Delta ElectronicsDelta Electronics 2308 ↗

Caveat

For Q2 2026 (reported 2026-07-30), Delta Electronics (TWSE: 2308, the Taiwan-listed parent -- not the separately listed Thai subsidiary Delta Electronics (Thailand), DELTA.BK, which reports in USD/THB and should not be conflated with these figures) posted consolidated revenue of NT$183.2bn (+47.7% YoY), record net profit NT$25.1bn (+80% YoY) and record EPS NT$9.68. H1 2026 revenue was NT$342.6bn (+41% YoY) with EPS NT$17.59, already exceeding any prior full year.

Gross margin was 35.6% in Q2 and 36.3% for H1; operating margin 16.7% and 17.2% respectively. The growth is almost entirely an AI data-center power story, not a robotics one: AI-related data-center products exceeded 50% of Q2 revenue for the first time, and management guides AI products above 25% of full-year revenue, with liquid cooling alone rising from roughly 10% to over 12% of sales.

By the most recent disclosed segment breakdown located (November 2025, so directional rather than current), Power Electronics was 54% of sales, Infrastructure/ICT 32%, Automation 9% and Mobility 5%. Within Q2 2026, Industrial Automation grew a comparatively modest 15% YoY and swung to a loss on component shortages -- the only segment described in the release as unprofitable.

Delta's robotics-relevant content (servo drives, motion controllers, industrial PCs, machine vision, plus the newly unveiled 'Embodied Intelligence Dual-Arm Collaboration' system and humanoid joint modules shown at the August 2026 Taipei International Industrial Automation Exhibition) sits inside that single-digit-percent, currently loss-making segment, with no robotics-specific revenue broken out anywhere in the disclosure. This is the same dilution risk this site's Nabtesco caveat describes for aircraft/marine/rail content, but more extreme: Delta is now overwhelmingly an AI-power-electronics company (AI products over 50% of quarterly revenue, the actual driver of the record quarter and the stock's re-rating) in which industrial automation, and robotics within it, is a small and currently unprofitable adjacency.

H1 2026 capex of NT$27.5bn and a full-year capex guide of NT$70bn (+50% YoY) are aimed at AI/data-center capacity, not robotics. The NVDA-comp risk this site's own rule exists to prevent applies here almost as directly as to a chip supplier: treat Delta as an AI-power-electronics name with an automation option, not as a robotics comp.

风险提示

FY2026 第二季（2026-07-30 公布），台达电子（台湾上市母公司，代号 2308——注意与另行上市、以美元/泰铢计价的泰国子公司 Delta Electronics (Thailand)（DELTA.BK）区分，不应混用其数字）合并营收 1,832 亿新台币（同比 +47.7%），净利 251 亿元（同比 +80%），双双创纪录，EPS 9.68 元亦创新高。上半年营收 3,426 亿元（同比 +41%），EPS 17.59 元，已超越以往任何全年数字。

第二季毛利率 35.6%，营业利益率 16.7%；上半年毛利率 36.3%，营业利益率 17.2%。这一增长几乎完全是 AI 数据中心电源故事，而非机器人故事：AI 相关数据中心产品首次占第二季营收超过 50%，管理层预期全年 AI 产品占比将超过 25%，其中液冷业务占比已从约 10% 升至逾 12%。

按目前能查到的最新分部数据（2025 年 11 月，仅供方向参考，非最新）：电源电子占营收 54%，基础设施/资通讯 32%，自动化 9%，移动/电动车 5%。在 2026 年第二季，工业自动化分部营收仅增长 15%（相对温和），且因零组件短缺转为亏损——是公告中唯一被描述为亏损的分部。

台达与机器人相关的业务（伺服驱动、运动控制器、工业电脑、机器视觉，以及 2026 年 8 月台北国际自动化工业大展上首度公开的“具身智能双臂协作”系统与人形机器人关节模组）均落在这个个位数占比、目前亏损的分部之内，且披露中没有任何单独列出的机器人营收。这与本站对纳博特斯克航空/船舶/轨道业务稀释效应的说明是同一种风险，但更极端：台达如今已是一家彻头彻尾的 AI 电源电子公司（AI 产品占单季营收逾 50%，是创纪录本季与股价重新定价的真正驱动力），工业自动化、及其中的机器人内容，只是一个规模很小且目前尚未盈利的附属业务。

上半年资本支出 275 亿元，全年资本支出指引 700 亿元（同比 +50%），投向的是 AI/数据中心产能，而非机器人。本站为防止将 NVDA 当作机器人对标而设的规则，在这里几乎同样适用：应把台达视为一家带自动化期权的 AI 电源电子公司，而非机器人对标标的。