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Wingtech Technology Co Ltd I Asia Pacific Andy Meng, CFAEquity Analyst Andy.Meng@morganstanley.comBetty ChenResearch Associate Nexperia Dispute a Key Variable;Downgrade to UWWHAT'S CHANGED Betty.H.Chen@morganstanley.comMORGAN STANLEY TAIWAN LIMITED+ Wingtech Technology Co Ltd (600745.SS) Equal-weightUnderweightRmb50.00Rmb15.00 RatingPrice Target Greater China Technology HardwareI China stock to face downsidepressure. 2025, which it said was mainly due to the loss of control over Nexperia and thedivestiture of the ODM business (see report). Moving into 1Q26, the companybooked a net loss of Rmb189.3mn, a swing of >Rmb450mn vs.1Q25. Outlook uncertain due to Nexperia dispute: In 2025, the Dutch governmentintervened in Nexperia's operations, citing national security concerns and"seriousgovernance shortcomings", restricting Wingtech's control over its subsidiaryNexperia's overseas entities. On February 11, 2026, the Amsterdam Court of Appealruled to approve a formal investigation into Nexperia and extended all priortemporary measures for the duration of the investigation. As of the 1Q26 report, thecourt ruling remains in effect, so Nexperia's overseas entities have suspended wafersupplies to Nexperia China, disrupting regular production of key products. Negative consequences of Nexperia dispute: Wingtech's auditor issueda'disclaimer of opinion'on the firm's 2025 financial statements, as it could not obtainsufficient evidence on the Nexperia de-consolidation, fair value measurement, andrelated accounting treatments.The auditor also issued a disclaimer on the internalcontrol audit report, citing restricted access to Nexperia's key IT systems (SAP, ordermanagement, R&D project management) which are hosted overseas. Consequently,the Shanghai Stock Exchange imposed a delisting risk warning on Wingtech effectiveMay 6, 2026. If the disclaimer opinion is not resolved by the 2026 annual audit, duein Mar-Apr 2027, the stock may be terminated from listing. 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 singlefactor in making their investmentdecision. Binary outcome: In our view, Wingtech's issues are mainly due to the Nexperiadispute. If this is resolved, there could be significant share price upside from currentlevels. But, considering the uncertainty on the outcome, we believe investors willremain conservative with the stock price likely to see downside pressure. We thussignificantly reduce our earnings estimates and price target, and downgrade thestocktoUWfromEW For analyst certification and other important disclosures,referto the Disclosure Section, located at the end ofthisreport. += 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. Financial Summary Wingtech (600745.SH)Financial Summary Earnings Estimate Revisions announcement.We significantly reduce our 2026-27 earnings estimates as the Nexperiaoperations have had a material negative impact on Wingtech's business operation.WhileWingtech said it is rebuilding its supply chain to restore its operation, there is uncertaintyas to whether it can achieve this within a short period. As a result, our estimates nowreflect the assumption that the negative impact from the Nexperia dispute will persist forthe next few years. We also introduce 2028 forecasts. supply chain in China with successful recognition of end customers, we think Wingtech islikely to achieve a turnaround with revenue and earnings likely to improve significantly.We consider this as our bull case scenario. Price Target Discussion and Valuation Methodology is our base case scenario value, derived from a multi-stage residual income (RI) model. Inour model, we continue to assume a cost of equity of 10% and a terminal growth rate of4.5%. Our price target of Rmb15 (from Rmb50) implies a 2026e P/B of 0.7x, which isbelow the book value considering the company is loss makingWe also cut our bull case to Rmb50 (from Rmb65.80) and our bear case moves to Rmb10 (from Rmb30.30).The bull case implies >200%upside potential from the current level asit assume the Nexperia disputes could be resolved or the company can successfullybefore such disputes. If so, the company is likely to achieve significant revenue andearnings improvement, which could support the material share price rally. The company reported a net loss in 2025 Base case, using a residual income model (RIM)-derived sum-of-the-parts methodology. RIM and 1Q26, mainly due to theloss of controlover Nexperia and the divestiture of theODM business.The Nexperia dispute has had a