StarPower Semiconductor Ltd | Asia Pacific 2Q26 earnings miss

研报英文原文证据摘录

StarPower Semiconductor Ltd | Asia Pacific 2Q26 earnings miss

Update

July 14, 2026 09:56 AM GMT

Morgan Stanley Asia Limited+MStarPower Semiconductor Ltd | Asia Pacific Daisy Dai, CFA

Equity Analyst

2Q26 earnings miss Daisy.Dai@morganstanley.comMorgan Stanley Taiwan Limited+ +852 2848-7310

Charlie Chan

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

Unchanged Meaningful shortfall Meaningful revision lower Daniel Yen, CFA

Impact to our thesis Financial results versus consensus Direction of next 12-month Equity Analyst

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

Source: Company data, Morgan Stanley Research

Morgan Stanley Asia Limited+

Henry Zhao

Key Takeaways ResearchHenry.Zhao@morganstanley.comAssociate +852 2239-7731

We expect a negative stock price reaction. Ethan Jia

Research Associate

The company attributed the earnings decline to higher costs, a lag in Ethan.Jia@morganstanley.com +852 3963-2287

implementing product price increases, and increased R&D investment.

It will take time for StarPower to diversify its business to IPMs, SiC devices, and

MCUs.

2Q26 earnings missed our estimate by 56%:

StarPower Semiconductor Ltd (603290.SS, 603290 CG)

• 2Q26 revenue of Rmb1.1bn rose 23% Q/Q and 5% Y/Y, but 6% below our Greater China Technology Semiconductors | China

estimate. Stock Rating Equal-weight

Industry View Attractive

• 1H26 gross margin was lower vs. 1H25 due to raw material price increases Price target Rmb120.00

and a lag in implementing product price increases. StarPower announced Up/downside to price target (%) 3

Shr price, close (Jul 14, 2026) Rmb116.25

price hikes of >15% in late June, effective July 1. However, the company still 52-Week Range Rmb159.69-80.92

needs time to negotiate the new pricing with customers.