PDF 原檔：報告_MS_CCL_Doosan擴產_20260920_original.pdf
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46.6KB | 真資料圖 | 個股股價（藍線）與目標價階梯（紅虛線）走勢圖，橫軸 2023/09-2026/09；目標價階梯標記 17／17.5／19／22／70／74，終值 170；圖上無公司名稱標籤，無法確認對應標的 |
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圖上無公司名稱、股價區間與本報告主角 Doosan（韓股，KRW 計價）或 EMC／TUC（NT$ 千元級股價）皆對不上，無法判定具體所屬個股，故此圖僅存證於 Raw_data，不嵌入任何 lib 頁（避免誤植公司）。
原始內容
M Update September 20, 2026 07:52 PM GMT
Greater China Technology Hardware | Asia Pacific
CCL - Doosan announces capacity expansion in Korea and China
What's new? According to Business Korea, Doosan (000150.K , not covered) announced a KRW970B CCL capacity expansion on ep 17:
- KRW420B in Korea to add optical module CCL lines, and
- KRW550B in China to build a new plant for AI accelerator and network switch CCL.
pending is phased through 2028, with the new lines coming online sequentially from 2H28.
Our thoughts: Our checks suggest this investment could add ~2,000K sheets per month of CCL capacity at Doosan, equivalent to ~2% of global CCL capacity in 2028, on our estimates. We view the investment as further evidence of robust demand for high-end CCL and do not believe it undermines our thesis of continued high-end CCL scarcity (see our CCL initiation report). As such, we see a positive read-across for EMC, TUC, and hengyi. We remain OW on EMC and TUC, while maintaining our EW rating on hengyi given a less compelling valuation.
Morgan Stanley Taiwan Limited+
Irene Yen
Equity Analyst I ene.Yen@mo ganstanley.com
Howard Kao
Equity Analyst
+886 2 2730-2869
+886 2 2730-2989
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst
+852 2239-7689
Greater China Technology Hardware
Asia Pacific Industry View In-Line
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
Valuation Methodology and Risks
Elite Material Co. (2383.TW)
Base case, derived from a residual income (RI) model. Key assumptions include a cost of equity of 9.3% (beta of 1.0, equity premium of 8.7% and risk-free rate of 1%), medium-term growth rate of 12%, and terminal growth rate of 3%.
Risks to Upside
- n tronger AI demand
- n hare gains
- n Faster-than-expected material upgrades
- n lower-than-expected CPO adoption
Risks to Downside
- nWeaker AI demand
- n hare loss
- n lower-than-expected material upgrades
- n Faster-than-expected CPO adoption
Sheng i Technolog Co Ltd. (600183.SS)
Base case, derived from a residual income (RI) model. Key assumptions include a cost of equity of 7.3% (beta of 1.2, equity premium of 5% and risk-free rate of 1.3%), 10% medium-term growth rate and 3% terminal growth rate.
Risks to Upside
- n Accelerated demand for 5G and data center CCL/PCB.
- n Further share gains for 5G and data center CCL/PCB.
- nMeaningful penetration into IC substrate CCL, benefiting from China's semiconductor localization.
Risks to Downside
- n Rising competition for 5G and data center CCL/PCB.
- nDelay in 5G network deployment.
- n Escalating U -China trade tensions.
Taiwan Union Technolog Corporation (6274.TWO)
Base case, derived from a residual income (RI) model. Key assumptions include a cost of equity of 9.3% (beta of 1.0, equity premium of 8.7% and risk-free rate of 1%), medium-term growth rate of 11%, and terminal growth rate of 3%.
Risks to Upside
- n tronger AI demand
M Update
- n hare gains
- n Faster-than-expected material upgrades
- n lower-than-expected CPO adoption
Risks to Downside
- nWeaker AI demand
- n hare loss
- n lower-than-expected material upgrades
- n Faster-than-expected CPO adoption
M Update
INDUSTRY COVERAGE: Greater China Technology Hardware
| Company (Ticker) | Rating (As Of) | Price* (09/1 /2026) |
|---|---|---|
| Andy Meng, CFA | ||
| AAC Te hnologies Holdings (2018.HK) | O (01/29/2024) | HK$40.62 |
| A elink Te hnologies Co. Ltd. (002281.SZ) | U (05/12/2022) | Rmb195.40 |
| BYD Ele troni s (0285.HK) | O (04/28/2023) | HK$23.78 |
| China TransInfo Te hnology Co Ltd (002373.SZ) | E (07/18/2023) | Rmb7.33 |
| Dahua Te hnology Co. Ltd. (002236.SZ) | E (12/12/2024) | Rmb15.74 |
| Eoptolink Te hnology In Ltd (300502.SZ) | O (02/27/2026) | Rmb445.00 |
| Genius Ele troni Opti al Co. Ltd. (3406.TW) | U (09/10/2026) | NT$972.00 |
| GoerTek In (002241.SZ) | E (08/14/2026) | Rmb23.33 |
| Gosun n Te hnology Group Co Ltd (300098.SZ) | U (11/07/2022) | Rmb4.33 |
| HIKVision Digital Te hnology (002415.SZ) | E (12/12/2024) | Rmb32.94 |
| Largan Pre ision (3008.TW) | E (09/10/2026) | NT$6,430.00 |
| LianChuang Ele troni Te hnology Co Ltd (002036.SZ) | U (06/12/2024) | Rmb6.32 |
| Lingyi Ite h Guangdong Co (002600.SZ) | U (04/23/2025) | Rmb12.58 |
| Lingyi Ite h Guangdong Co (1688.HK) | O (08/14/2026) | HK$6.10 |
| Luxshare Pre ision Industry Co., Ltd. (2475.HK) | O (08/14/2026) | HK$58.80 |
| Luxshare Pre ision Industry Co., Ltd. (002475.SZ) | O (10/24/2016) | Rmb54.10 |
| OFILM Group Co Ltd (002456.SZ) | U (06/12/2024) | Rmb7.02 |
| Q Te hnology (Group) Company Ltd (1478.HK) | U (03/23/2026) | HK$5.43 |
| Que tel Wireless Solutions Co Ltd (603236.SS) | E (10/09/2024) | Rmb72.54 |
| Shanghai Conant Opti al Co Ltd (2276.HK) | O (04/10/2026) | HK$40.58 |
| Shenzhen Transsion Holdings Co Ltd (688036.SS) | E (03/23/2026) | Rmb52.77 |
| Sunny Opti al (2382.HK) | E (03/23/2026) | HK$67.05 |
| Suzhou TFC Opti al Communi ation Co Ltd. (300394.SZ) | E (11/06/2025) | Rmb284.66 |
| Wingte h Te hnology Co Ltd (600745.SS) | U (05/18/2026) | Rmb16.74 |
| Xiaomi Corp (1810.HK) | O (04/14/2021) | HK$26.40 |
| Yangtze Opti al Fibre and Cable JSC Ltd (601869.SS) | U (10/13/2021) | Rmb454.99 |
M Update M Update Stock Ratings a e subject to change. Please see latest esea ch fo each company.
| Yangtze Opti al Fibre and Cable JSC Ltd (6869.HK) | O (07/15/2026) | HK$183.10 |
|---|---|---|
| Yongxin Opti s Co Ltd (603297.SS) | E (11/15/2022) | Rmb113.01 |
| Zhejiang Crystal-Opte h Co Ltd (002273.SZ) | O (11/15/2022) | Rmb25.47 |
| Zhongji Innolight Co Ltd (300308.SZ) | O (09/07/2026) | Rmb926.43 |
| Zhongji Innolight Co Ltd (3308.HK) | O (09/07/2026) | HK$1,205.00 |
| ZTE Corporation (0763.HK) | O (06/04/2026) | HK$22.84 |
| ZTE Corporation (000063.SZ) | E (06/04/2026) | Rmb32.44 |
| Derrick Yang | ||
| A ton Te hnology Corporation (2345.TW) | O (06/06/2024) | NT$1,855.00 |
| Advante h (2395.TW) | O (01/20/2021) | NT$690.00 |
| AirTAC International (1590.TW) | O (04/16/2025) | NT$1,220.00 |
| Asia Vital Components Co. Ltd. (3017.TW) | O (07/30/2024) | NT$3,430.00 |
| AU Optroni s (2409.TW) | E (02/10/2026) | NT$30.35 |
| Auras Te hnology Co Ltd (3324.TWO) | E (05/04/2023) | NT$1,480.00 |
| Bizlink (3665.TW) | O (03/10/2025) | NT$2,210.00 |
| BOE Te hnology (000725.SZ) | O (09/06/2019) | Rmb5.92 |
| Chenbro (8210.TW) | O (07/23/2025) | NT$902.00 |
| Chroma Ate In . (2360.TW) | O (10/05/2021) | NT$2,290.00 |
| Delta Ele troni s In . (2308.TW) | O (07/13/2017) | NT$1,735.00 |
| E Ink Holdings In . (8069.TWO) | E (08/10/2026) | NT$146.50 |
| Ennostar In (3714.TW) | U (09/23/2022) | NT$67.40 |
| Fositek Corp (6805.TW) | O (06/25/2025) | NT$2,295.00 |
| Hiwin Te hnologies Corp. (2049.TW) | O (03/30/2026) | NT$334.50 |
| Innolux (3481.TW) | E (04/07/2025) | NT$48.25 |
| King Slide Works Co. Ltd. (2059.TW) | O (11/08/2023) | NT$12,495.00 |
| Lens Te hnology (300433.SZ) | E (07/22/2020) | Rmb33.48 |
| Lite-On Te hnology (2301.TW) | E (01/15/2025) | NT$282.00 |
| TCL Corp. (000100.SZ) | E (04/07/2025) | Rmb4.99 |
| Tianma Mi roele troni s (000050.SZ) | U (01/24/2018) | Rmb6.61 |
| Wuhan Jing e Ele troni Group Co Ltd (300567.SZ) | E (11/26/2021) | Rmb219.15 |
| Howard Kao | ||
| A er In . (2353.TW) | U (04/23/2025) | NT$31.95 |
| Asustek Computer In . (2357.TW) | U (11/16/2025) | NT$960.00 |
| Cat her Te hnology (2474.TW) | U (11/17/2025) | NT$209.50 |
| Compal Ele troni s (2324.TW) | U (04/23/2025) | NT$37.70 |
| Elite Material Co. (2383.TW) | O (09/14/2026) | NT$4,890.00 |
| FIT Hon Teng Ltd (6088.HK) | O (11/03/2025) | HK$5.42 |
| Fox onn Industrial Internet Co. Ltd. (601138.SS) | O (07/10/2019) | Rmb62.71 |
| Giga-Byte Te hnology Co. Ltd. (2376.TW) | E (11/16/2025) | NT$356.00 |
| Gold Cir uit Ele troni s Ltd. (2368.TW) | O (10/06/2022) | NT$1,020.00 |
| Hon Hai Pre ision (2317.TW) | O (03/15/2024) | NT$250.50 |
| Inspur Ele troni Information (000977.SZ) | E (08/28/2023) | Rmb71.88 |
| Kingboard Laminates Holdings Ltd. (1888.HK) | O (09/14/2026) | HK$47.10 |
| LandMark Optoele troni s Corporation (3081.TWO) | E (03/26/2026) | NT$2,880.00 |
| Lenovo (0992.HK) | O (07/10/2026) | HK$37.58 |
| Lotes Co. Ltd. (3533.TW) | E (05/12/2025) | NT$1,585.00 |
| Nan Ya PCB (8046.TW) | O (02/23/2026) | NT$1,100.00 |
| Pegatron Corporation (4938.TW) | E (03/25/2026) | NT$90.30 |
| Quanta Computer In . (2382.TW) | O (05/01/2023) | NT$343.00 |
| Shengyi Te hnology Co Ltd. (600183.SS) | E (05/26/2022) | Rmb143.93 |
| (002916.SZ) | E (08/24/2023) | Rmb384.50 |
| Shennan Cir uits Co Ltd Unimi ron (3037.TW) | O (02/23/2026) | NT$981.00 |
| Visual Photoni s Epitaxy Co Ltd (2455.TW) | E (09/11/2023) | NT$556.00 |
| Wistron Corporation (3231.TW) | O (07/12/2023) | NT$186.50 |
| Wiwynn Corp (6669.TW) | O (11/10/2025) | NT$2,140.00 |
| Yageo Corp. (2327.TW) - Zhen Ding (4958.TW) | O (10/28/2025) - ++ | NT$550.00 - NT$473.00 |
|---|---|---|
| Irene Yen | ||
| Co-Te h Development Corp. (8358.TWO) | O (09/14/2026) | NT$499.50 |
| Taiwan Union Te hnology Corporation (6274.TWO) | O (09/14/2026) | NT$1,370.00 |
- Histo ical p ices a e not split adjusted.
© 2026 Morgan tanley