2Q26 preliminary earnings beat, OW

研报英文原文证据摘录

2Q26 preliminary earnings beat, OW

Update

July 16, 2026 01:57 PM GMT

Morgan Stanley Asia Limited+MHygon Information Technology Co., Ltd. | Asia Daisy Dai, CFA

Pacific Equity Analyst

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

Morgan Stanley Taiwan Limited+

2Q26 preliminary earnings beat, Charlie Chan

Equity Analyst

Charlie.Chan@morganstanley.com +886 2 2730-1725OW Daniel Yen, CFA

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

Reaction to earnings

Morgan Stanley Asia Limited+

Unchanged Modest upside Modest revision higher 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

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

The results reinforce our positive view that Hygon is emerging as one of the

primary beneficiaries of China’s rapidly expanding AI computing demand...

...alongside structurally low domestic self-sufficiency in both CPUs and AI GPUs.

Hygon Information Technology Co., Ltd. (688041.SS,

2Q26 net profit 8% higher than our estimate:

688041 CH)

• 2Q26 revenue rose to Rmb4.9bn, up 21% QoQ, up 59% YoY, largely in line Greater China Technology Semiconductors | China

with our estimate. The company attributed the strong revenue growth to Stock Rating Overweight

Industry View Attractive

strong AI demand, including AI agents, localization drive, and product Price target Rmb480.00

performance upgrade. Up/downside to price target (%) 50

Shr price, close (Jul 16, 2026) Rmb320.40

• 2Q26 net profit was Rmb1.1bn, up 57% QoQ and up 55% YoY, 8% ahead of 52-Week Range Rmb395.17-134.85

our estimate. Mkt cap, curr (mn) Rmb744,717.9

Avg daily trading value (mn) Rmb8,008