PC Semis: Divergent gross margin trends

研报英文原文证据摘录

PC Semis: Divergent gross margin trends

Idea

July 6, 2026 09:00 PM GMT

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

Equity Analyst

PC Semis: Divergent gross Daniel.Yen@morganstanley.comCharlie Chan +886 2 2730-2863

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

margin trends Morgan Stanley Asia Limited+

Daisy Dai, CFA

FOMP (fear of missing procurement) will likely drive stable Equity Analyst

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

shipments for PC semis into 3Q, yet profitability may vary.

Morgan Stanley Taiwan Limited+

Tiffany Yeh

Key Takeaways Equity Analyst

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

We expect PC semi shipments to sustain into 3Q, likely due to FOMP.

Morgan Stanley Asia Limited+

With cost hikes (mainly from OSAT), supply chain management and customer mix Ethan Jia

will derive a divergent margin outlook. Research Associate

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

Overall we maintain our view that new growth drivers are needed, but adjust PT/

earnings based on our demand outlook for 2H.

3Q demand outlook better than feared? We believe 3Q demand outlook for most

PC semis could be stable – PC semi customers could maintain a flattish Q/Q

procurement target, with key components (e.g. CPU) showing further sequential Greater China Technology Semiconductors

Asia Pacific

growth. Major driver could be FOMP, driven by overall mature foundry and OSAT Industry View Attractive

tightness (limited supply/cost hikes). Some customers may consider low inventory

What’s Changed

risks if there’s pent-up demand into 2027, suggesting increasing inventory digestion Elan Microelectronics Corp

risks, especially when Windows activation day is approaching 200+. (2458.TW) From To

Price Target NT$180.00 NT$250.00