報告_MS_光寶科2301_20261011

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M Update October 11, 2026 06:18 PM GMT

Lite-On Technology | Asia Pacific

September Sales -4% MoM/ +22% YoY

In this report, we focus on Lite-on's monthl sales, which we believe could be a catal st for its share price.

Details:

• September sales were NT$18,848mn (-4% MoM/+22% YoY)
• 3Q26 sales came in at NT$57,446mn (+9% QoQ/+28% YoY), lower than our estimate of NT$59,526mn (+13% QoQ/+33% YoY) and the consensus at NT $60,259mn (+14% QoQ/+34% YoY)
• By segment, Cloud&AIoT/Opto-electronics/IT&Consumer Electronics accounted for 59%/14%/27% of total sales, respectively This implies growth of -5%/-4%/flat MoM and +53%/+7%/-11% YoY for each segment, respectively, in the month

Our view:

• We believe softer revenue growth in September primarily reflected component shortages at customers in the cloud segment and, to a lesser extent, the consumer electronics segment
• Looking ahead, we expect 4Q26 revenue to grow by double digits QoQ, driven mainly by the cloud segment We expect gross margin to normalise to around 25% in 2H26, versus 27 2% in 2Q26, as inventory write-back benefits fade and shipments of high-margin products delayed from 2Q26 flow through
• Stay EW

Exhibit 1: Lite-on's monthly sales vs. its share price

Source: Past performance is no guarantee of future results. Results shown do not include transaction costs. Source: Company data, EJ, Morgan Stanley Research.

Morgan Stanley aiwan Limited+

Lite-On Technology(2301.TW, 2301 TT)

Greater China Technology Hardware | Taiwan

Unless ot erwise noted, all metrics are based on Morgan Stanley ModelWare framework

** = Based on consensus met odology

e = Morgan Stanley Researc estimates

Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.

For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.

= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

M Update

AlphaSignals Catalyst Event Reaction

Source:Company data, Morgan Stanley Researc

M Update

Valuation Methodology and Risks

Lite-On Technology (2301.TW)

Base case: P/E multiple of 17x based on average 2027-28 EPS We believe our target multiple is justified by the 47% earnings CAGR we estimate for 2025-28, implying a PEG of 0 4, versus the stock's 16x P/E and 2% earnings CAGR during 2022-25, which implied a PEG of 7 2

Risks to Upside

• n Stronger optical business growth
• n Stronger data center/server demand
• n PC/NB demand growth
• nDowntrend in raw material prices

Risks to Downside

• nMacro demand weakness
• nWeaker data center/server demand
• n PC/NB demand slowdown
• n Uptrend in raw material prices

M Update

Disclos re Section

The information and opinions in Morgan Stanle Research were prepared or are disseminated b Morgan Stanle Asia Limited (which accepts the responsibilit for its contents) and/or Morgan Stanle Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanle Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated b the Monetar Authorit of Singapore (which accepts legal responsibilit for its contents and should be contacted with respect to an matters arising from, or in connection with, Morgan Stanle Research), and/or Morgan Stanle Taiwan Limited and/or Morgan Stanle & Co International plc, Seoul Branch, and/or Morgan Stanle Australia Limited (A.B.N. 67 003 734 576, holder of Australian financial services license No. 233742, which accepts responsibilit for its contents), and/or Morgan Stanle Wealth Management Australia Pt Ltd (A.B.N. 19 009 145 555, holder of Australian financial services license No. 240813, which accepts responsibilit for its contents), and/or Morgan Stanle India Compan Private Limited having Corporate Identification No (CIN) U22990MH1998PTC115305, regulated b the Securities and Exchange Board of India ('SEBI') and holder of licenses as a Research Anal st (SEBI Registration No. INH000001105); Stock Broker (SEBI Stock Broker Registration No. INZ000244438), Merchant Banker (SEBI Registration No. INM000011203), and depositor participant with National Securities Depositor Limited (SEBI Registration No. IN-DP-NSDL-567-2021) having registered office at Altimus, Level 39 & 40, Pandurang Budhkar Marg, Worli, Mumbai 400018, India; Telephone no. +91-22-61181000; Compliance Officer Details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: tejarshi.hardas@morganstanle .com; Grievance officer details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: msic-compliance@morganstanle .com which accepts the responsibilit for its contents and should be contacted with respect to an matters arising from, or in connection with, Morgan Stanle Research, and their affiliates (collectivel , "Morgan Stanle "). Morgan Stanle India Compan Private Limited (MSICPL) ma use AI tools in providing research services. All recommendations contained herein are made b the dul qualified research anal sts.

For important disclosures, stock price charts and equit rating histories regarding companies that are the subject of this report, please see the Morgan Stanle Research Disclosure Website at www.morganstanle .com/eqr/disclosures/webapp/generalresearch, or contact our investment representative or Morgan Stanle Research at 1585 Broadwa , (Attention: Research Management), New York, NY, 10036 USA.

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