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原始內容
M Update September 21, 2026 04:30 PM GMT
Bizlink | Asia Pacific
Partnership with ams OSRAM for Breakthrough Optical Interconnect Solution
This partnership represents another effort for Bizlink in diversif ing its data interconnect solutions across both the copper and optical space.
What's new:
- Bizlink announced it will partner with ams OSRAM on next-generation optical interconnects for the scale-up network.
- he solution will leverage ams OSRAM's 850nm thin-film micro VCSEL technology (in 25um pitch array) and Bizlink's expertise in fiber-array integration, optical packaging, and volume production, featuring low latency, lower power (0.25pJ/bit), wide and slow (32 Gbps), reliable (no failures after 2,000+ hours of testing under stressed conditions), scalable and connectorized architecture.
- A demonstration of this solution will be showcased in the upcoming ECOC 2026 conference in Spain.
Our view:
- We think the industry continues to seek innovative ways of solving the power consumption issue in data interconnects, including the relocation of the optical engines (e.g., NPO/CPO) and the alternative light sources (e.g., micro LED and micro VCSEL).
- his represent another effort from Bizlink to diversify its data interconnect solutions across both the copper and optical space, which could help reduce the risk of technology disruptions.
- We thus see positive implications to Bizlink from this in the mid to long term, though the revenue contribution might take time.
- Stay constructive on Bizlink for its multiple drivers in the AI deployment theme, including data/power interconnects and semi cap equipment.
| Morgan Stanley Taiwan Limited+ Derrick Yang Equity Analyst D rrick.Yang@morganstanl y.com | +886 2 2730-2862 |
|---|---|
| Vivi Huang R s arch Associat Vivi.Huang@morganstanl y.com | +886 2 2730-2860 |
| Morgan Stanley Asia Limited+ Andy Meng, CFA Equity Analyst Andy.M ng@morganstanl y.com | +852 2239-7689 |
Bizlink(3665.TW, 3665 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$3,665.00 |
| Shr price, close (Sep 21, 2026) | NT$2,300.00 |
| 52-Wee Range | NT$3,010.00-971.00 |
| Sh out, dil, curr (mn) | 193 |
| M t cap, curr (mn) | NT$444,742 |
| EV, curr (mn) | NT$450,318 |
| Avg daily trading value (mn) | NT$6,409 |
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 M Update
Valuation Methodology and Risks
Bizlink (3665.TW)
Base case, derived from 30x 2027e P/E. We think our target P/E multiple is justified by an earnings CAGR of 46% seen over 2025-28e, which implies a PEG of around 0.7. his is in line with the average of 0.7 in 2019-24, when the stock was trading at an average 13x P/E for a 19% earnings CAGR.
Risks to Upside
- n Faster and wider AEC adoption
- nData center and semi equipment capex increases that drive stronger HPC and semi-cap business
- n Stronger recovery for automotive business
Risks to Downside
- n Lower-than-expected AEC adoption
- n Intensifying competition
- n Softer-than-expected AI capex
- n Slower-than-expected growth in the semi capital equipment market
- n Continued weakness in the auto industry
M Update
INDUSTRY COVERAGE: Gr at r China T chnology Hardwar
| Company (Ticker) | Rating (As Of) | Price* (09/21/2026) |
|---|---|---|
| Andy Meng, CFA | ||
| AAC Technologies Holdings (2018.HK) | O (01/29/2024) | HK$40.28 |
| Accelin Technologies Co. Ltd. (002281.SZ) | U (05/12/2022) | Rmb193.76 |
| BYD Electronics (0285.HK) | O (04/28/2023) | HK$23.52 |
| China TransInfo Technology Co Ltd (002373.SZ) | E (07/18/2023) | Rmb7.42 |
| Dahua Technology Co. Ltd. (002236.SZ) | E (12/12/2024) | Rmb15.82 |
| Eoptolin Technology Inc Ltd (300502.SZ) | O (02/27/2026) | Rmb456.73 |
| Genius Electronic Optical Co. Ltd. (3406.TW) | U (09/10/2026) | NT$952.00 |
| GoerTe Inc (002241.SZ) | E (08/14/2026) | Rmb23.80 |
| Gosuncn Technology Group Co Ltd (300098.SZ) | U (11/07/2022) | Rmb4.38 |
| HIKVision Digital Technology (002415.SZ) | E (12/12/2024) | Rmb32.58 |
| Largan Precision (3008.TW) | E (09/10/2026) | NT$6,400.00 |
| LianChuang Electronic Technology Co Ltd (002036.SZ) | U (06/12/2024) | Rmb6.33 |
| Lingyi Itech Guangdong Co (002600.SZ) | U (04/23/2025) | Rmb12.54 |
| Lingyi Itech Guangdong Co (1688.HK) | O (08/14/2026) | HK$6.09 |
| Luxshare Precision Industry Co., Ltd. (2475.HK) | O (08/14/2026) | HK$59.00 |
| Luxshare Precision Industry Co., Ltd. (002475.SZ) | O (10/24/2016) | Rmb54.44 |
| OFILM Group Co Ltd (002456.SZ) | U (06/12/2024) | Rmb7.04 |
| Q Technology (Group) Company Ltd (1478.HK) | U (03/23/2026) | HK$5.37 |
| Quectel Wireless Solutions Co Ltd (603236.SS) | E (10/09/2024) | Rmb73.72 |
| Shanghai Conant Optical Co Ltd (2276.HK) | O (04/10/2026) | HK$43.92 |
| Shenzhen Transsion Holdings Co Ltd (688036.SS) | E (03/23/2026) | Rmb54.45 |
| Sunny Optical (2382.HK) | E (03/23/2026) | HK$67.35 |
| Suzhou TFC Optical Communication Co Ltd. (300394.SZ) | E (11/06/2025) | Rmb279.26 |
| Wingtech Technology Co Ltd (600745.SS) | U (05/18/2026) | Rmb16.86 |
| Xiaomi Corp (1810.HK) | O (04/14/2021) | HK$27.58 |
M Update M Update Stock Ratings ar subj ct to chang . Pl as s lat st r s arch for ach company.
| Yangtze Optical Fibre and Cable JSC Ltd (601869.SS) | U (10/13/2021) | Rmb458.99 |
|---|---|---|
| Yangtze Optical Fibre and Cable JSC Ltd (6869.HK) | O (07/15/2026) | HK$185.50 |
| Yongxin Optics Co Ltd (603297.SS) | E (11/15/2022) | Rmb115.02 |
| Zhejiang Crystal-Optech Co Ltd (002273.SZ) | O (11/15/2022) | Rmb25.61 |
| Zhongji Innolight Co Ltd (300308.SZ) | O (09/07/2026) | Rmb941.00 |
| Zhongji Innolight Co Ltd (3308.HK) | O (09/07/2026) | HK$1,250.00 |
| ZTE Corporation (0763.HK) | O (06/04/2026) | HK$23.54 |
| ZTE Corporation (000063.SZ) | E (06/04/2026) | Rmb33.15 |
| Derrick Yang | ||
| Accton Technology Corporation (2345.TW) | O (06/06/2024) | NT$1,840.00 |
| Advantech (2395.TW) | O (01/20/2021) | NT$706.00 |
| AirTAC International (1590.TW) | O (04/16/2025) | NT$1,240.00 |
| Asia Vital Components Co. Ltd. (3017.TW) | O (07/30/2024) | NT$3,415.00 |
| AU Optronics (2409.TW) | E (02/10/2026) | NT$33.35 |
| Auras Technology Co Ltd (3324.TWO) | E (05/04/2023) | NT$1,520.00 |
| Bizlin (3665.TW) | O (03/10/2025) | NT$2,300.00 |
| BOE Technology (000725.SZ) | O (09/06/2019) | Rmb6.07 |
| Chenbro (8210.TW) | O (07/23/2025) | NT$900.00 |
| Chroma Ate Inc. (2360.TW) | O (10/05/2021) | NT$2,375.00 |
| Delta Electronics Inc. (2308.TW) | O (07/13/2017) | NT$1,875.00 |
| E In Holdings Inc. (8069.TWO) | E (08/10/2026) | NT$144.50 |
| Ennostar Inc (3714.TW) | U (09/23/2022) | NT$68.80 |
| Fosite Corp (6805.TW) | O (06/25/2025) | NT$2,415.00 |
| Hiwin Technologies Corp. (2049.TW) | O (03/30/2026) | NT$334.00 |
| Innolux (3481.TW) | E (04/07/2025) | NT$50.40 |
| King Slide Wor s Co. Ltd. (2059.TW) | O (11/08/2023) | NT$12,800.00 |
| Lens Technology (300433.SZ) | E (07/22/2020) | Rmb34.83 |
| Lite-On Technology (2301.TW) | E (01/15/2025) | NT$288.50 |
| TCL Corp. (000100.SZ) | E (04/07/2025) | Rmb5.08 |
| Tianma Microelectronics (000050.SZ) | U (01/24/2018) | Rmb6.72 |
| Wuhan Jingce Electronic Group Co Ltd (300567.SZ) | E (11/26/2021) | Rmb214.60 |
| Howard Kao | ||
| Acer Inc. (2353.TW) | U (04/23/2025) | NT$32.15 |
| Asuste Computer Inc. (2357.TW) | U (11/16/2025) | NT$946.00 |
| Catcher Technology (2474.TW) | U (11/17/2025) | NT$211.00 |
| Compal Electronics (2324.TW) | U (04/23/2025) | NT$37.60 |
| Elite Material Co. (2383.TW) | O (09/14/2026) | NT$4,895.00 |
| FIT Hon Teng Ltd (6088.HK) | O (11/03/2025) | HK$5.41 |
| Foxconn Industrial Internet Co. Ltd. (601138.SS) | O (07/10/2019) | Rmb63.60 |
| Giga-Byte Technology Co. Ltd. (2376.TW) | E (11/16/2025) | NT$368.00 |
| Gold Circuit Electronics Ltd. (2368.TW) | O (10/06/2022) | NT$1,045.00 |
| Hon Hai Precision (2317.TW) | O (03/15/2024) | NT$250.00 |
| Inspur Electronic Information (000977.SZ) | E (08/28/2023) | Rmb71.85 |
| Kingboard Laminates Holdings Ltd. (1888.HK) | O (09/14/2026) | HK$48.76 |
| LandMar Optoelectronics Corporation (3081.TWO) | E (03/26/2026) | NT$2,875.00 |
| Lenovo (0992.HK) | O (07/10/2026) | HK$35.74 |
| Lotes Co. Ltd. (3533.TW) | E (05/12/2025) | NT$1,590.00 |
| Nan Ya PCB (8046.TW) | O (02/23/2026) | NT$1,060.00 |
| Pegatron Corporation (4938.TW) | E (03/25/2026) | NT$90.80 |
| Quanta Computer Inc. (2382.TW) | O (05/01/2023) | NT$344.50 |
| Shengyi Technology Co Ltd. (600183.SS) | E (05/26/2022) | Rmb146.27 |
| Shennan Circuits Co Ltd (002916.SZ) | E (08/24/2023) | Rmb395.02 |
| Unimicron (3037.TW) | O (02/23/2026) | NT$1,020.00 |
| Visual Photonics Epitaxy Co Ltd (2455.TW) | E (09/11/2023) | NT$572.00 |
| Wistron Corporation (3231.TW) | O (07/12/2023) | NT$186.50 |
| Wiwynn Corp (6669.TW) | O (11/10/2025) | NT$2,150.00 |
|---|---|---|
| Yageo Corp. (2327.TW) | O (10/28/2025) | NT$557.00 |
| Zhen Ding (4958.TW) | ++ | NT$470.00 |
| Irene Yen | ||
| Co-Tech Development Corp. (8358.TWO) | O (09/14/2026) | NT$491.50 |
| Taiwan Union Technology Corporation (6274.TWO) | O (09/14/2026) | NT$1,435.00 |
- Historical pric s ar not split adjust d.