Power Semis – Supply Driven Upcycle

研报英文原文证据摘录

Power Semis – Supply Driven Upcycle

Idea

June 18, 2026 08:00 AM GMT

Morgan Stanley Asia Limited+MGreater China Semiconductors | Asia Pacific Daisy Dai, CFA

Equity Analyst

Power Semis – Supply Driven Daisy.Dai@morganstanley.comMorgan Stanley Taiwan Limited+ +852 2848-7310

Charlie Chan

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

Daniel Yen, CFA

Global power discrete sales returned to growth since 4Q25. On Equity Analyst

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

the back of limited capacity additions in the past two years, we Tiffany Yeh

expect power semi pricing to rise further in 2H26. We like Equity Analyst

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

Yangjie (OW) on auto localization, while staying UW on Silan

Morgan Stanley Asia Limited+

Micro and CR Micro on hyped expectations. Henry Zhao

Research Associate

Overall power discrete sales back to growth since 4Q25: Global power discrete Henry.Zhao@morganstanley.com +852 2239-7731

revenue growth is now tracking at 16% YoY in April and the yoy growth was back to Ethan Jia

positive territory since 4Q25 ( Exhibit 1 ). Many Greater China power discrete Ethan.Jia@morganstanley.com +852 3963-2287

companies issued price hike notices in Feb 2026, citing higher raw material prices

and foundry costs. Except for IGBT for automotive customers, distributors and other

end-market customers were willing to accept the price hikes, given low inventory

and fears of even higher pricing in 2H26. We think pricing power could support gross

margin, with gradual improvement expected for the rest of the year.

Greater China Technology Semiconductors

Mixed demand picture: robust industrial demand, slower EV growth, and weak Asia Pacific

Industry View Attractive