PDF 原檔：2458 義隆(Elan)｜20260608｜MS_original.pdf
原始內容
M June 8, 2026 11:30 PM GMT
Elan Microelectronics Corp | Asia Pacific
Better than feared PC and new business to fuel future growth; OW
Reaction to earnings
Strengthens our thesis
Impact to our thesis
Source: Company data, Morgan Stanley Research
Solid 2Q26 guidance: Elan guided for 2Q revenue of NT$3.2-3.4bn, with the midpoint implying a 2% Q/Q increase and 9% Y/Y growth. 2Q gross margin mid-point guidance of 48.0% implies 0.4ppt Q/Q expansion as AI business ramps up. 2Q operating margin mid-point guidance is 23.7%, slightly lower than 24.1% in 1Q26, mainly due to more expense on photo mask and R&D.
AI drones and optics to add growth : Besides strong shipments of haptics touchpads and 4-in-1 copilot key, Elan is expanding its business in the AI drone market, and shipment started in June, targeting non-China market, As for optics, Elan cooperated with PETA Optronics and will provide EIC, including TIA and drivers. Management expects a sample to be ready in 1H27 and products for shipment in 2H27 for scale out NPO modules.
Stay OW given better-than-expected results, increasing haptic adoption and emerging opportunities in drones and optics showcased in Computex (link).
Modest upside
Financial results versus consensus
Largely unchanged
Direction of next 12-month consensus EPS
Update
| Morgan Stanley Asia Limited+ Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
|---|---|
| Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com | +886 2 2730-1725 |
| Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com Tiffany Yeh | +886 2 2730-2863 |
| Tiffany.Yeh@morganstanley.com Lucas Wang | +886 2 7712-3032 |
| Research Associate Lucas.Wang@morganstanley.com | +886 2 2730-2875 |
| Henry Zhao Research Associate Henry.Zhao@morganstanley.com | +852 2239-7731 |
| Ethan Jia Research Associate Ethan.Jia@morganstanley.com | +852 3963-2287 |
｜20260608｜MS_001.png)
Elan Microelectronics Corp (2458.TW, 2458 TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Overweight Attractive |
|---|---|
| Industry View | |
| Price target | NT$160.00 |
| Up/downside to price target (%) | 2 |
| Shr price, close (Jun 8, 2026) | NT$156.50 |
| 52-Week Range | NT$170.00-115.50 |
| Sh out, dil, curr (mn) | 306 |
| Mkt cap, curr (mn) | NT$47,949 |
| EV, curr (mn) | NT$44,576 |
| Avg daily trading value (mn) | NT$337 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 8.53 | 9.04 | 9.80 | 10.00 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 8.31 | 9.62 | 10.77 | 10.00 |
| Revenue, net (NT$ mn) | 12,326 | 13,906 | 15,066 | 16,149 |
| EBITDA (NT$ mn) | 3,282 | 3,366 | 3,669 | 3,748 |
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.
圖片清單（已驗證 2026-07-02）
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66KB | 真資料圖 | 股價與目標價沿革圖，縱軸 0-280，橫軸 06/01 2023 至 06/01 2026，淺綠線與藍線為股價走勢，紅色虛線階梯為目標價變化（標示數字如 200、180、190、126、120、150、145、160 等），並標記 O/A、O/I、E/I、E/A 等評等變動點 |