Parade Technologies Ltd：需求在2H26保持韧性；给予增持

研报英文原文证据摘录

M

Update

August 5, 2026 10:45 AM GMT

Morgan Stanley Taiwan Limited+

Parade Technologies Ltd | Asia Pacific

Daniel Yen, CFA

Equity Analyst

Demand Remains Resilient into

2H26; OW

Charlie Chan

Equity Analyst

Morgan Stanley Asia Limited+

Daisy Dai, CFA

Equity Analyst

AlphaSignals Earnings Reaction

Unchanged

Modest shortfall

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Morgan Stanley Taiwan Limited+

Tiffany Yeh

Equity Analyst

Key Takeaways

2Q results missed as gross margin slipped 0.1ppt Q/Q to 40.2%, 2.3ppt/0.8ppt

below MSe/consensus after an OSAT price hike.

3Q revenue guidance implies 3.4–13.8% Q/Q growth on the consumer tech hot

Parade Technologies Ltd (4966.TWO, 4966 TT)

season, versus consensus of +8.6% Q/Q.

Greater China Technology Semiconductors | Taiwan

expecting sequential improvement as the price hike helps release the cost burden.

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 5, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

Avg daily trading value (mn)

Opex flat at US$33–36mn.

Fiscal Year Ending

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

EPS (NT$)**

EPS (NT$)§

Revenue, net (NT$ mn)

EBITDA (NT$ mn)

P/E

P/BV

ROE (%)

EV/EBITDA

Div yld (%)

34.67 30.34 43.14 50.33

35.26 34.05 42.38 52.98

16,531 15,865 18,478 20,064

3,482

2,712

3,803

4,427

17.1

20.4

14.3

12.3

2.1

1.9

1.8

12.2

10.7

14.6

15.5

9.9

13.3

9.1

7.4

2.9

2.4

3.5

4.0

2Q earnings miss ( Exhibit 1 ): GM fell 0.1ppt Q/Q to 40.2%, 2.3ppt/0.8ppt below

MSe/consensus, mainly from the OSAT price hike.

3Q guidance tracking better: 3Q revenue guidance is up 3.4–13.8% Q/Q (consensus

+8.6% Q/Q) on the consumer tech hot season. GM of 40–44%, with management

Key highlights from today's call:

• 4Q outlook: TTED share gains and high-speed new products more than

offset the NB notebook shortfall in 4Q, likely helping Parade achieve the

2026 revenue target of 5–10% Y/Y.

• TTED: Currently sees no competitors. Customer demand is tracking better

than expected, with total NB penetration likely to easily surpass 10% as both

…