大摩点评Vicor对台达电等20家实体发起的USITC 337调查：短期影响可控，维持超配

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Update

October 12, 2026 01:01 AM GMT

Delta Electronics Inc. | Asia Pacific

Morgan Stanley Taiwan Limited+

Derrick Yang
Equity Analyst

Our Thoughts on USITC
Investigation No. 337

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

The near-term impact should be manageable, but we'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.

Equity Analyst
Andy.Meng@morganstanley.com

+852 2239-7689

Delta Electronics Inc. (2308.TW, 2308 TT)
Greater China Technology Hardware | Taiwan
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)

Overweight
In-Line
NT$2,500.00
27
NT$1,965.00
NT$2,585.00-886.00
2,598
US$159,810
US$158,149
US$615

Fiscal Year Ending

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

EPS (NT$)**
Prior EPS (NT$)**
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) (%)

23.14
23.91
554.9
111.8
60.1

39.77 64.77 100.77
40.39 64.11 99.50
775.2 1,131.9 1,659.5
169.2 267.5 404.0
103.3 168.2 261.7

41.6
7.1
27.3
21.5
20.1
0.8
2.1
(41.9)

49.4
11.8
42.2
31.7
29.4
0.6
0.9
(51.7)

30.3
9.1
70.3
42.2
18.3
1.0
2.1
(57.8)

19.5
6.8
101.3
50.8
11.7
1.7
4.0
(64.0)

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare
framework
** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates
e = Morgan Stanley Research estimates

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companies covered in Morgan Stanley Research. As a result,
investors should be aware that the firm may have a conflict of
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and trading securities held by a research analyst account.

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Key Table
Exhibit 1:

Historical litigation between Vicor and Delta

Filing date

Plaintiff(s) / Defendant(s) / Case Number

Reason for Filing
Latest Progress
Patent infringement: US 6,930,893;
Settled; dismissed with prejudice (May 13,
2023-07-12 Vicor v. Delta et al. | E.D. Tex., 2:23-cv-00323
9,166,481; 9,516,761; 10,199,950.
2025).
Vicor v. Delta, Cyntec, Foxconn, Quanta et al. | ITC import complaint: US 9,166,481;
Closed (Feb 13, 2025); partial infringement
2023-07-12
ITC 337-TA-1370
9,516,761; 10,199,950.
finding; LEO/CDOs issued.
Patent infringement: US 9,819,263 (power
Settled; dismissed with prejudice (May 7,
2023-10-23 Delta v. Vicor | W.D. Tex., 6:23-cv-00726
converters).
2025).
Patent infringement: US 8,711,580 and
Settled; dismissed with prejudice (May 8,
2023-11-01 Delta v. Vicor | D. Del., 1:23-cv-01246
10,877,534.
2025).
Delta v. Vicor | China patent case (number
Patent infringement: CN 106571354 B (power2024-01-02
Final case disposition not confirmed.
unverified)
converter manufacturing).
Section 1782 evidence request for China
Jan 10, 2025: main discovery request denied;
2024-01-26 Delta (applicant) / Vicor | D. Del., 1:24-cv-00107
patent litigation.
limited relief granted.
Patent infringement: US 12,395,087 (busStayed (Feb 24, 2026) pending ITC 337-TA2026-01-09 Vicor v. Delta | E.D. Tex., 2:26-cv-00017
converter design).
1484.
ITC import complaint: US 12,395,087 (power Ongoing; instituted Feb 11, 2026 (published
2026-01-12 Vicor v. Delta et al. | ITC 337-TA-1484
modules and servers).
Feb 17); target completion Sep 20, 2027.
Alleged trade-secret misuse and interference
2026-07-23 Delta v. Vicor | W.D. Tex., 1:26-cv-02057
Ongoing; no merits ruling reported.
with business relations.
Patent infringement: US 10,845,853
2026-07-24 Delta Shanghai v. Vicor | D. Del., 1:26-cv-00913
Ongoing; no final infringement ruling reported.
(processor-board power delivery).
Patent infringement: US 11,923,772 (DC/DC Pending; Vicor moved to dismiss or transfer
2026-07-31 Delta v. Vicor | W.D. Tex., 7:26-cv-00288
converters).
(Sep 28, 2026).
Vicor v. Delta, Infineon et al. | E.D. Tex., 2:26-cv- Patent infringement: US 10,903,734 (vertical
2026-09-08
Ongoing; early stage, no infringement finding.
00796
power delivery).
Section 1782 evidence request for overseas
2026-09-08 Delta (applicant) / Vicor | D. Del., 1:26-cv-01135
Pending; no final order confirmed.
proceedings.
ITC import complaint: US 10,903,734 (vertical
2026-09-09 Vicor v. Delta et al. | ITC 337-TA-1526
Instituted (Oct 9, 2026); no final ruling.
power delivery).
Source: US Federal Court, US International Trade Commission (ITC), USPTO/PTAB filings, Company data, Morgan Stanley research

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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
n Margin improvement

Risks to Downside
n Global economic slowdown
n Ongoing component supply tightness
n Rising raw material prices
n Margin contraction as a result of higher operating expenses or faster ASP erosion

Morgan Stanley Research

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Other Material Investment Services

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% of Total

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% of Total IBC

Overweight/Buy

1599

43%

455

48%

28%

783

44%

Equal-weight/Hold

1563

42%

394

42%

25%

763

43%

Category

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% 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

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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

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Update

Wingtech Technology Co Ltd (600745.SS)

U (05/18/2026)

Xiaomi Corp (1810.HK)

O (04/14/2021)

Rmb15.64
HK$25.96

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

Morgan Stanley Research

9

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Update

Visual Photonics Epitaxy Co Ltd (2455.TW)

E (09/11/2023)

Wistron Corporation (3231.TW)

O (07/12/2023)

NT$188.50

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)

NT$558.00

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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