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原始內容
M Update October 12, 2026 01:01 AM GMT
Delta Electronics Inc. | Asia Pacific
Our Thoughts on USITC Investigation No. 337
The near-term impact should be manageable, but e'll closely monitor developments on this matter.
What's new:
- The US International Trade Commission (USITC) formally launched a patent infringement investigation on October 9 2026 following a complaint by Vicor Corporation a US-based power electronics company against 20 entities including Delta and others across the power supply server assembly and semiconductor space.
- Vicor alleges that certain imported vertical power delivery systems (used mostly in HPC chips) have infringed US Patent 10 903 734.
- Vicor requested two types of remedy: 1) a Limited Exclusion Order (LEO); and 2) Cease and Desist Orders (CDOs) which could restrict US imports and sales of infringing products if granted.
Our view:
- We note that this is not the first time Delta and Vicor have had legal disputes over patent infringement.
- We will closely monitor any developments in this matter though we think the impact on Delta's operations should be manageable (the products in dispute account for high single digit % of its total revenue for 2026 based on our estimates).
- We remain OW.
| Morgan Stanley Taiwan Limited+ Derrick Yang Equity Analyst D rrick.Yang@morganstanl y.com | +886 2 2730-2862 |
|---|---|
| Vivi Huang R s arch Associat Vivi.Huang@morganstanl y.com | +886 2 2730-2860 |
| Morgan Stanley Asia Limited+ Andy Meng CFA Equity Analyst Andy.M ng@morganstanl y.com | +852 2239-7689 |
Delta Electronics Inc.(2308.TW, 2308 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating - Industry View | Overweight | Overweight - In-Line | ||
|---|---|---|---|---|
| Price target | NT$2,500.00 | |||
| Up/downside to price target | (%) | 27 | ||
| S r price, close (Oct 8, 2026) | NT$1,965.00 | |||
| 52-Week Range | NT$2,585.00-886.00 | |||
| S out, dil, curr (mn) | 2,598 | |||
| Mkt cap, curr (mn) | US$159,810 | |||
| EV, curr (mn) | US$158,149 | |||
| Avg daily trading value | (mn) | US$615 | ||
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 23.14 | 39.77 | 64.77 | 100.77 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 23.91 | 40.39 | 64.11 | 99.50 |
| Revenue, net (NT$ bn) | 554.9 | 775.21,131.91,659.5 | ||
| EBITDA (NT$ bn) | 111.8 | 169.2 | 267.5 | 404.0 |
| ModelWare net inc (NT | 60.1 | 103.3 | 168.2 | 261.7 |
| $ bn) | ||||
| P/E | 41.6 | 49.4 | 30.3 | 19.5 |
| P/BV | 7.1 | 11.8 | 9.1 | 6.8 |
| RNOA (%) | 27.3 | 42.2 | 70.3 | 101.3 |
| ROE (%) | 21.5 | 31.7 | 42.2 | 50.8 |
| EV/EBITDA | 20.1 | 29.4 | 18.3 | 11.7 |
| Div yld (%) | 0.8 | 0.6 | 1.0 | 1.7 |
| FCF yld ratio (%)** | 2.1 | 0.9 | 2.1 | 4.0 |
| Leverage (EOP) (%) | (41.9) | (51.7) | (57.8) | (64.0) |
Unless ot erwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus met odology
§ = Consensus data is provided by Refinitiv Estimates
e = Morgan Stanley Researc 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.
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
Key Table
xhibit 1: Historical litigation b tw n Vicor and D lta
| Filing date Plaintiff(s) / Defendant(s) / Case Number | Reason for Filing | Latest Progress |
|---|---|---|
| 2023-07-12Vicor v. Delta et al. | E.D. Tex., 2:23-cv-00323 | Patent infringement: US 6,930,893; 9,166,481; 9,516,761; 10,199,950. | Settled; dismissed with prejudice (May 13, 2025). |
| 2023-07-12 Vicor v. Delta, Cyntec, Foxconn, Quanta et al. | ITC 337-TA-1370 | ITC import complaint: US 9,166,481; 9,516,761; 10,199,950. | Closed (Feb 13, 2025); partial infringement finding; LEO/CDOs issued. |
| 2023-10-23Delta v. Vicor | W.D. Tex., 6:23-cv-00726 | Patent infringement: US 9,819,263 (power converters). | Settled; dismissed with prejudice (May 7, 2025). |
| 2023-11-01Delta v. Vicor | D. Del., 1:23-cv-01246 | Patent infringement: US 8,711,580 and 10,877,534. | Settled; dismissed with prejudice (May 8, 2025). |
| 2024-01-02 Delta v. Vicor | China patent case (number unverified) | Patent infringement: CN 106571354 B (power- converter manufacturing). | Final case disposition not confirmed. |
| 2024-01-26Delta (applicant) / Vicor | D. Del., 1:24-cv-00107 | Section 1782 evidence request for China patent litigation. | Jan 10, 2025: main discovery request denied; limited relief granted. |
| 2026-01-09Vicor v. Delta | E.D. Tex., 2:26-cv-00017 | Patent infringement: US 12,395,087 (bus- converter design). | Stayed (Feb 24, 2026) pending ITC 337-TA- 1484. |
| 2026-01-12Vicor v. Delta et al. | ITC 337-TA-1484 | ITC import complaint: US 12,395,087 (power modules and servers). | Ongoing; instituted Feb 11, 2026 (published Feb 17); target completion Sep 20, 2027. |
| 2026-07-23Delta v. Vicor | W.D. Tex., 1:26-cv-02057 | Alleged trade-secret misuse and interference with business relations. | Ongoing; no merits ruling reported. |
| 2026-07-24Delta Shanghai v. Vicor | D. Del., 1:26-cv-00913 | Patent infringement: US 10,845,853 (processor-board power delivery). | Ongoing; no final infringement ruling reported. |
| 2026-07-31Delta v. Vicor | W.D. Tex., 7:26-cv-00288 | Patent infringement: US 11,923,772 (DC/DC converters). | Pending; Vicor moved to dismiss or transfer (Sep 28, 2026). |
| 2026-09-08 Vicor v. Delta, Infineon et al. | E.D. Tex., 2:26-cv- 00796 | Patent infringement: US 10,903,734 (vertical power delivery). | Ongoing; early stage, no infringement finding. |
| 2026-09-08Delta (applicant) / Vicor | D. Del., 1:26-cv-01135 | Section 1782 evidence request for overseas proceedings. | Pending; no final order confirmed. |
| 2026-09-09Vicor v. Delta et al. | ITC 337-TA-1526 | ITC import complaint: US 10,903,734 (vertical power delivery). | Instituted (Oct 9, 2026); no final ruling. |
Sourc : US F d ral Court, US Int rnational Trad Commission (ITC), USPTO/PTAB filings, Company data, Morgan Stanl y r s arch
M Update
Valuation Methodology and Risks
Delta Electronics Inc. (2308.TW)
Base case: P/E multiple of 30x based on average 2027-28 EPS. We believe our target multiple is justified by the 63% earnings CAGR we estimate for 2025-28 implying a PEG of 0.5 versus the stock's ~23x P/E and 23% earnings CAGR during 2022-25 which implied a PEG of 1.0.
Risks to Upside
- n Faster-than-expected global economic growth
- n Falling raw material prices
- nMargin improvement
Risks to Downside
- n Global economic slowdown
- nOngoing component supply tightness
- n Rising raw material prices
- nMargin contraction as a result of higher operating expenses or faster ASP erosion
M Update