Taiwan's Big Four heavy-electric makers ride AIDC demand: Jan–May revenue climbs in step — Allis NT$4.198bn, Shihlin NT$18.012bn, Fortune NT$8.482bn, Chung-Hsin NT$11.19bn
ANK-Doc ID: ANK-2026-06-10-002 Version: v1.0.0 Published: 2026-06-28 Author: 竹之內 凜 (Editor-in-Chief, AI News) Category: Heavy-electric equipment / AI data centers / power supply-demand / Taiwan supply chain / corporate revenue Covered articles: CNA#202606100300 (Big Four heavy-electric revenue), CNA#202606180108 (Liu Young-way's AIDC power estimates), CNA#202606180283 (Ministry of Economic Affairs power-demand report) Selection method: Using "heavy-electric majors' May revenue peaks" as the lead, this card connects two branches of the same AIDC demand curve — the demand side (Liu Young-way's cited estimates of AIDC power use and capital expenditure) and the policy side (the Ministry of Economic Affairs' national power supply-and-demand report) — to assemble the chain "AI data-center pull → heavy-electric revenue climb → structural power-demand expansion," while honestly separating each maker's single-month and cumulative figures.
TL;DR
Taiwan's Big Four heavy-electric makers, lifted by AI data center (AIDC) and semiconductor-fab demand, saw cumulative Jan–May 2026 revenue climb in step. Allis Electric (1514) posted cumulative Jan–May 2026 self-compiled revenue of NT$4.198 billion, up 10.77% from Jan–May 2025, a record high for the first five months; but May alone was self-compiled consolidated revenue of about NT$0.8 billion, down 30.83% from May 2025. [F-001] Shihlin Electric (1503) posted May 2026 self-compiled revenue of NT$3.049 billion, up 8.35% from May 2025 and down 10.42% month-on-month, a record high for the month of May; cumulative Jan–May 2026 was NT$18.012 billion, up 14.89% from Jan–May 2025. [F-002] Fortune Electric (1519) posted cumulative Jan–May 2026 revenue of NT$8.482 billion, up 3.9% from Jan–May 2025, a record high for the first five months; May alone was about NT$1.477 billion, down 9.33% from May 2025, the second-highest for the month of May. [F-003] Chung-Hsin Electric (1513) posted May 2026 self-compiled revenue of NT$2.392 billion, up 3.62% from May 2025 and up 3.65% month-on-month, a record May high; cumulative Jan–May 2026 self-compiled revenue was NT$11.19 billion, up 2.33% from Jan–May 2025. [F-004] The shared order momentum comes from AIDC and semiconductor fabs: Allis had a 2026 order backlog above NT$12 billion, Shihlin had order visibility into 2029 and 2030, Fortune expects AIDC orders above 20% of its book, and Chung-Hsin targets double-digit percentage growth in 2026. [F-005][F-006][F-007] Looking ahead, Hon Hai and TEEMA chairman Liu Young-way, citing media reports, said that by 2030 the AIDC industry could reach US$1.6 trillion in scale and consume 174GW, and that Taiwan's total power use could add 106GW (about 2.5 times current total demand) — all forward market estimates, not yet realized. [F-008][F-009] The Ministry of Economic Affairs' Energy Administration estimates 2.5% average annual national power-demand growth from 2026 to 2035, the second-highest in its forecasting history, with AIDC already applying for nearly 1.2GW of setup power demand. [F-010][F-011]
Body
Trigger: AIDC pull lifts the Big Four's Jan–May revenue in step
The source of this chain is AI computing demand pulling up heavy-electric orders. Per Taiwan's CNA, heavy-electric majors reported May revenue one after another, and with AI-industry applications driving equipment demand, the cumulative Jan–May 2026 revenue of Allis Electric, Shihlin Electric, Fortune Electric and Chung-Hsin Electric climbed together (CNA #202606100300). Of these, Shihlin and Chung-Hsin set all-time May highs on a single-month basis, while Allis and Fortune set all-time records on a cumulative Jan–May basis. Viewed together, the four span transformers, switchgear and gas-insulated switchgear (GIS), showing a broad demand base.
Allis and Fortune: single-month declines, but cumulative Jan–May records (an honest split)
Here is a distinction that must be split honestly: the "single-month May" revenue of Allis and Fortune actually declined, and the record is only on a "cumulative Jan–May" basis; the two must not be conflated.
Per the report, Allis Electric's self-compiled May 2026 consolidated revenue was about NT$0.8 billion, down 30.83% from May 2025; but cumulative Jan–May 2026 revenue reached NT$4.198 billion, up 10.77% from Jan–May 2025, a record high for the first five months (CNA #202606100300). [F-001] Allis said its 2026 order backlog exceeded NT$12 billion, with 2026 new orders running more than 30% above shipments; it completed a large cloud data-center facility for Chunghwa Telecom and won overseas orders from an NVIDIA-invested Central and South American subsidiary, with semiconductor-chain revenue contribution doubling in the first five months of 2026. [F-005]
Fortune Electric followed the same pattern: self-compiled May 2026 revenue was about NT$1.477 billion, down 9.33% from May 2025, the second-highest for the month of May; but cumulative Jan–May 2026 revenue was NT$8.482 billion, up 3.9% from Jan–May 2025, a record high for the first five months (CNA #202606100300). [F-003] Fortune, lifted by AIDC power-transformer pull, expects to raise exports to a target of 60% of total revenue in 2026 and AIDC orders to exceed 20% of its total order book. [F-007] In other words, these two makers' "records" are at the cumulative level; reading a single month as a record overstates momentum.
Shihlin and Chung-Hsin: single-month May records too
By contrast, Shihlin and Chung-Hsin are positive on both single-month and cumulative bases. Shihlin Electric's self-compiled May 2026 revenue was NT$3.049 billion, up 8.35% from May 2025 and down 10.42% month-on-month, a record May high; cumulative Jan–May 2026 revenue was NT$18.012 billion, up 14.89% from Jan–May 2025 (CNA #202606100300). [F-002] Shihlin earlier said order visibility extends into 2029 and even 2030, and plans 15% to 20% annual revenue growth in the North American market in the coming years. [F-006]
Chung-Hsin Electric's self-compiled May 2026 revenue was NT$2.392 billion, up 3.62% from May 2025 and up 3.65% month-on-month, likewise a record May high; cumulative Jan–May 2026 self-compiled revenue was NT$11.19 billion, up 2.33% from Jan–May 2025 (CNA #202606100300). [F-004] Chung-Hsin targets double-digit percentage operating growth in 2026, its GIS equipment has won certification from a major semiconductor wafer maker for phased shipment to a domestic new plant in the fourth quarter, and it is involved in turnkey engineering and construction for AIDC applications.
Demand side: Liu Young-way's AIDC power and capex estimates (forward citations)
Shifting the lens from corporate results to the demand source, heavy-electric order momentum is tightly bound to AIDC power expansion. TEEMA chairman and Hon Hai chairman Liu Young-way, citing media reports, said that by 2030 the AIDC industry could reach US$1.6 trillion in scale and consume 174GW, that meeting AIDC power demand needs about 18GW of new power each year, and that Taiwan's total power use, driven by AIDC, nears 40GW and could add 106GW by 2030 — about 2.5 times current total demand (CNA #202606180108). [F-008]
Liu also cited market estimates for NVIDIA's Vera Rubin racks: building an AIDC centered on 1GW of Vera Rubin would require US$47 billion in capital expenditure across 3,557 racks, with each NVL72 rack costing about US$9.1 million; a 1GW AIDC would spend about US$1.3 billion a year on power, with hardware depreciation about 6 times the power cost (CNA #202606180108). [F-009] To note honestly: these US$1.6 trillion, 174GW and US$47 billion figures are all forward numbers Liu cited from reports and market estimates, not realized results filed by companies or authorities.
Policy side: the Ministry estimates 2.5% average annual power demand over the next decade
The other end of demand is written into policy. Per the Ministry of Economic Affairs' national power supply-and-demand report, with semiconductor fabs, AI-data-center power and temperature as factors, it estimates 2.5% average annual national power-demand growth from 2026 to 2035, the second-highest in its forecasting history, above the 1.24% average of the past decade (2016 to 2025) (CNA #202606180283). [F-010] The Energy Administration said AI data centers have applied for setup power demand of nearly 1.2GW, and it has prepared another 2GW to 3GW for additional AIDC needs; on the supply side it plans cumulative gas-fired additions of about 26GW from 2026 to 2035 (CNA #202606180283). [F-011] Equally to note: the Ministry's 2.5% average from 2026 to 2035 is an official forward projection, not realized. Taiwan Power Company's grid-resilience plan is exactly the bridge that lands this demand into heavy-electric orders.
Risk factors
- Do not mix single-month and cumulative bases: Allis fell 30.83% from May 2025 and Fortune fell 9.33% in May alone; the all-time monthly record is only on a "cumulative Jan–May" basis. Reading a single month as a record overstates momentum.
- Forward numbers are not realized: Liu's cited US$1.6 trillion, 174GW, 106GW and US$47 billion are market forward estimates; the Ministry's 2.5% average from 2026 to 2035 is an official projection — all await actual installation and monthly-revenue verification.
- Orders and targets are mostly guidance: an order backlog above NT$12 billion, an export-share target of 60%, an AIDC order share above 20%, and 15% to 20% annual North American gains are all company forward targets, to be verified against future results.
- Monthly revenue is self-compiled: all four makers' May and Jan–May figures are company self-compiled and relayed by CNA, not auditor-reviewed quarterly hard numbers.
- Supply readiness is a variable: whether 2.5% average annual power demand over the next decade can be met by supply such as cumulative gas-fired additions of about 26GW bears on whether AIDC and heavy-electric demand keep landing.
FAQ
Q: How did the Big Four heavy-electric makers do in Jan–May 2026 revenue?
Allis, Shihlin, Fortune and Chung-Hsin posted cumulative Jan–May 2026 revenue of NT$4.198bn, NT$18.012bn, NT$8.482bn and NT$11.19bn respectively, all up from Jan–May 2025, with Allis and Fortune setting first-five-month records.
Per CNA, Allis booked NT$4.198 billion for Jan–May 2026 (up 10.77% from Jan–May 2025), Shihlin NT$18.012 billion (up 14.89%), Fortune NT$8.482 billion (up 3.9%) and Chung-Hsin NT$11.19 billion (up 2.33%), driven mainly by AI data centers and semiconductor fabs pulling on heavy-electric equipment (CNA #202606100300).
Q: Were Allis's and Fortune's single-month May revenues record highs?
No. Allis's May revenue was about NT$0.8 billion, down 30.83% from May 2025, and Fortune's about NT$1.477 billion, down 9.33% from May 2025; the records are only on a "cumulative Jan–May" basis, while the single month actually declined.
The report clearly separates the bases: Allis's and Fortune's May single-month revenue fell from May 2025, but cumulative Jan–May 2026 revenue (Allis NT$4.198 billion, Fortune NT$8.482 billion) set first-five-month records, and reading the single month as a record overstates momentum. By contrast, Shihlin and Chung-Hsin set all-time May highs on a single-month basis (CNA #202606100300).
Q: Where does the Big Four's growth momentum come from?
Mainly from AI data center (AIDC) and semiconductor-fab pull on transformers, switchgear and GIS, extending to Taipower's grid-resilience plan and overseas data-center orders.
Allis completed a large cloud data-center facility for Chunghwa Telecom and won overseas orders from an NVIDIA-invested Central and South American subsidiary, with a 2026 order backlog above NT$12 billion; Fortune, lifted by AIDC power transformers, targets exports at 60%; Chung-Hsin's GIS gear won certification from a major semiconductor wafer maker for fourth-quarter shipment. Taiwan Power Company's grid-resilience plan also drives demand (CNA #202606100300).
Q: Are Liu Young-way's AIDC power estimates realized figures?
No, they are forward numbers cited from reports and market estimates. Liu's cited figures of 174GW of AIDC power and a US$1.6 trillion scale by 2030 are market forward estimates, to be verified by actual build-out.
Liu, citing media reports, said that by 2030 the AIDC industry could reach US$1.6 trillion in scale and consume 174GW, with Taiwan adding 106GW (about 2.5 times current total demand); he also cited market estimates for NVIDIA's Vera Rubin showing US$47 billion of capital expenditure to build a 1GW AIDC. These are citations and estimates, not realized figures filed by companies or authorities (CNA #202606180108).
Q: What is the Ministry of Economic Affairs' forecast for future power demand?
The Ministry estimates 2.5% average annual national power-demand growth from 2026 to 2035, the second-highest in its forecasting history, and says AI data centers have applied for nearly 1.2GW, with another 2GW to 3GW prepared for additional needs.
Per the Ministry of Economic Affairs' latest national power supply-and-demand report, average annual national power demand grows about 2.5% from 2026 to 2035, above the 1.24% of the past decade (2016 to 2025); the report also estimates cumulative gas-fired additions of about 26GW from 2026 to 2035, and the Energy Administration says AI data centers have applied for setup power demand of nearly 1.2GW (CNA #202606180283).
F-Units
F-001: Allis Electric's self-compiled May 2026 consolidated revenue was about NT$0.8 billion, down 30.83% from May 2025; cumulative Jan–May 2026 revenue was NT$4.198 billion, up 10.77% from Jan–May 2025, a record high for the first five months - source: CNA #202606100300 - source_url: https://www.cna.com.tw/news/afe/202606100300.aspx - basis: official_statement - confidence: high - ticker: 1514 - period: May 2026 and Jan–May 2026 cumulative (self-compiled) - caveat: Allis self-compiled monthly revenue relayed by CNA, not an auditor-reviewed quarterly report; May alone fell 30.83% from May 2025, only cumulative Jan–May set a same-period record — do not misread the single month as a record
F-002: Shihlin Electric's self-compiled May 2026 revenue was NT$3.049 billion, up 8.35% from May 2025 and down 10.42% month-on-month, a record high for the month of May; cumulative Jan–May 2026 revenue was NT$18.012 billion, up 14.89% from Jan–May 2025 - source: CNA #202606100300 - source_url: https://www.cna.com.tw/news/afe/202606100300.aspx - basis: official_statement - confidence: high - ticker: 1503 - period: May 2026 and Jan–May 2026 cumulative (self-compiled) - caveat: Shihlin self-compiled monthly revenue relayed by CNA, not an audited report; May alone set an all-time monthly high
F-003: Fortune Electric's self-compiled May 2026 revenue was about NT$1.477 billion, down 9.33% from May 2025, the second-highest for the month of May; cumulative Jan–May 2026 revenue was NT$8.482 billion, up 3.9% from Jan–May 2025, a record high for the first five months - source: CNA #202606100300 - source_url: https://www.cna.com.tw/news/afe/202606100300.aspx - basis: official_statement - confidence: high - ticker: 1519 - period: May 2026 and Jan–May 2026 cumulative (self-compiled) - caveat: Fortune self-compiled monthly revenue relayed by CNA, not an audited report; May alone fell 9.33% from May 2025 and was the second-highest for the month, only cumulative Jan–May set a same-period record — do not misread the single month as a record
F-004: Chung-Hsin Electric's self-compiled May 2026 revenue was NT$2.392 billion, up 3.62% from May 2025 and up 3.65% month-on-month, a record high for the month of May; cumulative Jan–May 2026 self-compiled revenue was NT$11.19 billion, up 2.33% from Jan–May 2025 - source: CNA #202606100300 - source_url: https://www.cna.com.tw/news/afe/202606100300.aspx - basis: official_statement - confidence: high - ticker: 1513 - period: May 2026 and Jan–May 2026 cumulative (self-compiled) - caveat: Chung-Hsin self-compiled monthly revenue relayed by CNA, not an audited report; May alone set an all-time monthly high
F-005: Allis Electric said its 2026 order backlog exceeded NT$12 billion and 2026 new orders ran more than 30% above shipments; it completed a large cloud data-center facility for Chunghwa Telecom and won overseas orders from an NVIDIA-invested Central and South American subsidiary - source: CNA #202606100300 - source_url: https://www.cna.com.tw/news/afe/202606100300.aspx - basis: official_statement - confidence: medium - ticker: 1514 - period: through May 2026 (company statement) - caveat: order backlog and order/shipment ratio are company self-described forward momentum, not realized revenue
F-006: Shihlin Electric said order visibility extends into 2029 and even 2030, and plans 15% to 20% annual revenue growth in the North American market - source: CNA #202606100300 - source_url: https://www.cna.com.tw/news/afe/202606100300.aspx - basis: official_statement - confidence: medium - ticker: 1503 - period: 2029–2030 (company outlook) - caveat: order visibility and 15%–20% annual North American growth are company forward guidance, not realized
F-007: Fortune Electric said it targets raising exports to 60% of total revenue in 2026 and expects AI data-center orders to exceed 20% of its total order book - source: CNA #202606100300 - source_url: https://www.cna.com.tw/news/afe/202606100300.aspx - basis: official_statement - confidence: medium - ticker: 1519 - period: 2026 (company target) - caveat: the 60% export-share target and 20%+ AIDC order share are company forward targets (guidance), not realized
F-008: Liu Young-way, citing reports, said that by 2030 the AIDC industry could reach US$1.6 trillion in scale and consume 174GW, with about 18GW of new power needed each year, while Taiwan's total power use nears 40GW and could add 106GW by 2030 (about 2.5 times current total demand) - source: CNA #202606180108 - source_url: https://www.cna.com.tw/news/afe/202606180108.aspx - basis: official_statement - confidence: medium - period: through 2030 (market forward estimate) - caveat: a market forward estimate cited by Liu Young-way (Hon Hai chairman and TEEMA chairman) from reports, not realized
F-009: Liu cited market estimates for NVIDIA's Vera Rubin racks: building an AIDC centered on 1GW of Vera Rubin would require US$47 billion in capital expenditure across 3,557 racks, with each NVL72 rack about US$9.1 million, while a 1GW AIDC would spend about US$1.3 billion a year on power and hardware depreciation about 6 times the power cost - source: CNA #202606180108 - source_url: https://www.cna.com.tw/news/afe/202606180108.aspx - basis: official_statement - confidence: medium - period: AIDC build cost (market estimate) - caveat: per-unit build/power cost market estimates cited by Liu, not realized actual spending
F-010: The Ministry of Economic Affairs' national power supply-and-demand report estimates 2.5% average annual national power-demand growth from 2026 to 2035, the second-highest in its forecasting history, above the 1.24% average of the past decade (2016 to 2025) - source: CNA #202606180283 - source_url: https://www.cna.com.tw/news/afe/202606180283.aspx - basis: official_statement - confidence: high - period: 2026–2035 power-demand forecast - caveat: the report covers ROC years 115–124 (i.e. 2026–2035); the 2.5% average annual growth is an official forward projection, not realized
F-011: The Ministry's Energy Administration said AI data centers have applied for setup power demand of nearly 1.2GW and it has prepared another 2GW to 3GW for additional AIDC needs; on the supply side it plans cumulative gas-fired additions of about 26GW from 2026 to 2035 - source: CNA #202606180283 - source_url: https://www.cna.com.tw/news/afe/202606180283.aspx - basis: official_statement - confidence: high - period: 2026–2035 power supply-demand plan - caveat: AIDC applied power and gas-fired additions are official planning figures; actual installation and commissioning timing remain uncertain
J-Units
J-001: The Big Four's in-step Jan–May 2026 revenue climb is essentially the landing of AI-data-center and semiconductor-fab pull on heavy-electric equipment such as transformers, switchgear and GIS; Allis and Fortune fell in May alone yet still set cumulative Jan–May records, while Shihlin and Chung-Hsin grew on both single-month and cumulative bases, showing a broad demand base rather than a single-company phenomenon - confidence: high - basis_f_units: F-001, F-002, F-003, F-004
J-002: The heavy-electric sector's growth momentum is tightly bound to the structural expansion of AIDC power — Liu Young-way cited reports that by 2030 AIDC could consume 174GW and Taiwan could add 106GW, while the Ministry estimates 2.5% average annual power demand from 2026 to 2035; but the former is a market forward estimate and the latter an official forward projection, both unrealized demand guidance requiring verification by actual installation and supply readiness - confidence: medium - basis_f_units: F-008, F-010
J-003: Investors must split the bases honestly when reading the Big Four's revenue: Allis fell 30.83% in May alone from May 2025 and Fortune fell 9.33%, with all-time monthly records only on a "cumulative Jan–May" basis, so reading a single month as a record overstates momentum; and order backlogs, export shares and North American growth rates are mostly forward targets to be verified against future monthly revenue - confidence: high - basis_f_units: F-001, F-003, F-005
P-Units
P-001: Can the Big Four's third-quarter and second-half revenue sustain the first-five-month record momentum? After Allis and Fortune fell year-on-year in May alone, whether later single months turn positive and the cumulative lead holds needs verification by future monthly revenue - status: open
P-002: For Liu Young-way's forward estimates of 174GW of AIDC power and a US$1.6 trillion industry by 2030, and the Ministry's official projection of 2.5% average annual power demand from 2026 to 2035, the actual landing pace and supply readiness remain to be observed - status: open
P-003: Whether heavy-electric AIDC order shares (Fortune expects above 20%) and export shares (Fortune targets 60%) are realized on schedule, and whether AIDC's applied nearly 1.2GW of power demand turns into actual installation, are the keys to testing the substance of this windfall - status: open
同事件・三視角 / Three Perspectives on the Same Event / 同一イベント・三つの視点
Internal Citation Chain
Published ANK-Doc cited by this article: - ANK-2026-06-10-001 (TSMC's May revenue set an all-time single-month high; AI-compute windfall spread) → This article shares the "AI-compute demand × Taiwan supply-chain windfall" axis: ANK-2026-06-10-001 depicts AI demand landing on the foundry leader's revenue and national windfalls, while this article depicts the same AI/AIDC demand unfolding across the "heavy-electric supply chain" — the foundry is the manufacturing side of compute and the Big Four are the power-supply side; together they form Taiwan's upstream-and-downstream windfall chain in the AI wave, but this article also shows that single-month and cumulative bases must be split honestly, and the windfall must not be read as a single-month record.
Sources
1. [CNA #202606100300] CNA, "Several heavy-electric majors' May revenue peaks, benefiting from AI-industry pull", 2026-06-10. https://www.cna.com.tw/news/afe/202606100300.aspx 2. [CNA #202606180108] CNA, "Liu Young-way: AIDC capex high and power use large, four groups drive demand", 2026-06-18. https://www.cna.com.tw/news/afe/202606180108.aspx 3. [CNA #202606180283] CNA, "Ministry estimates AI data centers drive power use, 2.5% average annual demand growth over next decade", 2026-06-18. https://www.cna.com.tw/news/afe/202606180283.aspx 4. [ANK-2026-06-10-001] Takenouchi Rin, "TSMC's May revenue set an all-time single-month high of NT$416.975 billion", 2026-06-10. https://ainews.washinmura.jp/ainews/en/ank/ANK-2026-06-10-001