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報告_MS_南亞科2408_20261012

更新 2026-10-13
#來源/券商報告#公司/南亞科技#產業/記憶體

PDF 原檔：報告_MS_南亞科2408_20261012_original.pdf

圖片清單（已驗證 2026-10-13）

16 張抽圖皆為真資料圖（MS 圖表密度高，無封面/logo），lib 嵌圖只從此清單挑。

檔名 size 分類 親眼所見內容
報告_MS_南亞科2408_20261012_001.png 74KB 真資料圖 DDR4 8Gb(1Gx8) 2666Mbps Spot vs Contract 價格(US$)，Jan-19至Oct-26；現貨 37.50、合約 25.00
報告_MS_南亞科2408_20261012_002.png 96KB 真資料圖 DDR5 16G(2Gx8) 4800/5600 Spot vs Contract 價格(US$)，Jan-23至Oct-26；現貨 58.00、合約 48.00
報告_MS_南亞科2408_20261012_003.png 94KB 真資料圖 DDR4 Contract(YoY%)：DDR3 4Gb 與 DDR4 8Gb 對比，Jan-18至Oct-26，近期雙雙逾 500%
報告_MS_南亞科2408_20261012_004.png 74KB 真資料圖 DDR5 Contract(YoY%)，Mar-24至Oct-26，近期約 600-700%
報告_MS_南亞科2408_20261012_005.png 125KB 真資料圖 Nanya Historical P/B band，Oct-16至Oct-26；Average 1.3x、+1SD 1.7x、-1SD 0.8x，近期約 2.1x 貼近上緣
報告_MS_南亞科2408_20261012_006.png 137KB 真資料圖 Nanya Historical forward P/B vs ROAE，Oct-15至Oct-26，近期 P/B 約 2.2x、ROAE 約 75-85%
報告_MS_南亞科2408_20261012_007.png 132KB 真資料圖 Nanya FY2 EPS Revision(3MMA) vs 股價年增率，Jan-16至2026，近期股價年增逾 1,000%
報告_MS_南亞科2408_20261012_008.png 24KB 真資料圖 Nanya Risk Reward 圖：現價 NT$527、熊案 NT$330(-37.4%)、基準 NT$600(+13.9%)、牛案 NT$1,270(+141.0%)
報告_MS_南亞科2408_20261012_009.png 25KB 真資料圖 Nanya Consensus Rating Distribution：93% Overweight、0% Equal-weight、7% Underweight
報告_MS_南亞科2408_20261012_010.png 17KB 真資料圖 Nanya Global Revenue Exposure 圓餅圖：Mainland China 40-50%、APAC ex Japan/China/India 40-50%、Europe/Japan/North America 各 0-10%
報告_MS_南亞科2408_20261012_011.png 34KB 真資料圖 Nanya FY Dec 2026e 估值區間圖：Sales NT$405,725mn（區間 195,412-422,497、共識均值 366,494）；EBITDA 322,470；Net income 257,292；EPS 75.96（區間 31.62-79.89、共識均值 67.67）
報告_MS_南亞科2408_20261012_012.png 17KB 真資料圖 CXMT Risk Reward 圖：現價 Rmb48.34、熊案 Rmb40(-17.3%)、基準 Rmb88(+82.0%)、牛案 Rmb132(+173.1%)
報告_MS_南亞科2408_20261012_013.png 9KB 真資料圖 CXMT Consensus Rating Distribution：91% Overweight、9% Equal-weight、0% Underweight
報告_MS_南亞科2408_20261012_014.png 27KB 真資料圖 CXMT FY2027e 估值區間圖：EPS Rmb6.1（區間 3.7-6.8、共識均值 4.8）；Sales 718,171.6mn；Net income 411,029mn
報告_MS_南亞科2408_20261012_015.png 22KB 真資料圖 CXMT 5 年股價走勢圖，近期約 Rmb50-60，標示目標價 88 虛線
報告_MS_南亞科2408_20261012_016.png 55KB 真資料圖 Nanya 評等／目標價沿革圖，2023/10-2026/10：目標價階梯由約 60 逐步上修至 NT$580，標註歷次評等變動（E/A、U/A、O/A 等）

原始內容

Morgan Stanley Taiwan Limited+
Charlie Chan
Equity Analyst
C arlie.C an@morganstanley.com +886 2 2730-1725
Morgan Stanley Asia Limited+
Ethan Jia
Researc Associate
Et an.Jia@morganstanley.com +852 3963-2287
Morgan Stanley Taiwan Limited+
Daniel Yen, CFA
Equity Analyst
Daniel.Yen@morganstanley.com +886 2 2730-2863
Morgan Stanley Asia Limited+
Daisy Dai, CFA
Equity Analyst Daisy.Dai@morganstanley.com +852 2848-7310
Henry Zhao
Equity Analyst
Henry.Z ao@morganstanley.com +852 2239-7731
Morgan Stanley Taiwan Limited+
Lucas Wang
Equity Analyst
Lucas.Wang@morganstanley.com +886 2 2730-2875
Greater China Technology Semiconductors Greater China Technology Semiconductors
Asia Pacific
Industry View Attractive
What's Changed
Nanya Technology Corp.
(2408.TW) From To
Price Target NT$580.00 NT$ 00.00

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 Idea October 12, 2026 03:39 PM GMT

Greater China Semiconductors - DRAM | Asia Pacific

Nanya 3Q beat; CXMT updates

DRAM supply constraints continue. Contract renewals drove Nanya's 3Q beat. CXMT's 5 milestone strengthens its tech roadmap, but yield ramp and customer qualification take time.

Nanya 3Q beat; LTAs in spotlight: Nanya reported 3 revenue of NT$134bn, +62% / , +612% Y/Y, 8% above consensus. 3 gross profit was NT$114bn, +114% / , 12% above consensus, implying a GM of 85.7%. 3 net profit was NT$88bn, +75% / , 9% above consensus, implying a net margin of 65.1%. The 3 / revenue growth was driven mainly by ASP increase, which primarily reflects renewal of the one-year and six-month LTAs, which were previously negotiated when ASPs were lower; most expired in 3 26. Currently LTAs cover 50-70% of output; only 20% of output is covered by three-year contracts; Nanya intends to extend the LTA durations for longer-term supply according to customer demand, and there are discussions on price floors and ceilings for the new contracts.

Nanya management sees continued D AM shortage in 4Q and expects that ASP may continue to improve: The supply constraint is the long lead time for new capacity, and the undersupply is unlikely to be resolved in the near term. Nanya targets capex of NT$69.7bn in 2026 and NT$346bn for the 35.9kwpm capacity of its new Fab 5A from 2026-29. Management estimates that AI infra currently accounts for ~20% of its revenue mix, but that could increase to 40-50% by 2029/30.

CXMT updates: On September 7 during &A, CXMT reiterated expectations for tight DRAM supply in 2H26; its response on Apple expressed openness to global customers without confirming a supply agreement. On September 21, after its G5 mass production announcement, CXMT clarified that G5 sales are not yet at scale, while yield ramp-up and customer qualification would take time. Based on our checks, CXMT's HBM3E yield is already 40%, and DRAM wafer input should ramp to 30kwpm by end-2027.

Constrained D AM supply is the industry consensus: The 4 F26 earnings call for Micron (covered by Joseph Moore) highlighted that persistent supply constraints are expected through CY2027-28. It cited industry-wide clean room constraints owing to lengthy construction; most of the increase in Micron's F27 capex (vs. its previous plan) is allocated to construction, targeting clean room availability in late CY28 and beyond. Micron also expects rising industry HBM wafer requirements to limit bit growth, forecasting industry DRAM bit shipment growth of low-20s (%) in CY27-28. Samsung (covered by Shawn Kim) also expects HBM to absorb nearly 30% of industry DRAM wafer capacity in 2027, vs ~20% currently.

Stock implications:

  • Nanya Tech (OW): Price target raised to NT$600; 2026e, 2027e, and 2028e EPS raised 22%, 18%, and 19%, respectively.
  • CXMT (OW): Base case value/price target unchanged at Rmb88.

M Idea

AlphaSignals Earnings Reaction

Impact to our thesis Financial results versus consensus irection of next 12-month consensus EPS

Nanya Technology Corp. (2408.TW)

Strengthens our thesis Modest upside Modest revision higher

Source: Company data, Morgan Stanley Research M Idea

Key Charts and Exhibits

Exhibit 1: DDR4 8Gb (1Gx8) pricing c art

Exhibit 2: DDR5 16Gb (2Gx8) pricing c art

Source: DRAMeXc ange, Morgan Stanley Researc . Data as of Sep 2026.

Exhibit 3: DDR4 Contract (YoY%)

Source: DRAMeXc ange, Morgan Stanley Researc . Data as of Sep 2026.

Exhibit 4: DDR5 Contract (YoY%)

Source: DRAMeXc ange, Morgan Stanley Researc . Data as of Sep 2026

Source: DRAMeXc ange, Morgan Stanley Researc . Data as of Sep 2026

Exhibit 5: DRMA/NAND ASP Projection

4Q26E-New 1Q27F 2Q27F 3Q27F 4Q27
PC DRAM DDR4: up 13-18% DDR5: up 13-18% Blended ASP: up 13-18% up 3-8% up 3-8% up 0-5% up 0-5%
Server DRAM DDR4: up 10-15% DDR5: up 10-15% Blended ASP: up 10-15% up 3-8% up 3-8% up 0-5% up 0-5%
Mobile DRAM LPDDR5(x): up 0-5% LPDDR4X: up 0-5% LPDDR5(x): up 13-18% LPDDR4X: up 5-10% LPDDR5(x): up 5-10% LPDDR4X: up 0-5% LPDDR5(x): up 3-8% LPDDR4X: up 0-5% LPDDR5(x): up 0-5% LPDDR4X: up 0-5%
Graphics DRAM GDDR6: up 5-10% GDDR7: up 8-13% up 3-8% up 3-8% up 0-5% up 0-5%
Consumer DRAM DDR3: up 3-8% DDR4: up 3-8% up 3-8% up 3-8% up 0-5% up 0.5%
Total DRAM Conventional DRAM: up 10-15% HBM Blended: up 15-20% Conventional DRAM: up 5-10% Conventional DRAM: up 3-8% Conventional DRAM: up 0-5% Conventional DRAM: up 0-5%
4Q26E - New 1Q27F 2Q27F 3Q27F 4Q27
eMMC UFS up 5-10% up 0-5% mostly flat mostly flat down 3-8%
Enterprise SSD Client SSD up 23-28% up 5-10% up 3-8% up 13-18% up 0-5% mostly flat up 8-13% mostly flat mostly flat up 3-8% mostly flat down 5-10% mostly flat down 3-8%
3D NAND Wafers (TLC & QLC) down 10-15%
Total NAND Flash up 15-20% up 13-18% up 5-10% up 0-5% down 0-5%

Source: DRAMeXc ange, Morgan Stanley Researc . Data as of Sep 2026

M Idea

Nanya Tech: Estimate Revisions and Quarterly Financials

We raise our EPS estimates 22% for 2026, 18% for 2027, and 19% for 2028: We incorporate 3 26 actual results, which were driven by ASP increases. We also expect DDR4 pricing to remain elevated into 1H27, helped by the continued industry-wide DRAM supply constraint.

Exhibit : Nanya Tec : Estimate revisions

NT$ mn New'26E Old '26E Diff. New'27E Old '27E Diff. New'28E Old '28E Diff.
Net sales 405,725 348,048 17% 728,810 638,966 14% 585,384 518,763 13%
Gross profit 333,069 275,802 21% 609,702 520,060 17% 426,727 360,346 18%
Operating profit 310,209 255,102 22% 559,124 473,137 18% 374,295 310,712 20%
Pretax Income 316,087 260,265 21% 560,644 477,413 17% 375,827 315,001 19%
Net income 257,292 209,579 23% 455,960 384,461 19% 305,892 254,439 20%
EPS (NT$) 75.96 62.13 22% 132.17 112.32 18% 88.67 74.33 19%
Margins
Gross margin 82.1% 79.2% 83.7% 81.4% 72.9% 69.5%
Operating margin 76.5% 73.3% 76.7% 74.0% 63.9% 59.9%
Pretax margin 77.9% 74.8% 76.9% 74.7% 64.2% 60.7%
Net margin 63.4% 60.2% 62.6% 60.2% 52.3% 49.0%
NT$ New '26E Old '26E Diff. New'27E Old '27E Diff. New'28E Old '28E Diff.
BVPS (NT$) 146.00 121.52 20% 278.16 245.60 13% 366.81 327.71 12%

Source: Morgan Stanley Researc (E) estimates

Exhibit 7: Nanya Tec : Quarterly financials

NT$ in million 1Q26 2Q26 3Q26P 4Q26E 1Q27E 2Q27E 3Q27E 4Q27E 2024 2025 2026e 2027e 2028e
Total Revenues 49,087 82,549 133,649 140,440 171,301 191,350 190,679 175,480 34,132 66,587 405,725 728,810 585,384
Sequential Change 63.1% 68.2% 61.9% 5.1% 22.0% 11.7% -0.4% -8.0%
Change vs Year Ago 582.9% 684.2% 611.7% 366.7% 249.0% 131.8% 42.7% 24.9% 14.2% 95.1% 509.3% 79.6% -19.7%
Cost of Sales (15,771) (16,930) (19,167) (20,788) (22,805) (25,384) (28,086) (42,833) (32,292) (50,841) (72,656) (119,107) (158,657)
Percent of Revenues 32.1% 20.5% 14.3% 14.8% 13.3% 13.3% 14.7% 24.4% 94.6% 76.4% 1.99% 16.3% 27.1%
Variable costs (12,874) (13,970) (16,102) (17,449) (19,924) (22,502) (25,204) (28,007) (18,408) (37,321) (60,394) (95,637) (133,967)
as a % of revenue 26.2% 16.9% 12.0% 12.4% 11.6% 11.8% 13.2% 16.0% 53.9% 56.0% 14.9% 13.1% 22.9%
Dep. & Amort. expense (2,897) (2,960) (3,065) (3,340) (2,882) (2,882) (2,882) (14,825) (13,883) (13,520) (12,262) (23,470) (24,690)
as a % of COGS 18.4% 17.5% 16.0% 16.1% 12.6% 11.4% 10.3% 34.6% 43.0% 26.6% 16.9% 19.7% 15.6%
as a % of revenue 5.9% 3.6% 2.3% 2.4% 1.7% 1.5% 1.5% 8.4% 40.7% 20.3% 3.0% 3.2% 4.2%
Gross Margin 33,316 65,619 114,482 119,652 148,496 165,966 162,593 132,647 1,840 15,745 333,069 609,702 426,727
Percent of Revenues 67.9% 79.5% 85.7% 85.2% 86.7% 86.7% 85.3% 75.6% 5.4% 23.6% 82.1% 83.7% 72.9%
Total Opex (3,205) (4,793) (7,588) (7,275) (11,352) (12,604) (13,263) (13,360) (10,134) (9,741) (22,860) (50,579) (52,432)
Percent of Revenues 6.5% 5.8% 5.7% 5.2% 6.6% 6.6% 7.0% 7.6% 29.7% 14.6% 5.6% 6.9% 9.0%
R&D (2,109) (3,230) (5,145) (4,334) (4,500) (4,950) (5,445) (5,990) (7,685) (7,041) (14,818) (20,885) (27,846)
Percent of Revenues 4.3% 3.9% 3.8% 3.1% 2.6% 2.6% 2.9% 3.4% 22.5% 10.6% 3.7% 2.9% 4.8%
Sales and Marketing (347) (503) (594) (856) (1,713) (1,913) (1,907) (1,755) (665) (832) (2,301) (7,288) (7,025)
Percent of Revenues 0.7% 0.6% 0.4% 0.6% 1.0% 1.0% 1.0% 1.0% 1.9% 1.2% 0.6% 1.0% 1.2%
General and Admin (748) (1,060) (1,849) (2,084) (5,139) (5,740) (5,911) (5,615) (1,784) (1,868) (5,742) (22,406) (17,562)
Percent of Revenues 1.5% 1.3% 1.4% 1.5% 3.0% 3.0% 3.1% 3.2% 5.2% 2.8% 1.4% 3.1% 3.0%
Operating Income 30,111 60,826 106,894 112,377 137,144 153,362 149,330 119,287 (8,294) 6,004 310,209 559,124 374,295
Percent of Revenues 61.3% 73.7% 80.0% 80.0% 80.1% 80.1% 78.3% 68.0% -24.3% 9.0% 76.5% 76.7% 63.9%
EBITDA 33,008 63,786 109,959 115,717 140,026 156,243 152,212 134,113 5,589 19,524 322,470 582,594 398,985
EBITDA margin 67% %71 82% 82% 82% 82% 80% 76% 16% 29% 2,639 79% 80% 68%
Non-operating Income(Loss) 1,607 1,503 2,438 330 381 381 381 378 3,998 5,878 1,520 1,532
Profit Before Taxes 31,718 62,329 109,332 112,707 137,525 153,743 149,711 119,665 (4,297) 8,643 316,087 560,644 375,827
Percent of Revenues 64.6% 75.5% 81.8% 80.3% 80.3% 80.3% 78.5% 68.2% -12.6% 13.0% 7.2 76.9% 64.2%
Taxes (5,660) (12,138) (21,705) (19,292) (24,540) (29,939) (29,721) (20,483) 1,474 (1,269) (58,795) (104,684) (69,934)
Tax Rate 17.8% 26,058 19.5% 19.9% 17.1% 17.8% 19.5% 19.9% 17.1% 34.3% 14.7% 18.6% 18.7% 18.6%
Reported Income (TW GAAP) Percent of Revenues 50,192 87,627 65.6% 93,415 66.5% 112,985 123,804 119,990 62.9% 99,182 (23) -8.3% 7,373 257,292 63.4% 455,960 62.6% 305,892 52.3%
Change vs Year Ago -1443% -1324% 9005% 742% 334% 147% 37% 6% 11.1% 77% -33%
53.1% 60.8% 66.0% 64.7% 56.5% -59% -361% 3389%
Reported EPS (NTS, TW GAAP) 129% 81% 7% 27.08 32.75 10% -% -17% -59% -359% 317% 132.17 88.67 -33%
Sequential Change 8.08 14.66 25.40 7% 21% 35.89 34.78 28.75 (0.91) 2.36 75.96 74%
Book value per share 53.3 54.6 148.7 278.2 366.8

Source: Company data, Morgan Stanley Researc (E) estimates

M Idea

Nanya Tech: Valuation Methodology

We raise our price target (base case scenario value) from NT$580 to NT$600: Our price target reflects a BVPS multiple of 4.11x for 2026 (was 4.77x) versus ROE of 76% for 2026. We lower our target multiple to reflect recent memory segment volatility. Our 2026e BVPS estimates is raised to NT$146.00 from NT$121.52. We expect DDR4 pricing strength and LTAs to drive a re-rating.

We raise our bull and bear case values from NT$1,230 and NT$320 to NT$1,270 and NT $330, respectively, implying 8.70x and 2.26x 2026e BVPS.

Exhibit 8: Nanya Tec - Historical P/B band

Source: Company data, Morgan Stanley Researc estimates

Exhibit 9: Nanya Tec : Historical forward P/B vs. ROE

Source: Company data, Morgan Stanley Researc estimates M Idea Source: Company data, Morgan Stanley Researc estimates M Idea

Exhibit 10: Nanya Tec : Earnings estimate revision breadt

Risk Reward - Nanya Technology Corp. (2408.TW) Risk Reward - Nanya Technology Corp. (2408.TW)

DDR4 supply-demand becoming more favorable; OW

NT$600.00 PRICE TARGET

Base case, P/B. We expect the stock to trade at 4.11x 2026e BVPS, above its average since 2015, justified by 2026e ROE of 76%. We think NTC will benefit from a supply-driven upcycle as major memory players are exiting the DDR4 market. That should help NTC more than offset the competitive impact from CXMT in the near term.

NT$612.67

MS PT

Mean Morgan Stanley Estimates

Consensus Price Target Distribution

NT$150.00

NT$800.00

Source: Refinitiv, Morgan Stanley Research

RISK REWARD CHART

Key: Historical Stock Performance Current Stock Price Price Target

報告_MS_南亞科2408_20261012_008

Source: Refinitiv, Morgan Stanley Research

BULL CASE

BASE CASE

OVERWEIGHT THESIS

  • ▪Major memory suppliers are gradually exiting the DDR4 market, benefiting existing Taiwanese players, including Nanya Tech.
  • ▪We expect DDR4 shortage into 4Q26 to help NTC more than offset the competitive impact from CXMT in the near term. The supply shortage appears set to widen into 1H27.
  • ▪Our price target reflects BVPS of 4.11x for 2026e and 2.16x for 2027e, and 1.64x 2028e BVPS. We expect re-rating.

BEAR CASE

8.70x 2026e BVPS

DRAM prices strong; faster-than-expected 1a/1b nm ramp; competition from Korea and China is a non-factor: DRAM pricing remains elevated in into 1H27 thanks to production cuts and relief of inventory pressure. NTC's utilization rate returns to the 100% level. Korean and Chinese mainstream vendors exit the consumer DRAM market.

4.11x 2026e BVPS

Strong DRAM cycle: Major DRAM players now plan to exit the DDR4 market, which positions Taiwanese players to benefit. We expect price -hike momentum to continue through 4Q26, with widened supply shortage into 1H27.

NT$330.00

2.26x 2026e BVPS

Specialty DRAM demand becomes weak in 1H27 with intensifying Chinese competition: Nanya Tech could face more pressure from pricing and technological competition amid a weak cycle. Inventory remains at historical peak levels. SK hynix and Chinese DRAM competitors take all the market share in China. Nanya Tech's utilization rate falls to the 40% level.

NT$1,270.00

NT$600.00

M Idea

Risk Reward - Nanya Technology Corp. (2408.TW)

KEY EARNINGS INPUTS

Drivers Dec 2025 Dec 2026eDec 2027eDec 2028e
12" Wafers Out per quarter (000s) 825.0 820.0 932.5 1,112.5
Average Wafer Yield (%) 81.8 102.8 106.2 95.0
Total Die shipments - 2 gb equivalent (mn) 2,368.0 2,975.7 3,604.0 3,985.1

INVESTMENT DRIVERS

  • Specialty DRAM pricing
  • Monthly sales momentum
  • Industry outlook reported by industry peers

GLOBAL REVENUE EXPOSURE

Source: Morgan Stanley Research Estimate View explanation of regional hierarchies here

MS ALPHA MODELS

1/5

MOST

3 Month

Horizon

Source: Refinitiv, FactSet, Morgan Stanley Research; 1 is the highest favored Quintile and 5 is the least favored Quintile

RISKS TO PT/RATING

RISKS TO UPSIDE

  • Sustained DRAM prices from more disciplined supply and stronger demand
  • Stronger pricing environment, enabling revenue guidance to be beaten
  • Faster-than-expected 1a/1b nm ramp-up progress

RISKS TO DOWNSIDE

  • Slower-than-expected 1a/1b nm ramp-up
  • Less demand for specialty DRAM from 4K2K TVs and smart set-top boxes

OWNERSHIP POSITIONING

Inst. Owners, % Active

73.3%

Source: Refinitiv, Morgan Stanley Research

MS ESTIMATES VS. CONSENSUS

Source: Refinitiv, Morgan Stanley Research M Idea

Nanya Tech: Financial Summary

Income Statement

Cash Flow Statement

NT$mn (Years End Dec ) 2025 2026E 2027E 2028E
Net sales 66,587 405,725 728,810 585,384
COGS (50,841) (72,656) (119,107) (158,657)
Depreciation Expense (13,520) (12,262) (23,470) (24,690)
Variable Cost (37,321) (60,394) (95,637) (133,967)
Gross profit 15,745 333,069 609,702 426,727
Operating expenses (9,741) (22,860) (50,579) (52,432)
Operating income 6,004 310,209 559,124 374,295
Non-operating income 2,639 5,878 1,520 1,532
Pre-taxincome 8,643 316,087 560,644 375,827
Income tax (1,269) (58,795) (104,684) (69,934)
Reported net Income 7,373 257,292 455,960 305,892
Adj.wtd.avg.shrs( m) 3,123 3,387 3,450 3,450
Reported EPS (NT$) 2.36 75.96 132.17 88.67
EPS for consensus (NT$) 2.36 75.96 132.17 88.67

Balance Sheet

NT$mn (Years End Dec ) 2025 2026E 2027E 2028E
Cash 58,074 468,374 880,681 1,189,638
Mkt Securities 0 0 0 0
ARINR 16,558 71,688 89,574 64,618
Inventory 27,288 26,437 54,472 56,422
Other 6,621 20,033 24,134 18,411
Current Assets 108,541 586,532 1,048,861 1,329,089
Long-term investments 5,904 8,476 9,415 10,354
Fixed assets 85,031 128,544 135,074 140,384
Other assets 8,977 5,426 5,426 5,426
Total Assets 208,453 728,978 1,198,776 1,485,253
S/T borrowings 5,060 160,000 165,000 145,000
APINP 6,481 8,308 17,117 17,730
Other ST liabilities 7,480 33,045 33,074 33,076
LT debt 14,196 18,397 18,397 18,397
Other LT liabilities 4,698 5,488 5,488 5,488
Total Liabilities 37,914 225,237 239,076 219,690
Common stocks 30,986 34,502 34,502 34,502
Preferred stocks 0 0 0 0
Capital Researve 33,081 108,459 108,459 108,459
Retained earning 106,333 360,642 816,601 1,122,464
Other shareholders' equity 0 0 0 0
Total Equity 170,538 503,741 959,700 1,265,562
Total Liab. & Shrhldr's Equity 208,453 728,978 1,198,776 1,485,253
BVPS 54.61 148.72 278.18 366.84

Source: Company data, TEJ, Morgan Stanley ResearchE= Morgan Stanley Research Estimates

NT$mn (Years 2025 2026E 2027E 2028E
Cashflow fror 18,568 223,324 437,308 358,986
Net profits 7,373 257,292 455,960 305,892
Depreciation 14,034 12,262 23,470 24,690
Working Capital 5,697 (52,453) (37,111) 23,618
Other adjustmei (8,536) 6,223 (5,011) 4,785
Cashflow fror (14,110) (52,201) (30,000) (30,000)
Capex (13,441) (51,996) (30,000) (30,000)
Change of LT In (612) 0 0 0
Change of ST Ir 0 0 0 0
Other adjustmei (57) (206) 0 0
Cashflow fror (6,317) 237,868 4,999 (20,030)
Increase in L/T (6,750) 4,201 0 0
Increase in S/T. (9,477) 154,941 5,000 (20,000)
Cash DividendF 0 0 (1) (30)
Dir& Emp Bonus (7,000) 0 0 0
Proceed fmNew 0 78,718 0 0
Other adjustmei 16,909 9 0 0
Exchange rate (1,970) 1,309 0 (0)
Net change il -3,829 410,300 412,307 308,956

Financial Ratios

2025 2026E 2027E 2028E
Growth(%)
Turnover 95.1 509.3 79.6 -19.7
Margins (%)
Gross Margin 23.6 82.1 83.7 72.9
Operating Marg 9.0 76.5 76.7 63.9
EBITA Margin -11.3 73.4 73.5 59.7
Pretax Margin 13.0 77.9 76.9 64.2
Net Profit 11.1 63.4 62.6 52.3
Return (%)
ROAE 4.4 76.3 62.3 27.5
ROAA 3.6 54.9 47.3 22.8
Gearing (%)
Net Debt/Equity (22.7) (57.6) (72.7) (81.1)
Liabilities/Equity 22.2 44.7 24.9 17.4
Ratios (X)
Current ratio 5.7 2.9 4.9 6.8
Quick ratio 3.9 2.7 4.5 6.4
Others
AR/NR Turnove 50 57 40 40
Inventory Turno 337 172 24 20
AP Turnover (da 59 47 42 52
Cash Conversio 328 182 22 8

M Idea

CXMT: Estimate Revisions and Quarterly Financials

We raise our EPS estimates 28% for 2026 and 29% for 2027; we keep our 2028 estimate virtually unchanged: This incorporates 2 26 actual results and the stronger outlook for mainstream DRAM driven by continued supply constraint. We also factor in CXMT's G5 breakthrough, which reduces risks around its technology roadmap.

Exhibit 11: CXMT: Estimate revisions

Rmb mn Current 2026E Previous 2026E Diff. Current 2027E Previous 2027E Diff. Current 2028E Previous 2028E Diff.
Net sales 438,929 388,869 13% 718,172 643,077 12% 870,554 850,096 2%
COGS 56,776 92,599 84,300 144,853 204,734 185,478
Gross profit 382,153 296,271 29% 633,871 498,224 27% 665,820 664,618 %0
Operating expenses 24,152 22,789 42,372 37,942 55,803 54,491
Operating profit 358,001 273,482 31% 591,499 460,282 29% 610,017 610,127 %0
Non-op. income (exp.) (3,577) (1,078) (941) (1,600) (941) (1,600)
PretaxIncome 354,424 272,404 30% 590,558 458,682 29% 609,077 608,527 0%
Taxes (26,680) (19,485) (42,520) (33,025) (43,854) (43,814)
Net income 242,751 189,693 28% 411,029 319,243 29% 423,917 423,535 %0
Reported EPS (Rmb) 3.84 3.00 28% 6.15 4.77 29% 6.34 6.33 0%
Margins
Gross margin 87.1% 76.2% 10.9 ppt 83% 77.5% 10.8 ppt 76.5% 78.2% -1.7 ppt
Operating margin 81.6% 70.3% 11.2 ppt 82.4% 71.6% 10.8 ppt 70.1% 71.8% -1.7 ppt
Pretax margin 80.7% 70.1% 10.7 ppt 82.2% 71.3% 10.9 ppt 70.0% 71.6% -1.6 ppt
Net margin 55.3% 48.8% 6.5 ppt 57.2% 49.6% 7.6 ppt 48.7% 49.8% -1.1 ppt
BVPS (Rmb) 8.53 7.35 16% 16.26 13.31 22% 24.71 21.76 14%

Source: Morgan Stanley Researc (E) estimates

Exhibit 12: CXMT: Quarterly financials

Rmb mn 1Q26 2Q26 3Q26E 4Q26E 1Q27E 2Q27E 3Q27E 4Q27E 1Q28E 2Q28E 3Q28E 4Q28E 2026E 2027E 2028E
Total Revenues 50,800 99,510 126,347 162,271 153,054 172,641 188,204 204,273 210,668 220,600 219,190 220,096 438,929 718,172 870,554
Sequential Change 71.0% 95.9% 27.0% 28.4% -5.7% 12.8% 9.0% 8.5% 3.1% 4.7% -0.6% 0.4%
Change vs Year Ago 719.1% 977.4% 659.0% 446.1% 201.3% 73.5% 49.0% 25.9% 37.6% 27.8% 16.5% 7.7% 610.2% 63.6% 21.2%
Cost of Sales 10,588 12,346 16,022 17,819 19,751 20,730 21,508 22,312 37,664 47,581 56,137 63,352 56,776 84,300 204,734
Percent of Revenues 21% 12% 13% 11% 13% 12% 11% 11% 18% 22% 26% 29% 13% 12% 24%
Gross Profit 40,212 87,163 110,325 144,453 133,303 151,911 166,696 181,961 173,003 173,019 163,053 156,744 382,153 633,871 665,820
Percent of Revenues 79.2% 87.6% 87.3% 89.0% 87.1% 88.0% 88.6% 89.1% 82.1% 78.4% 74.4% 71.2% 87.1% 88.3% 76.5%
Incremental Margin 0% %96 86% 9%5% NM %G6 %56 %56 -140% 0% NM %969- %5% %06 21%
Total Opex 2,715 4,408 7,454 9,574 9,030 10,186 11,104 12,052 13,504 14,140 14,050 14,108 24,152 42,372 55,803
Percent of Revenues 5.3% 4.4% 5.9% 5.9% 5.9% 5.9% 5.9% 5.9% 6.4% 6.4% 6.4% 6.4% 5.5% 5.9% 6.4%
R&D 2,154 3,383 4,422 5,679 5,357 6,042 6,587 7,150 8,005 8,383 8,329 8,364 15,639 25,136 33,081
Percent of Revenues 4.2% 3.4% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.8% 3.8% 3.8% 3.8% 3.6% 3.5% 3.8%
General & administrative 483 880 2,906 3,732 3,520 3,971 4,329 4,698 5,267 5,515 5,480 5,502 8,001 16,518 21,764
Percent of Revenues 1.0% 0.9% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.5% 2.5% 2.5% 2.5% 1.8% 2.3% 2.5%
Selling & marketing 78 145 126 162 153 173 188 204 232 243 241 242 512 718 958
Percent of Revenues 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Operating Income 37,497 82,755 102,870 134,879 124,273 141,725 155,592 169,909 159,500 158,879 149,003 142,636 358,001 591,499 610,017
Percent of Revenues 73.8% 83.2% 81.4% 83.1% 81.2% 82.1% 82.7% 83.2% 75.7% 72.0% 68.0% 64.8% 81.6% 82.4% 70.1%
Change vs Year Ago 0.0% 0.0% 0.0% 885.3% 231.4% 71.3% 51.3% 26.0% 28.3% 12.1% -4.2% -16.1% 3981% 65% 3%
Total Non-operating Income(Loss) (2,063) (1,044) (235) (235) (235) (235) (235) (235) (235) (235) (235) (235) (3,577) (941) (941)
Profit Before Taxes 35,434 81,711 102,635 134,643 124,038 141,490 155,356 169,674 159,264 158,644 148,768 142,401 354,424 590,558 609,077
Percent of Revenues 70% 82% 81% 83% 81% 82% 83% 83% 76% 72% 68% 65% 81% 82% 70%
Taxes (2,423) (7,173) (7,390) (9,694) (8,931) (10,187) (11,186) (12,217) (11,467) (11,422) (10,711) (10,253) (26,680) (42,520) (43,854)
Tax Rate 6.8% 8.8% 7.2% 72% 72% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.5% 7.2% 7.2%
Net Income, Cont Ops 33,012 74,538 95,245 124,949 115,107 131,303 144,171 157,458 147,797 147,221 138,057 132,148 327,744 548,038 565,223
Percent of Revenues 65% 75% 75% %L% 75% 76% %LL 77% 70% 67% 63% 60% 75% 76% 65%
Reported Income (Rmb) 24,762 52,843 71,434 93,712 86,330 98,477 108,128 118,093 110,848 110,416 103,542 99,111 242,751 411,029 423,917
Percent of Revenues 49% 53% 57% 58% 56% 57% 57% 58% 53% 50% 47% 45% 55% 57% 49%
Change vs Year Ago 0% 0% 0% 0% 0% 0% 0% %0 0% 0% %0 0% 12848% 69% %
Reported EPS (Rmb, cent) 0.41 88.0 1.09 1.40 1.29 1.47 1.62 1.77 1.66 1.65 1.55 1.48 3.84 6.15 6.34
Change vs Year Ago %0 %0 %0 1079% 214% 68% 48% 26% 28% 12% -4% -16% 11715% 60% 3%

Source: Company data, Morgan Stanley Researc (E) estimates M Idea

CXMT: Valuation Methodology

We keep our base case value/price target unchanged: We continue to apply RI methodology to derive our price target. The price target did not change despite our 2026/27 earnings estimate increases because the contribution to calculated value from our RI model comes mostly from the subsequent forecast period and the continuing value. Key RI assumptions remain unchanged, including cost of equity of 9.9%, , intermediate growth rate of 11.0%, terminal growth rate of 3.0%, and cash dividend payout ratio of 51%, .

Our base case value/price target now implies 14.3x 2027e EPS vs. our prior target multiple of 18.4x 2027e BVPS, as we see a stronger DRAM market outlook given the continued supply constraint; we also believe the G5 breakthrough reduces risks around CXMT's technology roadmap.

Our bull case value remains unchanged at Rmb132; it now implies 21.5x our 2027e EPS.

We adjust our bear case value to Rmb40 from Rmb70 to account for recent volatility; it now implies 6.5x 2027e EPS.

Exhibit 13: CXMT: RI model

Rmb mn 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E
Total Equity 357,143 768,172 1,192,089 1,422,658 1,678,589 1,962,673 2,278,006 2,628,025 3,016,547 3,447,806 3,926,503 4,457,857
Net Profit 242,751 411,029 423,917 470,548 522,309 579,763 643,536 714,325 792,901 880,120 976,934 1,084,396
ROAE 117.3% 73.1% 43.3% 36.0% 33.7% 31.8% 30.4% 29.1% 28.1% 27.2% 26.5% 25.9%
Residual Income 60,942 237,121 225,469 256,040 310,800 338,077 368,015 400,987 437,384 477,625 522,163 571,494 626,164
Spread 107.4% 63.1% 33.3% 26.1% 23.8% 21.9% 20.4% 19.2% 18.2% 17.3% 16.6% 15.9%
Ending Equity Capital 357,143
PV of Forecast Period 2,233,870
PV of Continuing Value 3,292,876
Equity Value 5,883,890
No. of Shares 66,881
Projected Price 88

Source: Morgan Stanley Researc (E) estimates M Idea

Risk Reward - CXMT Corp (688825.SS) Risk Reward - CXMT Corp (688825.SS)

Chinese DRAM Going Mainstream; OW

Rmb88.00 PRICE TARGET

Base case, residual income model. Key assumptions:

  • 9.9% CoE (1.2 beta, 2.0% risk-free rate, and 6.6% risk premium)
  • 51% payout ratio
  • 11.0% medium-term growth rate
  • 3% terminal growth rate

We believe these assumptions are justified, given CXMT's fast growth, capacity expansion, localization tailwinds and AI-memory exposure. Target implies 14.3x 2027e P/E vs global peers' 4.4x 2027e P/E; the premium reflects CXMT's stronger growth profile.

Rmb81.76

MS PT

Mean

Consensus Price Target Distribution

Source: Refinitiv, Morgan Stanley Research

RISK REWARD CHART

Key: Historical Stock Performance Current Stock Price Price Target

Source: Refinitiv, Morgan Stanley Research

BULL CASE

BASE CASE

OVERWEIGHT THESIS

  • ▪CXMT is now the world' s #4 DRAM maker and a key beneficiary of China ' s memory localization push.
  • ▪We forecast that DRAM capacity will rise from 180k wpm in 2025 to 500k by 2028, with G4b, DDR5, LPDDR5/5X, server DRAM and HBM3e/HBM4 improving mix.
  • ▪We expect 2025-28E revenue CAGR of
  • 140%+, 2026-28E GM >76%, and OPM of ~70-80%, supported by pricing, scale and higher-value products.
  • ▪Our Rmb88 price target is based on a residual income model and implies 14.3x 2027E P/E. We see the premium to global memory peers as justified by CXMT' s faster growth, capacity expansion, localization tailwinds, and AI-memory exposure.
  • ▪Risks: DRAM pricing, capex/depreciation, export controls and migration execution.

Consensus Rating Distribution

Source: Refinitiv, Morgan Stanley Research

Risk Reward Themes

Pricing Power:

Secular Growth:

Positive Positive

View descriptions of Risk Rewards Themes here

BEAR CASE

21.5x 2027e P/E

We assume stronger sales/earnings growth, with faster global market share expansion:

  • (1) 200% revenue CAGR, 2025-28e, as we assume a stronger-than-expected DRAM commodity cycle, supported by AI inference demand moving into 2027 and beyond;
  • (2) Faster-than-expected HBM and G5 rampup;
  • (3) Gross margin improves to over 90%, driven by economies of scale and CXMT's technology competitiveness;

(4) >800% earnings CAGR, 2025-28e.

14.3x 2027e P/E

We forecast strong revenue/earnings growth, with global market share expansion.

  • (1) 140%+ revenue CAGR, 2025-28e, as we assume DRAM pricing remains strong, supported by AI demand;
  • (2) Moderate pace of HBM and G5 ramp-up;
  • (3) 2026-28e gross margin of over 76%, driven by economies of scale and CXMT's technology competitiveness;
  • (4) ~480% earnings CAGR, 2025-28e

Rmb40.00

6.5x 2027e P/E

We assume revenue/earnings growth is slower, with slower global market share expansion.

(1) 80% revenue CAGR, 2025-28e, as we assume a period of AI computing digestion in 2028, leading to more aggressive margin erosion for HBM owing to competitors' aggressive capacity expansion and pricing competition, as well as faster DRAM pricing drops with muted demand recovery;

  • (2) Slower than expected G5 ramp;
  • (2) Customer bargaining power pushes gross margin below 40%;
  • (3) 200% earnings CAGR, 2025-28e

Rmb132.00

Rmb48.70

Rmb129.00

Morgan Stanley Estimates

Rmb88.00

M Idea

Risk Reward - CXMT Corp (688825.SS)

KEY EARNINGS INPUTS

Drivers Dec 2025 Dec 2026e Dec 2027e Dec 2028e
Revenue (Rmb, mn) 180 300 400 500
Gross profit (Rmb, mn) 25,334 382,153 633,871 665,820
EPS (Rmb, mn) 0 4 6 6

INVESTMENT DRIVERS

  • Commodity DRAM pricing
  • HBM capacity expansion and tech migration
  • Demand from major customers

GLOBAL REVENUE EXPOSURE

Source: Morgan Stanley Research Estimate View explanation of regional hierarchies here

RISKS TO PT/RATING

RISKS TO UPSIDE

  • resilient DRAM pricing, supported by AI demand
  • faster-than-expected tech migration
  • export control relief
  • stronger demand from major customers

RISKS TO DOWNSIDE

  • earlier-than-expected global DRAM price declines
  • CXMT delays in new products, HBM or 3D DRAM development
  • tighter restrictions on China's fabs for semi equipment, materials, or servicing
  • weaker demand from major China customers

MS ESTIMATES VS. CONSENSUS

Source: Refinitiv, Morgan Stanley Research M Idea

CXMT: Financial Summary

Exhibit 14: Financial summary

Income Statement

Rmb mn (Years End Dec) 2025 2026E 2027E 2028E
Net sales 61,799 438,929 718,172 870,554
COGS (36,465) (56,776) (84,300) (204,734)
Gross profit 25,334 382,153 633,871 665,820
Operating expenses (16,561) (24,152) (42,372) (55,803)
Operating income 8,773 358,001 591,499 610,017
Non-operating income (1,071) (3,577) (941) (941)
Pre-tax income 7,701 354,424 590,558 609,077
Income tax (557) (26,680) (42,520) (43,854)
Minority interests 5,269 84,993 137,010 141,306
Reported net Income 1,875 242,751 411,029 423,917
Adj.wtd.avg.shrs(m) 59,018 63,216 66,881 66,881
MW EPS (Rmb) 0.03 3.84 6.15 6.34
Reported EPS (Rmb) 0.03 3.84 6.15 6.34
EPS for consensus (Rmb) 0.03 3.84 6.15 6.34

Balance Sheet

Rmb mn (Years End Dec) 2025 2026E 2027E 2028E
Cash 37,798 364,853 874,560 1,373,537
Mkt Securities 0 0 0 0
AR/NR 1,524 11,966 19,579 23,734
Inventory 28,568 36,680 54,462 132,269
Other 43,096 43,096 43,096 43,096
Current Assets 110,986 456,596 991,698 1,572,636
Long-term investments 4,384 4,384 4,384 4,384
Fixed assets 183,024 225,774 244,382 253,419
Deferred assets 1,006 1,006 1,006 1,006
Other assets 37,385 37,385 37,385 37,385
Total Assets 336,785 725,145 1,278,855 1,868,830
S/T borrowings 9,676 9,686 9,696 9,706
AP/NP 8,702 11,659 17,311 42,043
Other ST liabilities 34,465 34,465 34,465 34,465
LT debt 118,825 118,835 118,845 118,855
Other LT liabilities 11,017 11,017 11,017 11,017
Total Liabilities 182,685 185,662 191,335 216,086
Common shares 60,193 66,881 66,881 66,881
Additional capital 33,104 84,054 84,054 84,054
Retained earming (36,650) 206,101 617,129 1,041,047
Other shareholders' equity 97,454 182,447 319,456 460,762
Total Equity 154,100 539,482 1,087,521 1,652,744
Total Liab. & Shrhldr's Equity 336,785 725,145 1,278,855 1,868,830

E = Morgan Stanley Research Estimates

Source: Morgan Stanley Research, Company Data

Source: Company data, Morgan Stanley Researc (E) estimates

Cash Flow Statement Rmb mn (Years End Dec) 2025 2026E 2027E 2028E
Cashflow from Operations 36,520 350,967 576,687 565,957
Net profits 7,144 327,744 548,038 565,223
Depreciation 24,680 38,820 48,392 57,963
Working Capital Change (48,395) (15,598) (19,743) (57,229)
Other adjustments 53,090 0 0 0
Cashflow from Investing (86,823) (81,570) (67,000) (67,000)
Capex (49,739) (81,570) (67,000) (67,000)
Change of LT Investment 2,434 0 0 0
Change of ST Investment 194 0 0 0
Other adjustments (39,712) 0 0 0
Cashflow from financing 46,121 57,658 20 20
Increase in L/T debt 22,832 10 10 10
Increase in S/T debt 7,879 10 10 10
Cash Dividend Paid 0 0 0 0
Dir& Emp Bonus Paid 0 0 0 0
Issuance of stock 2,422 57,638 0 0
Other adjustments 12,988 0 0 0
Exchange rate adjustment (528) 0 0 0
Net change in cash -4,710 327,055 509,707 498,977

Financial Ratios

2025 2026E 2027E 2028E
Growth(%)
Turnover 155.6 610.2 63.6 21.2
Operating profits -250.2 3980.9 65.2 3.1
EPS -125.7 11715.5 60.0 3.1
Margins (%)
Gross Margin 41.0 87.1 88.3 76.5
Operating Margin 14.2 81.6 82.4 70.1
Pretax Margin 12.5 80.7 82.2 70.0
Net Margin 3.0 55.3 57.2 48.7
Return (%)
ROAE 1.2 70.0 50.5 30.9
ROAA 0.6 45.7 41.0 26.9
Gearing (%)
Net Debt/Equity 58.9 (43.8) (68.6) (75.3)
Liabilities/Equity 118.5 34.4 17.6 13.1
Ratios (X)
Current ratio 2.1 8.2 16.1 18.2
Quick ratio 0.7 6.8 14.5 16.2
Others
AR/NR Turnover (days) 10 10 10 10
Inventory Turnover (days) 236 236 236 236
AP Turnover (days) 75 75 75 75
Cash Conversion (days) 171 171 171 171

M Idea

  1. View explanation of Options Probabilities methodology -

Options_Probabilities_Exhibit_Link.pdf

  1. View descriptions of Risk Rewards Themes - RR_Themes_Exhibit_Link.pdf

  2. View explanation of regional hierarchies - GEG_Exhibit_Link.pdf

  3. View explanation of Theme/Exposure methodology -

ESG_Sustainable_Solutions_External_Link.pdf

  1. View explanation of HERS methodology - ESG_HERS_External_Link.pdf

M Idea

INDUSTRY COVERAGE: Greater Ch na Technology Sem conductors

M Idea M Idea Stock Ratings are subject to c ange. Please see latest researc for eac company.

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Giga evice Semiconductor Beijing Inc (603986.SS) O (05/15/2025) Rmb310.84
Macronix International Co Ltd (2337.TW) O (09/18/2025) NT$115.50
Montage Technology Co Ltd (6809.HK) O (03/18/2026) HK$254.80
Montage Technology Co Ltd (688008.SS) O (03/18/2026) Rmb191.84
Novatek (3034.TW) U (02/04/2026) NT$529.00
Nuvoton Technology Corporation (4919.TW) U (11/10/2025) NT$154.00
Parade Technologies Ltd (4966.TWO) O (05/27/2026) NT$553.00
Powerchip Semiconductor Manufacturing Co (6770.TW) O (10/27/2025) NT$71.40
Realtek Semiconductor (2379.TW) E (01/30/2026) NT$746.00
Shenzhen Goodix Technology Co Ltd (603160.SS) U (07/14/2025) Rmb50.08
Winbond Electronics Corp (2344.TW) O (05/28/2026) NT$174.00
WPG Holdings (3702.TW) O (03/16/2026) NT$116.00
WT Microelectronics Co. Ltd. (3036.TW) O (01/27/2026) NT$216.50
Duan Liu
osilicon Co Ltd (688110.SS) U (09/06/2024) Rmb65.71
Shenzhen Longsys Electronics Co Ltd (301308.SZ) E (02/25/2026) Rmb271.81
Henry Zhao
ACM Research Inc (ACMR.O) O (03/07/2023) US$71.37
Advanced Micro-Fabrication Equipment Inc (688012.SS) O (11/06/2023) Rmb311.21
Maxscend Microelectronics Co Ltd (300782.SZ) U (01/11/2021) Rmb60.48
NAURA Technology Group Co Ltd (002371.SZ) O (11/06/2023) Rmb587.98
Lucas Wang
AllRing Tech Co. (6187.TWO) O (09/23/2025) NT$1,675.00
FOCI Fiber Optic Communications Inc (3363.TWO) E (10/09/2026) NT$602.00
Hon Precision (7769.TW) O (04/17/2026) NT$6,490.00
King Yuan Electronics Co Ltd (2449.TW) O (03/03/2023) NT$300.00
MPI Corporation (6223.TWO) O (04/17/2026) NT$6,130.00
Tiffany Yeh
Himax Technologies Inc (HIMX.O) E (02/04/2026) US$13.30
Silicon Motion (SIMO.O) O (05/06/2024) US$263.90
WinWay Technology Co Ltd (6515.TW) O (04/17/2026) NT$6,025.00
  • Historical prices are not split adjusted.

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