Faster revenue growth in 2Q26; OW

研报英文原文证据摘录

Faster revenue growth in 2Q26; OW

Update

July 7, 2026 03:05 PM GMT

Morgan Stanley Asia Limited+MShanghai Fudan Microelectronics | Asia Pacific Daisy Dai, CFA

Equity Analyst

Faster revenue growth in 2Q26; Daisy.Dai@morganstanley.comMorgan Stanley Taiwan Limited+ +852 2848-7310

Charlie Chan

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

Daniel Yen, CFA

1H26 earnings beats on non-ops: Equity Analyst

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

• 2Q26 revenue growth up QoQ: Shanghai Fudan expects 1H26 preliminary

Morgan Stanley Asia Limited+

revenue of Rmb2.3bn, 3% above MSe. This implies 2Q26 revenue of Ethan Jia

approximately Rmb1.3bn, up 23% QoQ and 33% YoY, accelerating from 16% Research Associate

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

YoY growth in 1Q26.

• 1H26 earnings beat driven by non-operating gains (fair value change on SJ

Semi shareholding (688820.SS, NC)): Shanghai Fudan expects 1H26

preliminary net profit of Rmb900mn, 107% above MSe. The company

recorded a fair value gain of Rmb470mn on its equity holding in SJ Semi.

Excluding extraordinary items, the company expects 1H26 net profit of Shanghai Fudan Microelectronics (1385.HK, 1385 HK)

Rmb400mn, 8% below MSe. Greater China Technology Semiconductors | China

Stock Rating Overweight

Maintain OW: Shanghai Fudan has underperformed most semiconductor stocks Industry View Attractive

Price target HK$47.30

YTD, with the shares down 36% versus an 11% decline in the HSI. We believe Up/downside to price target (%) 56

Shr price, close (Jul 7, 2026) HK$30.40

investors remain overly cautious on the LEO satellite opportunity and are

52-Week Range HK$57.00-25.65

underestimating the pace of satellite deployment in China. For context, China has Sh out, dil, curr (mn) 817

Mkt cap, curr (mn) Rmb21,512