2Q26 core earnings miss despite price hike, UW

研报英文原文证据摘录

2Q26 core earnings miss despite price hike, UW

Update

July 14, 2026 01:35 PM GMT

Morgan Stanley Asia Limited+MHangzhou Silan Microelectronics Co. Ltd. | Asia Daisy Dai, CFA

Pacific Equity Analyst

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

Morgan Stanley Taiwan Limited+

2Q26 core earnings miss Charlie Chan

Equity Analyst

Charlie.Chan@morganstanley.com +886 2 2730-1725despite price hike, UW Daniel Yen, CFA

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

Reaction to earnings

Morgan Stanley Asia Limited+

Unchanged Meaningful shortfall Modest revision lower Henry Zhao

Impact to our thesis Financial results versus consensus Direction of next 12-month Research Associate

consensus EPS Henry.Zhao@morganstanley.com +852 2239-7731

Source: Company data, Morgan Stanley Research Ethan Jia

Research Associate

2Q26 core earnings missed our estimate by 65%: Ethan.Jia@morganstanley.com +852 3963-2287

• 1H26 gross margin stable vs. 2025 average level at 19%. Given 1Q26 gross

margin at 20%, we think 2Q26 gross margin did not improve meaningfully

QoQ, missing the expectation that margin could improve, as Silan Micro

started to hike the prices of diodes, transistor TMBS (Trench MOS Barrier

Schottky) by 10% in Feb 2026 and the new prices were effective on 1st Hangzhou Silan Microelectronics Co. Ltd. (600460.SS,

March. 600460 CG)

• 2Q26 net profit was Rmb310mn, up 49% QoQ and 167% YoY, 10% below our Greater China Technology Semiconductors | China

estimates. Stock Rating Underweight

Industry View Attractive

• Excluding non-recurring items, such as gains from equity investment, 2Q26 Price target Rmb26.90

core earnings was ~Rmb119mn, down 25% QoQ and down 4% YoY, 65% Up/downside to price target (%) (36)

Shr price, close (Jul 14, 2026) Rmb41.80

below our estimate. 52-Week Range Rmb57.10-24.70