PDF 原檔：260608_ms_genius_original.pdf
原始內容
M June 8, 2026 10:55 AM GMT
Genius Electronic Optical Co. Ltd. | Asia Pacific
May Sales Up 30.2% YoY but Down 29.6% MoM
Details:
- Revenue was NT$1,629mn in May, up 30.2% YoY but down 29.6% MoM. 5M26 revenue arrived at NT$10,084mn, up 19.7% YoY.
- The company expects June revenue to remain weak and July demand to see a strong increase as optical lenses enter mass production.
Our view:
- We believe Android smartphone shipments will face headwinds in 2026, which could negatively affect lens demand.
- Besides smartphone lenses, the company plans to spend great efforts on optical communication products. If progress is smooth, they could become new growth drivers in 2027-28.
Exhibit 1 : Genius monthly revenue YoY growth rate vs. share price
Note: Past performance is no guarantee of future results. Results shown do not include transaction costs. Source: Company data, FactSet, Morgan Stanley Research.
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst
Andy.Meng@morganstanley.com
+852 2239-7689
Betty Chen
Research Associate
Betty.H.Chen@morganstanley.com
+852 2239-7213
Morgan Stanley Taiwan Limited+
Sharon Shih
Equity Analyst
Sharon.Shih@morganstanley.com
+886 2 2730-2865
Genius Electronic Optical Co. Ltd. (3406.TW, 3406 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Equal-weight |
|---|---|
| Industry View | In-Line |
| Price target | NT$425.00 |
| Up/downside to price target (%) | (35) |
| Shr price, close (Jun 8, 2026) | NT$654.00 |
| 52-Week Range | NT$704.00-381.00 |
| Sh out, dil, curr (mn) | 112 |
| Mkt cap, curr (mn) | NT$73,195 |
| EV, curr (mn) | NT$64,429 |
| Avg daily trading value (mn) | NT$597 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 32.84 | 31.74 | 39.14 | 40.78 |
| EPS (NT$)§ | 31.91 | 36.20 | 39.09 | 43.67 |
| Revenue, net (NT$ mn) | 24,989 | 24,941 | 27,328 | 28,458 |
| EBITDA (NT$ mn) | 8,742 | 8,735 | 10,134 | 10,681 |
| ModelWare net inc (NT | 3,702 | 3,578 | 4,413 | 4,598 |
| $ mn) | ||||
| P/E | 13.7 | 20.6 | 16.7 | 16.0 |
| P/BV | 1.9 | 2.5 | 2.1 | 1.9 |
| RNOA (%) | 18.9 | 18.9 | 20.8 | 17.9 |
| ROE (%) | 14.9 | 13.5 | 14.7 | 13.3 |
| EV/EBITDA | 4.8 | 7.2 | 6.2 | 5.7 |
| Div yld (%) | 16.9 | 11.3 | 14.0 | 14.6 |
| FCF yld ratio (%)** | 11.2 | 3.5 | 3.6 | 5.4 |
| Leverage (EOP) (%) | (36.8) | (35.0) | (31.8) | (32.4) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
§ = Consensus data is provided by Refinitiv Estimates
** = Based on consensus methodology
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.
圖片清單（已驗證 2026-07-02）
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| 檔名 | size | 分類 | 親眼所見內容 |
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260608_ms_genius_001.png |
76KB | 真資料圖 | 標題「Genius share price vs Monthly revenue YoY%」雙軸走勢圖，藍線為 Genius 股價（NT$，左軸 0-900），黃線為月銷 YoY% 成長率（右軸 -100%~200%），橫軸 Feb-20 至 May-26 |