利润率预期更趋现实，但收入存在下行风险；维持「跑输大盘」评级（谱瑞科技 Parade）

Reiterate Underperform on Parade (4966 TT) with PO cut to NT$440 from NT$500, based on the same 14x P/E applied to 2Q26-1Q27E EPS. 4Q25 net income of NT$544mn (EPS NT$6.8) came in 18%/4% behind BofAe/consensus due mainly to softer-than-expected top-line and gross margin. For 1Q26, revenue is likely to grow ~1% QoQ at the mid-point of guidance, reflecting inventory correction at some customers, while GM guidance was cut 2ppt to 40-44%, which we read negatively. Management expects NB shipments to stay flattish in 2026, which looks too optimistic given surging memory prices. Aside from the sustained bright spot of USB4 retimer, the TTED solution with higher entry barriers could underpin touch business momentum, but the overall business still lacks a key growth driver into 2027 before ASIC-like business kicks off by end-2027. We cut 2026-27E EPS by 13% and introduce 2028 estimates.