報告_MS_MPI6223_20260508
PDF 原檔：報告_MS_MPI6223_20260508_original.pdf
原始內容
M May 8, 2026 02:22 PM GMT
MPI Corporation | Asia Pacific
Received Provisional Injunction for Maintaining a Temporary Status Quo from Technoprobe
Key Takeaways
- Technoprobe alleges MPI infringed Taiwan Patent No. I705249 and filed a provisional injunction to stop MPI’s probe product activities.
- MPI initiated a patent infringement action against Technoprobe in the US District Court for the Eastern District of Texas.
- MPI expects no operational impact or material financial effect from the legal proceedings with Technoprobe.
- Recognition of MPI’s probe card technology, especially in MEMS, is anticipated to drive significant revenue growth.
What’s new? Technoprobe (TPRO.MI) alleges that MPI infringed Taiwan Patent No. I705249 and filed a provisional injunction with the Intellectual Property and Commercial Court, seeking to prohibit MPI from manufacturing, offering for sale, selling or using probe products under model series MW90, MW120 and MW130, as well as probe card products incorporating such probes. In response, MPI asserted that Technoprobe infringed two of its US patents, and initiated a patent infringement action against Technoprobe on April 17, 2026, in the US District Court for the Eastern District of Texas.
Our take: MPI indicated its manufacturing and production technology is completely different from major competitors, including Formfactor and Technoprobe, and that it always seeks third-party recognition during the R&D stage. It also noted no impact on operations and no material effect on the company’s financial standing. We regard this as recognition of MPI’s probe card technology, especially in MEMS, where revenue from this area is set to increase at least 93% Y/Y in 2026e.
12/26e
64.08
59.50
23,011
7,367
6,069
78.5
23.9
Update
| Morgan Stanley Taiwan Limited+ Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
|---|---|
| Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com | +886 2 2730-1725 |
| Daniel.Yen@morganstanley.com Morgan Stanley Asia Limited+ Daisy Dai, CFA Equity Analyst | +886 2 2730-2863 |
| Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Morgan Stanley Taiwan Limited+ Lucas Wang Research Associate Lucas.Wang@morganstanley.com | 2 2730-2875 |
| Morgan Stanley Asia Limited+ Ethan Jia Research Associate | +886 |
| Ethan.Jia@morganstanley.com | +852 3963-2287 |
| Henry Zhao Research Associate Henry.Zhao@morganstanley.com | +852 2239-7731 |
MPI Corporation (6223.TWO, 6223 TT)
Greater China Technology Semiconductors | Taiwan
Stock Rating
Industry View
Price target
Up/downside to price target (%)
Shr price, close (May 8, 2026)
52-Week Range
Sh out, dil, curr (mn)
Mkt cap, curr (mn)
EV, curr (mn)
Avg daily trading value (mn)
Fiscal Year Ending
12/25
EPS (NT$)**
Prior EPS (NT$)**
EPS (NT$)§
Revenue, net (NT$ mn)
EBITDA (NT$ mn)
ModelWare net inc (NT
$ mn)
P/E
P/BV
RNOA (%)
32.77
33.07
13,371
4,566
3,179
68.6
15.3
Overweight
Attractive
NT$5,800.00
15
NT$5,025.00
NT$5,405.00-649.00
99
NT$497,914
NT$494,399
NT$3,829
12/27e
12/28e
133.18
102.09
39,097
15,409
12,623
37.8
15.7
240.17
240.17
61,656
27,895
22,770
20.9
9.6
41.9
53.3
90.4
120.6
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