AI光模块：新NPO订单暗示积极需求前景

Greater China Technology Hardware| Asia Pacific AI Transceivers: New NPOOrders Could Imply PositiveDemand Outlook Betty ChenResearch AssociateBetty.H.Chen@morganstanley.com+852 2239-7213 Greater China Technology Hardware Key Takeaways New NPO orders are likely to trigger the bull case scenario for the AI transceiver While there is lack of official announcement regarding the new NPO [Near-PackagedOptics] orders, there is industry discussion that overseas clients have placed such We believe this is very likely, given that the leading AI transceiver companiesdemonstrated NPO solutions during the 2026 OFC [Optical Fiber CommunicationConference] in March. We highlighted this in AI Transceiver: Catalyst Previews - What's more, we believe new NPO orders are not just raising the companies'backlog. They could materially reduce investors' concerns regarding the disruptionrisk from CPO [Co-Packaged Optics]. In our recent global report – Global •CPO adoption delayed beyond 2028; NPO matures earlier; transceiversretain >70% high-end share over the longer term. The recent NPO development could make the bull case (NPO matures earlier) more Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan Stanley For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subject company, public appearances Disclosure Section The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibility for its contents) and/or MorganStanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the MonetaryAuthority of Singapore (which accepts legal responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research),and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Co International plc, Seoul Branch, and/or Morgan Stanley Australia Limited (A.B.N. 67 003 734 576, holder of Australian financialservices license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financialservices license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN)U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India (“SEBI”) and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105); Stock Broker For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Websiteat www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research For valuation methodology and risks associated with any recommendation, rating or price target referenced in this research report, please contact the Client Support Team as follows: US/Canada+1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(0)3-6836-9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 10036 USA. Analyst Certification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will notreceive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Andy Meng, CFA; Sharon Shih. . Global Research Conflict Management Policy Morgan Stanley Research has been published in accordance with our conflict management policy, which is available at www.morganstanley.com/institutional/research/conflictpolicies. APortuguese version of the policy can be found at www.morganstanley.com.br Important Regulatory Disclosures on Subject Companies As of February 27, 2026, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: AACTechnologies Holdings, Acer Inc., AirTAC International, Asia Vital Components Co. Ltd., AU Optronics, Auras Te