and investment plans. Gold Circuit leads the three companies in EPS for the period, Tripod ranks second, and Unimicron’s results reflect a significant contribution from ABF substrates and AI-related demand.
These figures describe reported financial performance and the outlook cited in the source, rather than guaranteeing future results. Quarterly comparisons, year-over-year changes, and expectations should be considered alongside each company’s business mix and expansion plans.
Key Insights Table
| Aspect | Description |
|---|---|
| Gold Circuit EPS | EPS for the first three quarters of 2026 was NT$28.41, the highest among the three companies covered. |
| Tripod EPS | Nine-month EPS was NT$24.96, ranking second; its nine-month profit exceeded the previous full year’s total. |
| Unimicron EPS | Nine-month EPS was NT$17.85, supported by strong ABF substrate sales and AI and HPC demand. |
| Gold Circuit investment | The board approved NT$7.9 billion in capital expenditure for investment and expansion in Taiwan. |
| Unimicron AI mix | AI products accounted for more than 60% in the first half of 2026, with the share expected to reach 70% in the second half. |
Afterwards...
The results place Gold Circuit, Tripod, and Unimicron among the notable performers in Taiwan’s PCB and substrate sector during the first three quarters of 2026. Gold Circuit’s EPS lead and planned investment, Tripod’s record margins and profits, and Unimicron’s exposure to AI-related substrate demand each illustrate different routes to growth.
Looking ahead, capacity expansion, product mix, input costs, and demand for AI and HPC infrastructure will remain relevant factors to monitor. The reported expectations for revenue and AI-related business provide context for the sector’s outlook, while subsequent financial disclosures will show whether the companies can sustain their recent performance.
Last edited at：2026/11/10
