報告_MS_研華2395_20261007

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原始內容

M Update October 7, 2026 11:36 AM GMT

Advantech | Asia Pacific

September Sales +3% MoM/ +73% YoY

In this report, we focus on Advantech s monthly sales, which we believe could be a catalyst for its share price.

Details:

• September sales were NT$10,749mn (+3% MoM/+73% YoY ,
• 3Q26 revenue reached NT$32,440mn (+24% QoQ/+83% YoY , a new quarterly record high, and surpassing our estimate of NT$28,185mn (+8% QoQ/+59% YoY by 15% and consensus of NT$29,269mn (+12% QoQ/+65% YoY by 11%.
• By region, North America (+108% outperformed; other markets, including Europe (+38% , China (+68% , Taiwan (+86% , Japan (+94% , and Korea (+68% also performed strongly. Meanwhile, emerging markets grew in single digits (% YoY .
• By segment, Intelligent Systems was +50% YoY, IoT Automation was +25% YoY, while Intelligent Service grew in single digits (% YoY. The Embedded segment grew 40% YoY, within which Embedded IoT grew 58% YoY, while Applied Computing grew 19% YoY.

Our view:

• Management attributed the strength in September to demand from markets including semis, cloud infrastructure, and testing equipment.
• Overall book-to-billratio in 3Q26 was stronger than it was in 2Q26, pointing to a sustained solid revenue outlook in the coming quarters.
• We remain constructive on Advantech. It is well positioned to benefit from accelerating IoT market growth amid edge AI proliferation.

Advantech(2395.TW, 2395 TT)

Greater China Technology Hardware | Taiwan

Un ess otherwise noted, a metrics are based on Morgan Stan ey Mode Ware framework

** = Based on consensus methodo ogy

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stan ey Research 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

xhibit 1: Advant ch's monthly sal s vs. its shar pric sinc 2010

Not : Past p rformanc is no guarant of futur r sults. R sults shown do not includ transaction costs. Sourc : Company data, TEJ, Morgan Stanl y R s arch.

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AlphaSignals Catalyst vent Reaction

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Valuation Methodology and Risks

Advantech (2395.TW)

Base case, 30x 2027e P/E. We view our target multiple as justified by our 30% earnings CAGR forecast for 2025-28. It implies a PEG of 1.0, vs. the stock's average one-year forward P/E of 25x in 2015-22 and the earnings CAGR of 8% during that period, with a PEG of 3.5.

Risks to Upside

• n Stronger-than-expected macroeconomic conditions
• nMore top- and bottom-line growth from the platform and applications

Risks to Downside

• nWeaker macro environment
• n Slower progress in edge AI implementation

M Update

Disclosure ection

The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibility for its contents) and/or Morgan Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary Authority of Singapore (which accepts legal responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research), and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Co International plc, Seoul Branch, and/or Morgan Stanley Australia Limited (A.B.N. 67 003 734 576, holder of Australian financial services license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial services license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN) U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India ('SEBI') and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105); Stock Broker (SEBI Stock Broker Registration No. INZ000244438), Merchant Banker (SEBI Registration No. INM000011203), and depository participant with National Securities Depository 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@morganstanley.com; Grievance officer details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: msic-compliance@morganstanley.com which accepts the responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research, and their affiliates (collectively, "Morgan Stanley"). Morgan Stanley India Company Private Limited (MSICPL) may use AI tools in providing research services. All recommendations contained herein are made by the duly qualified research analysts.

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