大摩解读光宝科技9月营收：同比增22%但环比下滑，3Q26小幅低于预期且评级维持中性

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Update

October 11, 2026 06:18 PM GMT

Morgan Stanley Taiwan Limited+

Lite-On Technology | Asia Pacific

Derrick Yang
Equity Analyst

September Sales -4% MoM/
+22% YoY

Derrick.Yang@morganstanley.com

+886 2 2730-2862

Vivi Huang
Research Associate
Vivi.Huang@morganstanley.com

+886 2 2730-2860

Morgan Stanley Asia Limited+

Andy Meng, CFA

In this report, we focus on Lite-on's monthly sales, which we
believe could be a catalyst for its share price.

Equity Analyst
Andy.Meng@morganstanley.com

Lite-On Technology (2301.TW, 2301 TT)

Details:

Greater China Technology Hardware | Taiwan

• September sales were NT$18,848mn (-4% MoM/+22% YoY).
• 3Q26 sales came in at NT$57,446mn (+9% QoQ/+28% YoY), lower than our
estimate of NT$59,526mn (+13% QoQ/+33% YoY) and the consensus at NT
$60,259mn (+14% QoQ/+34% YoY).
• By segment, Cloud&AIoT/Opto-electronics/IT&Consumer Electronics
accounted for 59%/14%/27% of total sales, respectively. This implies growth
of -5%/-4%/flat MoM and +53%/+7%/-11% YoY for each segment,
respectively, in the month.
Our view:
• We believe softer revenue growth in September primarily reflected
component shortages at customers in the cloud segment and, to a lesser
extent, the consumer electronics segment.
• Looking ahead, we expect 4Q26 revenue to grow by double digits QoQ,
driven mainly by the cloud segment. We expect gross margin to normalise to
around 25% in 2H26, versus 27.2% in 2Q26, as inventory write-back benefits
fade and shipments of high-margin products delayed from 2Q26 flow

Stock Rating
Industry View
Price target
Up/downside to price target (%)
Shr price, close (Oct 8, 2026)
52-Week Range
Sh out, dil, curr (mn)
Mkt cap, curr (mn)
EV, curr (mn)
Avg daily trading value (mn)

Equal-weight
In-Line
NT$315.00
6
NT$297.50
NT$328.00-139.50
2,275
NT$676,960
NT$613,369
NT$5,513

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS (NT$)**
Revenue, net (NT$ bn)
EBITDA (NT$ bn)
ModelWare net inc (NT
$ bn)
P/E
P/BV
RNOA (%)
ROE (%)
EV/EBITDA
Div yld (%)
FCF yld ratio (%)**
Leverage (EOP) (%)

6.64
166.1
19.7
15.1

11.07
224.8
33.5
25.2

15.97
298.0
48.7
36.3

21.07
357.7
63.9
47.9

24.6
4.1
70.7
16.6
15.7
2.8
1.9
(74.1)

26.9
7.1
85.3
28.0
18.2
2.9
3.1
(71.8)

18.6
6.6
112.7
38.1
12.5
4.2
5.0
(71.8)

14.1
6.0
140.4
46.6
9.5
5.6
5.7
(66.7)

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare
framework
** = Based on consensus methodology
e = Morgan Stanley Research estimates

through.
• Stay EW.
Exhibit 1:

+852 2239-7689

Lite-on's monthly sales vs. its share price
Share price

Monthly sales (RHS)

350

25,000

300
20,000

200

15,000

150

10,000

(NT$mn)

NT$

250

100
5,000
50
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

0

Source: Past performance is no guarantee of future results. Results shown do not include transaction costs. Source: Company data,
TEJ, Morgan Stanley Research.

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and trading securities held by a research analyst account.

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AlphaSignals Catalyst Event Reaction
Company / Catalyst

Date

Impact to
thesis

08 Oct 2026

Unchanged

Catalyst versus expectation

Lite-On Technology 2301.TW
September 2026 Sales
Source:Company data, Morgan Stanley Research

2

Modest downside surprise

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Valuation Methodology and Risks
Lite-On Technology (2301.TW)
Base case: P/E multiple of 17x based on average 2027-28 EPS. We believe our target multiple
is justified by the 47% earnings CAGR we estimate for 2025-28, implying a PEG of 0.4, versus
the stock's 16x P/E and 2% earnings CAGR during 2022-25, which implied a PEG of 7.2.
Risks to Upside
n Stronger optical business growth
n Stronger data center/server demand
n PC/NB demand growth
n Downtrend in raw material prices

Risks to Downside
n Macro demand weakness
n Weaker data center/server demand
n PC/NB demand slowdown
n Uptrend in raw material prices

Morgan Stanley Research

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As of September 30, 2026, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: AAC
Technologies Holdings, Accton Technology Corporation, Acer Inc., AirTAC International, Asustek Computer Inc., AU Optronics, Auras Technology Co Ltd, Bizlink, Catcher Technology, Chenbro,
Co-Tech Development Corp., Compal Electronics, Delta Electronics Inc., E Ink Holdings Inc., Elite Material Co., Ennostar Inc, Eoptolink Technology Inc Ltd, Fositek Corp, Genius Electronic Optical
Co. Ltd., Giga-Byte Technology Co. Ltd., Hiwin Technologies Corp., LandMark Optoelectronics Corporation, Largan Precision, Lens Technology, Lingyi Itech Guangdong Co, Lite-On Technology,
Lotes Co. Ltd., Nan Ya PCB, Quectel Wireless Solutions Co Ltd, Sunny Optical, Suzhou TFC Optical Communication Co Ltd., Taiwan Union Technology Corporation, Unimicron, Visual Photonics
Epitaxy Co Ltd, Wistron Corporation, Wiwynn Corp, Xiaomi Corp, Yageo Corp., Yangtze Optical Fibre and Cable JSC Ltd, Zhejiang Crystal-Optech Co Ltd, Zhen Ding, Zhongji Innolight Co Ltd,
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4

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Coverage Universe
Stock Rating

Other Material Investment Services

Investment Banking Clients (IBC)

Clients (MISC)

% of Rating

% of Total

Count

% of Total IBC

Overweight/Buy

1599

43%

455

48%

28%

783

44%

Equal-weight/Hold

1563

42%

394

42%

25%

763

43%

Category

Count

% of Total Other

Count

Category

MISC

Not-Rated/Hold

2

0%

1

0%

50%

1

0%

Underweight/Sell

570

15%

96

10%

17%

227

13%

Total

3,734

946

1774

Data include common stock and ADRs currently assigned ratings. Investment Banking Clients are companies from whom Morgan Stanley received investment banking compensation in the
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Morgan Stanley Research

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Morgan Stanley Hong Kong Securities Limited is the liquidity provider/market maker for securities of AAC Technologies Holdings, BYD Electronics, FIT Hon Teng Ltd, Hon Hai Precision, Kingboard
Laminates Holdings Ltd., Lenovo, Lens Technology, Luxshare Precision Industry Co., Ltd., Sunny Optical, Xiaomi Corp, Yangtze Optical Fibre and Cable JSC Ltd, Zhongji Innolight Co Ltd, ZTE
Corporation listed on the Stock Exchange of Hong Kong Limited. An updated list can be found on HKEx website: http://www.hkex.com.hk.
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INDUSTRY COVERAGE: Greater China Technology Hardware
Company (Ticker)

Rating (As Of)

Price* (10/09/2026)

Andy Meng, CFA

8

AAC Technologies Holdings (2018.HK)

O (01/29/2024)

HK$37.36

Accelink Technologies Co. Ltd. (002281.SZ)

U (05/12/2022)

Rmb148.71

BYD Electronics (0285.HK)

O (04/28/2023)

HK$23.16

China TransInfo Technology Co Ltd (002373.SZ)

E (07/18/2023)

Rmb7.40

Dahua Technology Co. Ltd. (002236.SZ)

E (12/12/2024)

Rmb15.46

Eoptolink Technology Inc Ltd (300502.SZ)

O (02/27/2026)

Rmb370.20

Genius Electronic Optical Co. Ltd. (3406.TW)

U (09/10/2026)

NT$1,060.00

GoerTek Inc (002241.SZ)

E (08/14/2026)

Rmb21.51

Gosuncn Technology Group Co Ltd (300098.SZ)

U (11/07/2022)

Rmb4.20

HIKVision Digital Technology (002415.SZ)

E (12/12/2024)

Rmb32.97

Largan Precision (3008.TW)

E (09/10/2026)

NT$6,660.00

LianChuang Electronic Technology Co Ltd (002036.SZ)

U (06/12/2024)

Rmb5.90

Lingyi Itech Guangdong Co (002600.SZ)

U (04/23/2025)

Rmb11.15

Lingyi Itech Guangdong Co (1688.HK)

O (08/14/2026)

HK$5.05

Luxshare Precision Industry Co., Ltd. (2475.HK)

O (08/14/2026)

HK$50.55

Luxshare Precision Industry Co., Ltd. (002475.SZ)

O (10/24/2016)

Rmb47.59

OFILM Group Co Ltd (002456.SZ)

U (06/12/2024)

Rmb6.46

Q Technology (Group) Company Ltd (1478.HK)

U (03/23/2026)

HK$4.90

Quectel Wireless Solutions Co Ltd (603236.SS)

E (10/09/2024)

Rmb72.20

Shanghai Conant Optical Co Ltd (2276.HK)

O (04/10/2026)

HK$35.60

Shenzhen Transsion Holdings Co Ltd (688036.SS)

E (03/23/2026)

Rmb48.95

Sunny Optical (2382.HK)

E (03/23/2026)

HK$60.50

Suzhou TFC Optical Communication Co Ltd. (300394.SZ)

E (11/06/2025)

Rmb235.04

Wingtech Technology Co Ltd (600745.SS)

U (05/18/2026)

Rmb15.64

Xiaomi Corp (1810.HK)

O (04/14/2021)

HK$25.96

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Update

Yangtze Optical Fibre and Cable JSC Ltd (601869.SS)

U (10/13/2021)

Rmb387.87

Yangtze Optical Fibre and Cable JSC Ltd (6869.HK)

O (07/15/2026)

HK$168.30

Yongxin Optics Co Ltd (603297.SS)

E (11/15/2022)

Rmb98.38

Zhejiang Crystal-Optech Co Ltd (002273.SZ)

O (11/15/2022)

Rmb22.37

Zhongji Innolight Co Ltd (300308.SZ)

O (09/07/2026)

Rmb775.29

Zhongji Innolight Co Ltd (3308.HK)

O (09/07/2026)

HK$974.50

ZTE Corporation (0763.HK)

O (06/04/2026)

HK$20.76

ZTE Corporation (000063.SZ)

E (06/04/2026)

Rmb29.03

Accton Technology Corporation (2345.TW)

O (06/06/2024)

NT$2,070.00

Advantech (2395.TW)

O (01/20/2021)

NT$727.00

AirTAC International (1590.TW)

O (04/16/2025)

NT$1,205.00

Asia Vital Components Co. Ltd. (3017.TW)

O (07/30/2024)

NT$3,440.00

AU Optronics (2409.TW)

E (02/10/2026)

NT$36.60

Auras Technology Co Ltd (3324.TWO)

E (05/04/2023)

NT$1,520.00

Bizlink (3665.TW)

O (03/10/2025)

NT$2,360.00

BOE Technology (000725.SZ)

O (09/06/2019)

Rmb5.50

Chenbro (8210.TW)

O (07/23/2025)

NT$874.00

Chroma Ate Inc. (2360.TW)

O (10/05/2021)

NT$2,330.00

Delta Electronics Inc. (2308.TW)

O (07/13/2017)

NT$1,965.00

E Ink Holdings Inc. (8069.TWO)

E (08/10/2026)

NT$144.00

Ennostar Inc (3714.TW)

U (09/23/2022)

NT$67.00

Fositek Corp (6805.TW)

O (06/25/2025)

NT$2,370.00

Hiwin Technologies Corp. (2049.TW)

O (03/30/2026)

NT$332.50

Innolux (3481.TW)

E (04/07/2025)

NT$51.00

King Slide Works Co. Ltd. (2059.TW)

O (11/08/2023)

NT$10,615.00

Lens Technology (300433.SZ)

E (07/22/2020)

Rmb28.41

Lite-On Technology (2301.TW)

E (01/15/2025)

NT$297.50

TCL Corp. (000100.SZ)

E (04/07/2025)

Rmb4.64

Tianma Microelectronics (000050.SZ)

U (01/24/2018)

Rmb6.23

Wuhan Jingce Electronic Group Co Ltd (300567.SZ)

E (11/26/2021)

Rmb168.22

Derrick Yang

Howard Kao
Acer Inc. (2353.TW)

U (04/23/2025)

NT$31.30

Asustek Computer Inc. (2357.TW)

U (11/16/2025)

NT$996.00

Catcher Technology (2474.TW)

U (11/17/2025)

NT$195.50

Compal Electronics (2324.TW)

U (04/23/2025)

NT$35.50

Elite Material Co. (2383.TW)

O (09/14/2026)

NT$6,000.00

FIT Hon Teng Ltd (6088.HK)

O (11/03/2025)

HK$4.63

Foxconn Industrial Internet Co. Ltd. (601138.SS)

O (07/10/2019)

Rmb56.07

Giga-Byte Technology Co. Ltd. (2376.TW)

E (11/16/2025)

NT$363.00

Gold Circuit Electronics Ltd. (2368.TW)

O (10/06/2022)

NT$1,285.00

Hon Hai Precision (2317.TW)

O (03/15/2024)

NT$249.00

Inspur Electronic Information (000977.SZ)

E (08/28/2023)

Rmb64.69

Kingboard Laminates Holdings Ltd. (1888.HK)

O (09/14/2026)

HK$49.00

LandMark Optoelectronics Corporation (3081.TWO)

E (03/26/2026)

NT$2,960.00

Lenovo (0992.HK)

O (07/10/2026)

HK$32.84

Lotes Co. Ltd. (3533.TW)

E (05/12/2025)

NT$1,915.00

Nan Ya PCB (8046.TW)

O (02/23/2026)

NT$1,475.00

Pegatron Corporation (4938.TW)

E (03/25/2026)

NT$89.70

Quanta Computer Inc. (2382.TW)

O (05/01/2023)

NT$325.50

Shengyi Technology Co Ltd. (600183.SS)

E (05/26/2022)

Rmb124.14

Shennan Circuits Co Ltd (002916.SZ)

E (08/24/2023)

Rmb347.25

Unimicron (3037.TW)

O (02/23/2026)

NT$1,270.00

Visual Photonics Epitaxy Co Ltd (2455.TW)

E (09/11/2023)

NT$558.00

Wistron Corporation (3231.TW)

O (07/12/2023)

NT$188.50

Morgan Stanley Research

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Update

Wiwynn Corp (6669.TW)

O (11/10/2025)

NT$2,240.00

Yageo Corp. (2327.TW)

O (10/28/2025)

NT$635.00

++

NT$592.00

Zhen Ding (4958.TW)
Irene Yen
Co-Tech Development Corp. (8358.TWO)

O (09/14/2026)

NT$535.00

Taiwan Union Technology Corporation (6274.TWO)

O (09/14/2026)

NT$1,740.00

Stock Ratings are subject to change. Please see latest research for each company.
* Historical prices are not split adjusted.

© 2026 Morgan Stanley

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