2026年亚洲AI峰会反馈：多年定价周期与积极的长期收入指引成为焦点

Charlie ChanEquity Analyst Charlie.Chan@morganstanley.comDaniel Yen, CFA +886 2 2730-1725 Asia Al Summit 2026 Feedback:Multi-year Pricing Cycle andAggressive Long-term RevenueGuidance in Focus Equity AnalystDaisy.Dai@morganstanley.comHenry Zhao Research AssociateHenry.Zhao@morganstanley.com embedded non-volatile memory,standalone non-volatile memory (NORFlash),power discrete, logic and RF,and analog&power managementPrice hike: Hua Hong began raising prices in late 2025. The company expects a 10-15% increase this year; if capacity remains tight, pricing could be evenhigher. Pricing momentum could continue in 2027.Long-term revenue target: The company expects group revenue to reachRmb100bn by 2030.Besides organic growth, it also considers acquiring localfabs.Export control of equipment: The company stated it is fully compliant withregulations; mature-node equipment is not subject to restrictions..Funding: Typically 60% equity and 40% syndicate bank loan. Greater China Technology SemiconductorsChina This report references export controls and/or entities thatmaybe subjecttoexport controlrestrictions.Readers are solelyresponsibleforensuringthattheiinvestment ortrade activitiesare carried out in compliance withapplicable laws 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 onand trading securities held by a research analyst account. Base case, residual income (Ri) analysis. Our RI model is based on the following assumptions cost of equity of 9.2% (2.0% risk-free rate, 6% risk premium and 1.20 beta), 16.5% medium-term growth rate, 5.0% terminal growth rate, and dividend payout ratio of 95%. Local customers gain share faster, continue to work with Hua Hong.Electric vehicle penetration is faster - Other Chinese players build 8-inch capacity aggressively.Applications migrate to 12-inch faster than expected.Wuxi fab scales up slowly or struggles to get new customers. The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibilty 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. 24O813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate ldentification 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 (SEBRegistration 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 Website at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment r