Greater China Semiconductors: PC Semis: New Growth Drivers Needed

研报英文原文证据摘录

Greater China Semiconductors: PC Semis: New Growth Drivers Needed

Idea

May 27, 2026 12:18 AM GMT

Morgan Stanley Taiwan Limited+MGreater China Semiconductors | Asia Pacific Daniel Yen, CFA

Equity Analyst

PC Semis: New Growth Drivers Daniel.Yen@morganstanley.comCharlie Chan +886 2 2730-2863

Charlie.Chan@morganstanley.com +886 2 2730-1725

Needed Morgan Stanley Asia Limited+

Daisy Dai, CFA

DT PC semis should remain challenging in the next few quarters. Equity Analyst

Daisy.Dai@morganstanley.com +852 2848-7310

That said, demand could be better than feared for NB PC semis

Morgan Stanley Taiwan Limited+

into 2H26. Share gains are important to resuming growth into Tiffany Yeh

2027. Equity Analyst

Tiffany.Yeh@morganstanley.com +886 2 7712-3032

Key Takeaways Morgan Stanley Asia Limited+

Ethan Jia

We maintain our conservative view on PC semis companies. Research Associate

Ethan.Jia@morganstanley.com +852 3963-2287

We upgrade Parade to OW due to potential market share gain in the ASIC-like

business and better than feared 2H26 NB demand (especially for Apple). Greater China Technology Semiconductors

Asia Pacific

Industry View Attractive

Better-than-feared 2Q guidance: PC semis overall reported better than expected

What’s Changed

1H results. Realtek guided for steady end market demand in 2Q amid continued

Parade Technologies Ltd

customer pull-in, with Q/Q revenue growth potentially reaching 10% in 2Q. Elan (4966.TWO) From To

Rating Equal-weight Overweight

expected challenging Q/Q growth but low single digit Y/Y growth in 2Q. Novatek

Price Target NT$530.00 NT$1,000.00

said DDI for NB is still growing Q/Q in 2Q, with the mid-point of revenue guidance at

+21% Q/Q. Our downstream colleagues (e.g., Howard Kao) currently forecast NB

ODM shipments of +4% Q/Q and -8% Y/Y in 2Q.