2026年第一季度：毛利率乐观，FAU组件即将进行新产品验证

Equity AnalystAndy.Meng@morganstanley.comBetty Chen 1Q26: Upbeat GP Margin, FAUComponents to Make NewProduct Verification Soon Equity AnalystSharon.Shih@morganstanley.com Greater China Technology Hardware | Taiwan Unchanged Direction of next 12-monthconsensus EPS Financial results versus consensus Key Takeaways1Q26 gross margin is 49.4%, which is upbeat and drives a 10-11% GP and OP beat. Revenue is likely to see a sequential decline in April and May on normal seasonality.Management has observed some optical de-spec due to surging memory costs for smartphone OEMs CPO-related (FAU) has seen progress with new product verification to start in thenear future. Largan reported1Q26net incomeofNT$6.123bn,down5%YoY. The company reported a 7% YoY revenue increase, to NT$15.544bn; gross margindeclined YoY but increased QoQ to 49.4% in 1Q26, better than expected thanks tolowerbypass revenue and less disposal in1Q26. Management expects shipments to decline sequentially in April and May2026. Positive development inCPO-related (FAU)business:The company has made R&Dprogress on FAU components and plans to start new product verification in the nearfuture. We view this new business development as a positive driver for Largan. Wehave highlighted Largan's CPO opportunity in our industry report in late Feb. Formoredetails,please referto Global Technology:AlTransceivers:GrowthDominatesDisruption (26 Feb 2026). Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a resultinvestors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision. For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affliates 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 appearancesand trading securities held by a research analyst account. Base case, derived from a residual income model, the same valuation methodology that we a cost of equity of 8.5%, a net profit CAGR in 2026-2036E of 7%, and a terminal growth rateof 3%. ■ Faster-than-expected penetration of 1G6PFaster-than-expected penetration of periscopes Weaker-than-expected smartphone demand, especially for high-end modelsMarket share gains and more pricing pressure from Sunny The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibility forits contents) and/or MorganStanley Asia (Singapore)Pte. (Registration number199206298Z)and/orMorgan Stanley Asia (Singapore)Securities Pte Ltd (Registration number200008434H),regulated by the Monetary Authority of Singapore (which accepts legal responsibilty 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 TaiwanLimited and/or Morgan Stanley& Colnternational plc, SeoulBranch,and/or Morgan Stanley AustraliaLimited(A.B.N.67003734 576,holderof Australian financialservices license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 OO9 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 ndia ('SEBI) and holder of licenses as a Research Analyst (SEBI Registration No.INHO00001105); Stock Broker(SEBI Stock Broker Registration No. INZO00244438),Merchant Banker (SEBI Registration No.INM000011203),and depository participant with National Securities Depository Limited (SEBIRegistration No.IN-DP-NSDL-567-2021)having registered office at Altimus, Level39 &40,Pandurang Budhkar Marg, Worl,Mumbai 400018,India; Telephone no.+91-22-61181000; ComplianceOfficer Details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: tejarshi.hardas@morganstanley.com; Grievance officer details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email:msic-compliance@morganstanley.comwhichaccepts theresponsibilityforitscontentsandshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,Morgan StanleyResearch, and their affiliates (collectively, Morgan Stanley). Morgan Stanley India Company Private Limited (MSICPL) may use Al tools in providing research services. All recommendationscontained herein are made by the duly qualified research analysts.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 Websit