摩根士丹利点评台达电9月营收：环比+1%/同比+15%，3Q26略低于市场预期但符合大摩预估，维持增持

Downloaded by jefferson.sun@goldhorse.com.hk

Not for redistribution without written consent of Morgan Stanley

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Update

October 12, 2026 09:53 PM GMT

Morgan Stanley Taiwan Limited+

Delta Electronics Inc. | Asia Pacific

Derrick Yang
Equity Analyst

September Sales +1% MoM/
+15% 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 Delta's monthly sales, which we
believe could be a catalyst for its share price.

Equity Analyst
Andy.Meng@morganstanley.com

Delta Electronics Inc. (2308.TW, 2308 TT)

Details:

Greater China Technology Hardware | Taiwan

• September sales were NT$65,400mn (+1% MoM/+15% YoY).
• 3Q26 sales came in at NT$197,059mn (+8% QoQ/+31% YoY), largely in line
with our estimate at NT$201,379mn (+10% QoQ/+34% YoY), but slightly
below the consensus at NT$208,250mn (+14% QoQ/+39% YoY).
Our view:
• We believe the modest shortfall in 3Q26 revenue vs. the market expectation
of ~10% QoQ, is due to some component supply shortages and the
customer's pull-in schedule.
• Looking ahead, we expect 4Q26 revenue to grow by double-digit % QoQ on
alleviated component supply and solid demand.
• Regarding the USITC Investigation No. 337, we believe near-term impact
should be manageable, but we will continue to monitor the developments on
this matter (see our report here).
• Stay OW.
Exhibit 1:

+852 2239-7689

Delta's monthly sales vs. its share price
Share price

2500

Overweight
In-Line
NT$2,500.00
32
NT$1,900.00
NT$2,585.00-886.00
2,598
US$154,524
US$152,862
US$616

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)

47.8
11.4
42.2
31.7
28.4
0.6
0.9
(51.7)

29.3
8.8
70.3
42.2
17.7
1.0
2.2
(57.8)

18.9
6.5
101.3
50.8
11.3
1.7
4.1
(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

Monthly sales (RHS)

3000

Stock Rating
Industry View
Price target
Up/downside to price target (%)
Shr price, close (Oct 12, 2026)
52-Week Range
Sh out, dil, curr (mn)
Mkt cap, curr (mn)
EV, curr (mn)
Avg daily trading value (mn)

80,000
70,000

NT$

1500
1000

50,000
40,000
30,000

(NT$mn)

60,000
2000

20,000
500
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

10,000
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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Update

AlphaSignals Catalyst Event Reaction
Company / Catalyst

Date

Impact to
thesis

13 Oct 2026

Unchanged

Catalyst versus expectation

Delta Electronics Inc. 2308.TW
September 2026 Sales
Source:Company data, Morgan Stanley Research

2

Modest downside surprise

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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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.A

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Technologies Holdings, Accton Technology Corporation, Acer Inc., AirTAC International, Asustek Computer Inc., AU Optronics, Auras Technology Co Ltd, Bizlink, Catcher Technology, Chenbro,
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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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Stock Price, Price Target and Rating History (See Rating Definitions)

Morgan Stanley Research

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INDUSTRY COVERAGE: Greater China Technology Hardware
Company (Ticker)

Rating (As Of)

Price* (10/12/2026)

Andy Meng, CFA

8

AAC Technologies Holdings (2018.HK)

O (01/29/2024)

HK$36.06

Accelink Technologies Co. Ltd. (002281.SZ)

U (05/12/2022)

Rmb140.17

BYD Electronics (0285.HK)

O (04/28/2023)

HK$22.80

China TransInfo Technology Co Ltd (002373.SZ)

E (07/18/2023)

Rmb7.44

Dahua Technology Co. Ltd. (002236.SZ)

E (12/12/2024)

Rmb15.51

Eoptolink Technology Inc Ltd (300502.SZ)

O (02/27/2026)

Rmb347.60

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

E (10/13/2026)

NT$1,070.00

GoerTek Inc (002241.SZ)

E (08/14/2026)

Rmb20.85

Gosuncn Technology Group Co Ltd (300098.SZ)

U (11/07/2022)

Rmb4.17

HIKVision Digital Technology (002415.SZ)

E (12/12/2024)

Rmb33.24

Largan Precision (3008.TW)

O (10/13/2026)

NT$7,325.00

LianChuang Electronic Technology Co Ltd (002036.SZ)

U (06/12/2024)

Rmb5.73

Lingyi Itech Guangdong Co (002600.SZ)

U (04/23/2025)

Rmb10.88

Lingyi Itech Guangdong Co (1688.HK)

O (08/14/2026)

HK$4.97

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

O (08/14/2026)

HK$49.50

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

O (10/24/2016)

Rmb46.32

OFILM Group Co Ltd (002456.SZ)

U (06/12/2024)

Rmb6.36

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

U (03/23/2026)

HK$4.79

Quectel Wireless Solutions Co Ltd (603236.SS)

E (10/09/2024)

Rmb69.76

Shanghai Conant Optical Co Ltd (2276.HK)

O (04/10/2026)

HK$34.68

Shenzhen Transsion Holdings Co Ltd (688036.SS)

E (03/23/2026)

Rmb49.36

Sunny Optical (2382.HK)

E (03/23/2026)

HK$58.80

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

E (11/06/2025)

Rmb229.54

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Update

Wingtech Technology Co Ltd (600745.SS)

U (05/18/2026)

Xiaomi Corp (1810.HK)

O (04/14/2021)

Rmb14.89
HK$24.52

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

U (10/13/2021)

Rmb362.18

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

O (07/15/2026)

HK$156.10

Yongxin Optics Co Ltd (603297.SS)

E (11/15/2022)

Rmb99.88

Zhejiang Crystal-Optech Co Ltd (002273.SZ)

O (11/15/2022)

Rmb21.36

Zhongji Innolight Co Ltd (300308.SZ)

O (09/07/2026)

Rmb724.47

Zhongji Innolight Co Ltd (3308.HK)

O (09/07/2026)

HK$903.00

ZTE Corporation (0763.HK)

O (06/04/2026)

HK$20.36

ZTE Corporation (000063.SZ)

E (06/04/2026)

Rmb28.44

Accton Technology Corporation (2345.TW)

O (06/06/2024)

NT$2,130.00

Advantech (2395.TW)

O (01/20/2021)

NT$721.00

AirTAC International (1590.TW)

O (04/16/2025)

NT$1,210.00

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

O (07/30/2024)

NT$3,385.00

AU Optronics (2409.TW)

E (02/10/2026)

NT$35.55

Auras Technology Co Ltd (3324.TWO)

E (05/04/2023)

NT$1,540.00

Bizlink (3665.TW)

O (03/10/2025)

NT$2,355.00

BOE Technology (000725.SZ)

O (09/06/2019)

Rmb5.33

Chenbro (8210.TW)

O (07/23/2025)

NT$861.00

Chroma Ate Inc. (2360.TW)

O (10/05/2021)

NT$2,365.00

Delta Electronics Inc. (2308.TW)

O (07/13/2017)

NT$1,900.00

E Ink Holdings Inc. (8069.TWO)

E (08/10/2026)

NT$149.00

Ennostar Inc (3714.TW)

U (09/23/2022)

NT$63.80

Fositek Corp (6805.TW)

O (06/25/2025)

NT$2,270.00

Hiwin Technologies Corp. (2049.TW)

O (03/30/2026)

NT$338.00

Innolux (3481.TW)

E (04/07/2025)

NT$51.30

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

O (11/08/2023)

NT$10,580.00

Lens Technology (300433.SZ)

E (07/22/2020)

Rmb26.73

Lite-On Technology (2301.TW)

E (01/15/2025)

NT$288.00

E (04/07/2025)

Rmb4.52

Derrick Yang

TCL Corp. (000100.SZ)
Tianma

(000050.SZ)

Wuhan Jingce Electronic Group Co Ltd (300567.SZ)

U (01/24/2018)

Rmb6.08

E (11/26/2021)

Rmb167.00

Howard Kao
Acer Inc. (2353.TW)

U (04/23/2025)

NT$31.35

Asustek Computer Inc. (2357.TW)

U (11/16/2025)

NT$977.00

Catcher Technology (2474.TW)

U (11/17/2025)

NT$194.50

Compal Electronics (2324.TW)

U (04/23/2025)

NT$36.60

Elite Material Co. (2383.TW)

O (09/14/2026)

NT$6,150.00

FIT Hon Teng Ltd (6088.HK)

O (11/03/2025)

HK$4.43

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

O (07/10/2019)

Rmb52.05

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

E (11/16/2025)

NT$356.00

Gold Circuit Electronics Ltd. (2368.TW)

O (10/06/2022)

NT$1,235.00

Hon Hai Precision (2317.TW)

O (03/15/2024)

NT$244.50

Inspur Electronic Information (000977.SZ)

E (08/28/2023)

Rmb62.05

Kingboard Laminates Holdings Ltd. (1888.HK)

O (09/14/2026)

HK$46.80

LandMark Optoelectronics Corporation (3081.TWO)

E (03/26/2026)

NT$3,025.00

Lenovo (0992.HK)

O (07/10/2026)

HK$32.34

Lotes Co. Ltd. (3533.TW)

E (05/12/2025)

NT$1,880.00

Nan Ya PCB (8046.TW)

O (02/23/2026)

NT$1,440.00

Pegatron Corporation (4938.TW)

E (03/25/2026)

NT$98.60

Quanta Computer Inc. (2382.TW)

O (05/01/2023)

NT$322.00

Shengyi Technology Co Ltd. (600183.SS)

E (05/26/2022)

Rmb120.00

Shennan Circuits Co Ltd (002916.SZ)

E (08/24/2023)

Rmb327.78

Unimicron (3037.TW)

O (02/23/2026)

NT$1,255.00

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$189.50

Wiwynn Corp (6669.TW)

O (11/10/2025)

NT$2,275.00

Yageo Corp. (2327.TW)

O (10/28/2025)

NT$636.00

++

NT$581.00

Zhen Ding (4958.TW)

NT$564.00

Irene Yen
Co-Tech Development Corp. (8358.TWO)

O (09/14/2026)

NT$522.00

Taiwan Union Technology Corporation (6274.TWO)

O (09/14/2026)

NT$1,735.00

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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