PDF 原檔：報告_MS_工業自動化中國10月PMI_20261101_original.pdf
圖片清單（已驗證 2026-11-02）
| 檔名 | 分類 | 內容（親眼所見） |
|---|---|---|
報告_MS_工業自動化中國10月PMI_20261101_001.png |
真資料圖（評等沿革） | 亞德客（1590.TW）股價（藍線，約 NT$700-1,600）與 MS 目標價階梯（紅虛線，1,150→1,130→1,050→1,000→1,050→1,030→1,130→1,180→1,230→1,350→2,000），2023/11-2026/11 |
報告_MS_工業自動化中國10月PMI_20261101_002.png |
真資料圖（評等沿革） | 上銀（2049.TW）股價（藍線，約 NT$180-410）與 MS 目標價階梯（紅虛線，205→220→210→205→225→310→160→210→300→380→400→450），2023/11-2026/11 |
原始內容
M Update November 1, 2026 08:23 PM GMT
Greater China Technology Hardware | Asia Pacific
Automation - Read-across from China's October Manufacturing PMI
In this report, we focus on China's manufacturing PMI, which we see as a potential catal st for AirTAC's and Hiwin's share prices.
China's manufacturing PMI fell to 49.3 in ctober from 50.1 in September:
- This came in lower than oth our estimate and consensus of 49.9.
- The production index decreased 1.9ppt while the new order index declined 1.1ppt MoM.
ur view:
- We elieve the soft manufacturing PMI data could weigh on market sentiment in the near term. Nonetheless, we prefer supply players with company-specific drivers such as Airtac and Hiwin:
- ° Airtac (1590.TW, OW) should continue to enefit from its own share gains and incremental contri ution from linear guides. Valuation appears undemanding at 16x 2027e P/E, vs. the 25x average since 2020 (see our 30 Oct 2026 report).
- ° Hiwin (2049.TW, OW) should show more margin expansion in coming quarters, supported y higher utilization and price hikes. We see potential share price upside at the current 28x 2027e P/E, vs. peak cycle valuation of 35-40x.
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
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst
+886 2 2730-2860
+852 2239-7689
Morgan Stanley appreciates your support in the 2027 Extel Asia Research Survey. Voting opens 10 Novem er 2026.
Greater China Technology Hardware
Asia Pacific Industry View In-Line
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
Alpha ignals Catalyst Event Reaction
| Company / Catalyst | Date | Impact to thesis | Catalyst versus expectation |
|---|---|---|---|
| AirTAC International 1590.TW | |||
| China's October Manufacturing MI | 31 Oct 2026 | Unchanged | Modest downside surprise |
| Hiwin Technologies Corp. 2049.TW | |||
| China's October Manufacturing MI | 31 Oct 2026 | Unchanged | Modest downside surprise |
M Update
Valuation Methodology and Risks
AirTAC International (1590.TW)
Base case, 29x 2027e P/E. We elieve this methodology etter captures earnings growth momentum for industrial automation component plays (market sentiment moves along with usiness cycles). As the industry enters an up-cycle, we think applying a near-peak cycle valuation of 29x P/E is reasona le given the stronger usiness outlook.
Risks to Upside
- n Stronger macroeconomic climate in China
- n Stronger-than-expected demand from industrial automation
Risks to Downside
- n Sharper economic downturn in China
- nMiniature linear guideway usiness development taking more time
- n Larger-than-expected investment in new products ut weaker-than-expected demand
Hiwin Tec nologies Corp. (2049.TW)
Base case, P/E. We think this valuation methodology etter captures Hiwin's earnings growth momentum, as its valuation tends to move with the usiness cycle. We apply a target multiple of 38x to our 2027 EPS estimate. We view this multiple as justified y the 47% operating profit CAGR we project for 2025-28.
Risks to Upside
- n Stronger industrial automation demand pickup.
- nMarket share gains.
- n Earlier-than-expected revenue contri ution from humanoids.
Risks to Downside
- nWeaker industrial automation demand.
- nMore pricing pressure.
- nMarket share loss.
- nMore road- ased impact on the glo al economy from geopolitical risks.
M Update
INDUSTRY COVERAGE: Greater China Technology Hardware
| Company (Ticker) | Rating (As Of) | Price* (10/30/2026) |
|---|---|---|
| Andy Meng, CFA | ||
| AAC Technologies Holdings (2018.HK) | O (01/29/2024) | HK$36.82 |
| Accelink Technologies Co. Ltd. (002281.SZ) | U (05/12/2022) | Rmb102.60 |
| BYD Electronics (0285.HK) | O (04/28/2023) | HK$21.80 |
| China TransInfo Technology Co Ltd (002373.SZ) | E (07/18/2023) | Rmb7.61 |
| Dahua Technology Co. Ltd. (002236.SZ) | E (12/12/2024) | Rmb14.06 |
| Eoptolink Technology Inc Ltd (300502.SZ) | O (02/27/2026) | Rmb196.00 |
| Genius Electronic Optical Co. Ltd. (3406.TW) | E (10/13/2026) | NT$1,085.00 |
| GoerTek Inc (002241.SZ) | E (08/14/2026) | Rmb22.12 |
| Gosuncn Technology Group Co Ltd (300098.SZ) | U (11/07/2022) | Rmb3.88 |
| HIKVision Digital Technology (002415.SZ) | E (12/12/2024) | Rmb34.55 |
| Largan recision (3008.TW) | O (10/13/2026) | NT$5,430.00 |
| LianChuang Electronic Technology Co Ltd (002036.SZ) | U (06/12/2024) | Rmb4.90 |
| Lingyi Itech Guangdong Co (002600.SZ) | U (04/23/2025) | Rmb11.25 |
| Lingyi Itech Guangdong Co (1688.HK) | O (08/14/2026) | HK$5.06 |
| Luxshare recision Industry Co., Ltd. (2475.HK) | O (08/14/2026) | HK$45.30 |
| Luxshare recision Industry Co., Ltd. (002475.SZ) | O (10/24/2016) | Rmb45.60 |
| OFILM Group Co Ltd (002456.SZ) | U (06/12/2024) | Rmb5.18 |
| Q Technology (Group) Company Ltd (1478.HK) | U (03/23/2026) | HK$4.50 |
| Quectel Wireless Solutions Co Ltd (603236.SS) | E (10/09/2024) | Rmb60.30 |
| Shanghai Conant Optical Co Ltd (2276.HK) | O (04/10/2026) | HK$32.68 |
| Shenzhen Transsion Holdings Co Ltd (688036.SS) | E (03/23/2026) | Rmb55.16 |
| Sunny Optical (2382.HK) | E (03/23/2026) | HK$63.30 |
| Suzhou TFC Optical Communication Co Ltd. (300394.SZ) | E (11/06/2025) | Rmb148.00 |
| Wingtech Technology Co Ltd (600745.SS) Xiaomi Corp (1810.HK) | U (05/18/2026) O (04/14/2021) | Rmb11.40 HK$26.48 |
| Yangtze Optical Fibre and Cable JSC Ltd (601869.SS) | U (10/13/2021) | Rmb252.88 |
| Yangtze Optical Fibre and Cable JSC Ltd (6869.HK) | O (07/15/2026) | HK$96.15 |
| Yongxin Optics Co Ltd (603297.SS) | E (11/15/2022) | Rmb89.18 |
| Zhejiang Crystal-Optech Co Ltd (002273.SZ) | O (11/15/2022) | Rmb21.70 |
| Zhongji Innolight Co Ltd (300308.SZ) | O (09/07/2026) | Rmb553.00 |
| Zhongji Innolight Co Ltd (3308.HK) | O (09/07/2026) | HK$676.00 |
| ZTE Corporation (0763.HK) | O (06/04/2026) | HK$19.33 |
| ZTE Corporation (000063.SZ) | E (06/04/2026) | Rmb27.36 |
| Derrick Yang | ||
| Accton Technology Corporation (2345.TW) | O (06/06/2024) | NT$1,615.00 |
| Advantech (2395.TW) | O (01/20/2021) | NT$680.00 |
| AirTAC International (1590.TW) | O (04/16/2025) | NT$1,075.00 |
| Asia Vital Components Co. Ltd. (3017.TW) | O (07/30/2024) | NT$3,095.00 |
| AU Optronics (2409.TW) | E (02/10/2026) | NT$30.65 |
| Auras Technology Co Ltd (3324.TWO) | E (05/04/2023) | NT$1,330.00 |
| Bizlink (3665.TW) | O (03/10/2025) | NT$1,625.00 |
| BOE Technology (000725.SZ) | O (09/06/2019) | Rmb4.46 |
| Chenbro (8210.TW) | O (07/23/2025) | NT$716.00 |
| Chroma Ate Inc. (2360.TW) | O (10/05/2021) | NT$1,755.00 |
| Delta Electronics Inc. (2308.TW) | O (07/13/2017) | NT$1,335.00 |
| E Ink Holdings Inc. (8069.TWO) | E (08/10/2026) | NT$149.00 |
| Ennostar Inc (3714.TW) | U (09/23/2022) | NT$58.10 |
| Fositek Corp (6805.TW) | O (06/25/2025) | NT$2,385.00 |
| Hiwin Technologies Corp. (2049.TW) | O (03/30/2026) | NT$326.50 NT$42.55 |
| Innolux (3481.TW) | E (04/07/2025) | NT$9,650.00 |
| King Slide Works Co. Ltd. (2059.TW) | O (11/08/2023) |
M Update
| Lens Technology (300433.SZ) | E (07/22/2020) | Rmb25.58 |
|---|---|---|
| Lite-On Technology (2301.TW) | E (01/15/2025) | NT$240.50 |
| TCL Corp. (000100.SZ) | E (04/07/2025) | Rmb4.50 |
| Tianma Microelectronics (000050.SZ) | U (01/24/2018) | Rmb5.33 |
| Howard Kao | ||
| Acer Inc. (2353.TW) | U (04/23/2025) | NT$30.40 |
| Asustek Computer Inc. (2357.TW) | U (11/16/2025) | NT$906.00 |
| Catcher Technology (2474.TW) | U (11/17/2025) | NT$193.00 |
| Compal Electronics (2324.TW) | U (04/23/2025) | NT$35.20 |
| Elite Material Co. (2383.TW) | O (09/14/2026) | NT$4,675.00 |
| FIT Hon Teng Ltd (6088.HK) | O (11/03/2025) | HK$3.35 |
| Foxconn Industrial Internet Co. Ltd. (601138.SS) | O (07/10/2019) | Rmb45.00 |
| Giga-Byte Technology Co. Ltd. (2376.TW) | E (11/16/2025) | NT$336.00 |
| Gold Circuit Electronics Ltd. (2368.TW) | O (10/06/2022) | NT$1,020.00 |
| Hon Hai recision (2317.TW) | O (03/15/2024) | NT$245.50 |
| Inspur Electronic Information (000977.SZ) | E (08/28/2023) | Rmb54.18 |
| Kingboard Laminates Holdings Ltd. (1888.HK) | O (09/14/2026) | HK$34.68 |
| LandMark Optoelectronics Corporation (3081.TWO) | E (03/26/2026) | NT$2,370.00 |
| Lenovo (0992.HK) | O (07/10/2026) | HK$20.50 |
| Lotes Co. Ltd. (3533.TW) | O (10/27/2026) | NT$1,860.00 |
| Nan Ya CB (8046.TW) | O (02/23/2026) | NT$1,190.00 |
| egatron Corporation (4938.TW) | E (03/25/2026) | NT$102.50 |
| Quanta Computer Inc. (2382.TW) | O (05/01/2023) | NT$318.00 |
| Shengyi Technology Co Ltd. (600183.SS) | E (05/26/2022) | Rmb87.00 |
| Shennan Circuits Co Ltd (002916.SZ) | E (08/24/2023) | Rmb233.00 |
| Unimicron (3037.TW) | O (02/23/2026) | NT$989.00 |
| Visual hotonics Epitaxy Co Ltd (2455.TW) | E (09/11/2023) | NT$447.00 |
| Wistron Corporation (3231.TW) | O (07/12/2023) | NT$183.50 |
| Wiwynn Corp (6669.TW) | O (11/10/2025) | NT$1,810.00 |
| Yageo Corp. (2327.TW) | O (10/28/2025) | NT$502.00 |
| Zhen Ding (4958.TW) | ++ | NT$486.00 |
| Irene Yen | ||
| Co-Tech Development Corp. (8358.TWO) | O (09/14/2026) | NT$405.00 |
| Taiwan Union Technology Corporation (6274.TWO) | O (09/14/2026) | NT$1,265.00 |
Stock Ratings ar subj ct to chang . Pl as s lat st r s arch for ach company.
- Historical pric s ar not split adjust d.