260529_2379_瑞昱_ms_realtek

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M May 29, 2026 09:19 AM GMT

Realtek Semiconductor | Asia Pacific

Asia AI Summit 2026 Feedback

2H26 outlook: Visibility for 2H remains uncertain, but 2H is likely to prove weaker than 1H. Customers are actively pre-stocking but have not updated their full-year rolling forecasts. Despite order pull-ins, customer inventory levels appear manageable - they are conscious of overstocking risk from the previous cycle throughout the pandemic.

Market segments: The PC segment is performing robustly. Auto growth is expected to moderate after 6 years of significantly outpacing corporate average. Consumer electronics is now driven by seasonal stocking ahead of summer. Networking is the most resilient segment, due to escalating needs for connectivity.

Supply chain management: The inventory write-off seen in 1Q is expected to continue in future quarters as a result of the company's inventory pre-stocking and its accounting policies.

Update

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates e = Morgan Stanley 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.

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