Greater China Technology Semiconductors: Thoughts on Investor Concerns Regarding CPO

研报英文原文证据摘录

Greater China Technology Semiconductors: Thoughts on Investor Concerns Regarding CPO

Idea

June 10, 2026 03:53 AM GMT

Morgan Stanley Taiwan Limited+MGreater China Technology Semiconductors | Asia Tiffany Yeh

Pacific Equity Analyst

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

Charlie Chan

Equity AnalystThoughts on Investor Concerns Charlie.Chan@morganstanley.com +886 2 2730-1725

Morgan Stanley Asia Limited+

Regarding CPO Andy Meng, CFA

Equity Analyst

Andy.Meng@morganstanley.com +852 2239-7689

Long-term story unchanged, while sentiment might be weak in

the near term to reset expectations. Morgan Stanley Taiwan Limited+

Daniel Yen, CFA

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

Modeling 2027 optical engine shipments at 6-7mn units suggests a far smaller Morgan Stanley Asia Limited+

Daisy Dai, CFA

ramp than investor expectations of 20-30mn units. Equity Analyst

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

Linking capacity and output, PIC capacity expansion to 10kwpm in 1Q27 still

leaves SoIC yield at 50–60% as a key swing factor. Morgan Stanley Taiwan Limited+

Lucas Wang

Stressing manufacturing bottlenecks, downstream assembly yield at 20-50% Research Associate

now sets another major swing factor for final CPO-related shipments. Lucas.Wang@morganstanley.com +886 2 2730-2875

Positioning the inflection, CPO starting to boom from 2028 onward should Morgan Stanley Asia Limited+

Ethan Jia

support a longer-dated catalyst path despite near-term resets in expectations. Research Associate

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

What's new? Investors' feedback shows they are worried about delays in CPO Henry Zhao

introduction, driving further sell-down in CPO-related names. ResearchHenry.Zhao@morganstanley.comAssociate +852 2239-7731