Silicon photonics optionality lifts PT; core RF still challenged

Research evidence excerpt

Silicon photonics optionality lifts PT; core RF still challenged

Idea

July 1, 2026 07:00 AM GMT

Morgan Stanley Taiwan Limited+MMaxscend Microelectronics Co Ltd | Asia Pacific Charlie Chan

Equity Analyst

Silicon photonics optionality Charlie.Chan@morganstanley.comMorgan Stanley Asia Limited+ +886 2 2730-1725

Henry Zhao

Research Associatelifts PT; core RF still challenged Henry.Zhao@morganstanley.com +852 2239-7731

What’s Changed Morgan Stanley Taiwan Limited+

Maxscend Microelectronics Co Ltd (300782.SZ) From To Daniel Yen, CFA

Price Target Rmb48.00 Rmb80.00 Equity Analyst

Daniel.Yen@morganstanley.com +886 2 2730-2863

We raise our PT to Rmb80 on silicon photonics optionality, but Morgan Stanley Asia Limited+

Daisy Dai, CFA

stay UW as handset RF competition and Xinzhuo depreciation Equity Analyst

continue to weigh on profitability. Daisy.Dai@morganstanley.com +852 2848-7310

Morgan Stanley Taiwan Limited+

RF industry demand appears to be turning more constructive, although still Lucas Wang

uneven across end markets. As discussed in our recent note (Raising RF semi PTs Research Associate

Lucas.Wang@morganstanley.com +886 2 2730-2875

on new business, share gains), some RF players are seeing better-than-smartphone

industry growth, driven by new businesses, share gains, and improving utilization.

For Maxscend, handset RF demand remains competitive and price sensitive, but we

believe the broader cycle could turn less negative as inventory normalizes, WiFi

7/5G content rises, and non-handset applications expand.

Maxscend Microelectronics Co Ltd (300782.SZ, 300782

We also see emerging option value from Maxscend’s opportunities in silicon

CS)

photonics PIC and EIC. Its prior investment in internal capacity for RF switches

Greater China Technology Semiconductors | China