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#外资研报

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附件总结 MS-模拟芯片回顾：利润率问题掩盖了数据中心业务的积极评论 - 20260825_Lee Simpson，Joseph Moore(原文).pdf

  1. Visibility improving: Book-to-bill ratios above 1, firmer pricing and backlog Amelia.Scicluna@morganstanley.com +44 20 7425-6694
  2. exposure is scaling rapidly, with raised outlooks and multi-year customer Nicole.Kozhukhov@morganstanley.com + 1 212 761-1636
  3. with variance in the pace, mix, and impact of each recovery. STM called out c.40% Lucas.Wang@morganstanley.com +886 2 2730-2875
  4. acknowledge w eaker margins (Q4 guides primarily), relative to heightened investors should be aware that the firm may have a conflict of
  5. the quarter. STMicro was the clearest disappointment. Despite an improving Q2/Q3 and may not be subject to FINRA restrictions on
  6. gross margin profile (Q3e: c.37% up >200bps qq), the Q4 guide underwhelmed. A communications with a subject company, public appearances
  7. falling short of the mid-20s% buy-side expectation, as mix and FX offset the benefits Technology - European Semiconductors
  8. 0002 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202

MS-舜宇光学科技(02382.HK) - 1H26业绩分化；2H26需改善增长与利润率以推动估值重估-20260826_Andy Meng，Betty Chen(原文).pdf

  1. RMB21.9bn. New businesses, including robotics, intelligent imaging, and optical § = Consensus data is provided by Refinitiv Estimates
  2. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s e ith e r p ro v id e d o r is p ro v id in g n o n -in v e stm e n t b a n k in g , se c u ritie s-re la te d se rv ic e s to a n d /o r in th e p a st h a s e n te re d in to a n a g re e m e n t to p ro v id e
  3. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s p ro v id e d o r is p ro v id in g in v e stm e n t b a n k in g se rv ic e s to , o r h a s a n in v e stm e n t b a n k in g c lie n t re la tio n sh ip w ith , th e fo llo w in g c o m p a n y : A A C
  4. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r p ro d u c ts a n d se rv ic e s o th e r th a n in v e stm e n t b a n k in g se rv ic e s fro m A A C T e c h n o lo g ie s H o ld in g s, A c c to n T e c h n o lo g y
  5. In th e n e x t 3 m o n th s, M o rg a n S ta n le y e x p e c ts to re c e iv e o r in te n d s to se e k c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m A A C T e c h n o lo g ie s H o ld in g s, A c c to n T e c h n o lo g y C o rp o ra tio n ,
  6. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m L e n o v o , U n im ic ro n , W istro n C o rp o ra tio n , W iw y n n C o rp , X ia o m i C o rp , Y a g e o C o rp .,
  7. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y m a n a g e d o r c o -m a n a g e d a p u b lic o ffe rin g (o r 14 4 A o ffe rin g ) o f se c u ritie s o f U n im ic ro n , W istro n C o rp o ra tio n , W iw y n n C o rp , Z h e n D in g , Z h o n g ji
  8. A s o f Ju ly 3 1, 2 0 2 6 , M o rg a n S ta n le y b e n e fic ia lly o w n e d 1% o r m o re o f a c la ss o f c o m m o n e q u ity se c u ritie s o f th e fo llo w in g c o m p a n ie s c o v e re d in M o rg a n S ta n le y R e se a rc h : A A C T e c h n o lo g ie s

MS-亚洲投资者会谈反馈-20260831.pdf

  1. Feedback from Asia Investor Takeshi.Yamaguchi@morganstanleymufg.com + 81 3 6836-5404
  2. and Hong Kong from August 24 to 28 (Yamaguchi only). While we also met a small
  3. would reach around 1.75% by end-2027, implying three additional 25bp hikes. By
  4. at a quarterly pace, taking the policy rate to 2% or above during 2027. Compared to
  5. their terminal rate expectations.That said, even among the equity investors we met, For important disclosures, refer to the Disclosure Section,
  6. some have begun to argue that the policy rate could exceed 2% as early as next
  7. 1.50% by end-2027. As a result, discussions focused on the rationale behind our
  8. Ueda and Treasury Secretary Bessent on the sidelines of the G20 meetings.

MS-英伟达(NVDA)：信用研究：条条大路通向计算业务-NVDA Credit：All Roads Lead to Compute.pdf

  1. AI cloud agreements (future commit) — 36.0 NVDA commits, AI clouds can sell capacity at higher third-party rates w/ rev share
  2. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s e ith e r p ro v id e d o r is p ro v id in g n o n -in v e stm e n t b a n k in g , se c u ritie s-re la te d se rv ic e s to a n d /o r in th e p a st h a s e n te re d in to a n a g re e m e n t to p ro v id e
  3. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s p ro v id e d o r is p ro v id in g in v e stm e n t b a n k in g se rv ic e s to , o r h a s a n in v e stm e n t b a n k in g c lie n t re la tio n sh ip w ith , th e fo llo w in g c o m p a n y : N V ID IA
  4. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r p ro d u c ts a n d se rv ic e s o th e r th a n in v e stm e n t b a n k in g se rv ic e s fro m N V ID IA C o rp ..
  5. In th e n e x t 3 m o n th s, M o rg a n S ta n le y e x p e c ts to re c e iv e o r in te n d s to se e k c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m N V ID IA C o rp ..
  6. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m N V ID IA C o rp ..
  7. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y m a n a g e d o r c o -m a n a g e d a p u b lic o ffe rin g (o r 14 4 A o ffe rin g ) o f se c u ritie s o f N V ID IA C o rp ..
  8. A s o f Ju ly 3 1, 2 0 2 6 , M o rg a n S ta n le y b e n e fic ia lly o w n e d 1% o r m o re o f a c la ss o f c o m m o n e q u ity se c u ritie s o f th e fo llo w in g c o m p a n ie s c o v e re d in M o rg a n S ta n le y R e se a rc h : N V ID IA C o rp ..

MS-英伟达2027年前景十分乐观 NVIDIA very positive 2027 commentary.pdf

  1. 52% a nd consensus closer to 40%. Our FY28/FY29 revenue ests come up ~ § = Consensus data is provided by Refinitiv Estimates
  2. our model and roughly 40% consensus, and remains severely supply constrained. Morgan Stanley does and seeks to do business with
  3. Nvidia Corporation Income Statement 2025/1F 2025/2F 2025/3F 2025/4F 2026/1F 2026/2F 2026/3F 2026/4F 2027/1F 2027/2F 2027/3F 2027/4F FY2022 2023FY 2024FY 2025FY 2026FY 2027FY 2028FY
  4. Apr/25 Jul/25 Oct/25 Jan/26 Apr/26 Jul/26 Oct/26 Jan/27 Apr/27 Jul/27 Oct/27 Jan/28 Jan/23 Jan/24 Jan/25 Jan/26 Jan/27 Jan/28 Jan/29
  5. Revenue 44,062 46,743 57,006 68,127 81,615 96,221 108,128 120,004 136,285 156,214 182,082 215,587 26,974 60,922 130,497 2 15,938 405,968 6 90,168 9 70,222
  6. Cons Rev 4 4,062 4 6,743 5 7,006 6 8,127 8 1,615 9 6,221 105,571 1 19,612 1 32,622 1 45,751 1 59,164 1 74,003 6 0,922 1 30,497 2 15,938 397,871 5 92,814 7 43,157
  7. Y/Y Change 69.2% 55.6% 62.5% 73.2% 85.2% 105.9% 89.7% 76.1% 67.0% 62.3% 68.4% 79.7% 0.2% 125.9% 114.2% 65.5% 88.0% 70.0% 40.6%
  8. COGS 17,394 12,890 15,157 17,034 20,458 24,079 28,074 34,196 38,099 43,180 50,048 58,914 11,618 16,621 32,638 62,475 106,807 1 90,242 2 64,808

MS-北美半导体资本设备.pdf

  1. trading as though the cycle peaks in CY27. In a scenario where WFE meaningfully investors should be aware that the firm may have a conflict of
  2. overshoots to the upside in CY27 (~$230bn+), we see AEIS earning closer to $20 Research. Investors should consider Morgan Stanley
  3. and MKS closer to $21, implying both stocks trade at approx. 13x earnings. Research as only a single factor in making their investment
  4. Source: FactSet, Company Data, Morgan Stanley Research Source: FactSet, Company Data, Morgan Stanley Research. Note: range refers to 8-year average +/- 1
  5. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s e ith e r p ro v id e d o r is p ro v id in g n o n -in v e stm e n t b a n k in g , se c u ritie s-re la te d se rv ic e s to a n d /o r in th e p a st h a s e n te re d in to a n a g re e m e n t to p ro v id e
  6. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s p ro v id e d o r is p ro v id in g in v e stm e n t b a n k in g se rv ic e s to , o r h a s a n in v e stm e n t b a n k in g c lie n t re la tio n sh ip w ith , th e fo llo w in g c o m p a n y : A d v a n c e d
  7. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r p ro d u c ts a n d se rv ic e s o th e r th a n in v e stm e n t b a n k in g se rv ic e s fro m A p p lie d M a te ria ls In c., M K S In c..
  8. In th e n e x t 3 m o n th s, M o rg a n S ta n le y e x p e c ts to re c e iv e o r in te n d s to se e k c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m A d v a n c e d E n e rg y In d u strie s In c., A p p lie d M a te ria ls In c., C a m te k ,

MS-二季度业绩后高管会议前瞻问题手册-20260831.pdf

  1. Below, we include our post-Q prep pack with questions for companies. Please see Josh.Haubenstock@morganstanley.com + 1 212 761-1059
  2. endorsement of the tender offer, or (iii) result in the procurement, withholding or investors should be aware that the firm may have a conflict of
    1. Fall Innovation: Your fall 2026 innovation hit shelves in July and is running "ahead
  4. Our PT is derived from a 25x 2027e P/E multiple (above large-cap peers) given solid pricing
  5. ples. We apply a 14.5x multiple to Beverage Co, a discount to the KO/PEP average despite PEP's
  6. severely depressed multiple, and an 8x multiple for Coffee Co, a ~20% discount to coffee
  7. strong MNST intl growth, outsized market share gains, expected margin inflection in 2027, and
  8. implies a 2027e P/E of ~23x, a discount to theoretical fair value based upon a regression of

MS-货运科技追踪：自动驾驶、无人机与机器人加速落地-20260831.pdf

  1. 13, 2026. This permit allows Kodiak to operate in California with a safety driver behind the
  2. a-service offering carries a per-mile revenue outlook in the $2-plus-per-mile range, while
  3. (August 17, 2026) Intracoastal Trucking, a 100-truck, 600-trailer truckload carrier based in
  4. (August 21, 2026) Google has announced the general availability of Large Vehicle Routing,
  5. fleet to dual-facing event recorders roughly a year ago. Accidents have fallen almost 20%
  6. (August 19, 2026) Amazon is expanding its drone delivery capabilities to nearly 500 cities
  7. (August 04, 2026) Amazon Business is rolling out its dedicated, branded delivery trucks in
  8. customers to receive eligible orders in three hours or less, according to an Aug. 18 press

MS-均胜电子(600699.SH) - 2Q26业绩电话会要点：均胜电子 _ 亚太区-20260826_Shelley Wang，Tim Hsiao(原文).pdf

  1. Management guided for weekly production capacity of 2,000-4,000 units for Junming.Zhang1@morganstanley.com +852 2848-5412
  2. structural components remains in the soft-tooling and validation stage. To support Shr price, close (Aug 26, 2026) Rmb18.98
  3. multiple auto suppliers are targeting AIDC applications, we think their angles are Revenue, net (Rmb mn) 61,183 64,609 69,089 72,930
  4. Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
  5. 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 financial
  6. services 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 financial
  7. services license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN)
  8. U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India (“SEBI”) and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105);

文档

MS-模拟芯片回顾：利润率问题掩盖了数据中心业务的积极评论 - 20260825_Lee Simpson，Joseph Moore(原文).pdf

总结

  1. Visibility improving: Book-to-bill ratios above 1, firmer pricing and backlog Amelia.Scicluna@morganstanley.com +44 20 7425-6694
  2. exposure is scaling rapidly, with raised outlooks and multi-year customer Nicole.Kozhukhov@morganstanley.com + 1 212 761-1636
  3. with variance in the pace, mix, and impact of each recovery. STM called out c.40% Lucas.Wang@morganstanley.com +886 2 2730-2875
  4. acknowledge w eaker margins (Q4 guides primarily), relative to heightened investors should be aware that the firm may have a conflict of
  5. the quarter. STMicro was the clearest disappointment. Despite an improving Q2/Q3 and may not be subject to FINRA restrictions on
  6. gross margin profile (Q3e: c.37% up >200bps qq), the Q4 guide underwhelmed. A communications with a subject company, public appearances
  7. falling short of the mid-20s% buy-side expectation, as mix and FX offset the benefits Technology - European Semiconductors
  8. 0002 1002 2002 3002 4002 5002 6002 7002 8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202

预览

MS-模拟芯片回顾：利润率问题掩盖了数据中心业务的积极评论 - 20260825_Lee Simpson，Joseph Moore(原文).pdf

MS-舜宇光学科技(02382.HK) - 1H26业绩分化；2H26需改善增长与利润率以推动估值重估-20260826_Andy Meng，Betty Chen(原文).pdf

总结

  1. RMB21.9bn. New businesses, including robotics, intelligent imaging, and optical § = Consensus data is provided by Refinitiv Estimates
  2. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s e ith e r p ro v id e d o r is p ro v id in g n o n -in v e stm e n t b a n k in g , se c u ritie s-re la te d se rv ic e s to a n d /o r in th e p a st h a s e n te re d in to a n a g re e m e n t to p ro v id e
  3. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s p ro v id e d o r is p ro v id in g in v e stm e n t b a n k in g se rv ic e s to , o r h a s a n in v e stm e n t b a n k in g c lie n t re la tio n sh ip w ith , th e fo llo w in g c o m p a n y : A A C
  4. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r p ro d u c ts a n d se rv ic e s o th e r th a n in v e stm e n t b a n k in g se rv ic e s fro m A A C T e c h n o lo g ie s H o ld in g s, A c c to n T e c h n o lo g y
  5. In th e n e x t 3 m o n th s, M o rg a n S ta n le y e x p e c ts to re c e iv e o r in te n d s to se e k c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m A A C T e c h n o lo g ie s H o ld in g s, A c c to n T e c h n o lo g y C o rp o ra tio n ,
  6. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m L e n o v o , U n im ic ro n , W istro n C o rp o ra tio n , W iw y n n C o rp , X ia o m i C o rp , Y a g e o C o rp .,
  7. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y m a n a g e d o r c o -m a n a g e d a p u b lic o ffe rin g (o r 14 4 A o ffe rin g ) o f se c u ritie s o f U n im ic ro n , W istro n C o rp o ra tio n , W iw y n n C o rp , Z h e n D in g , Z h o n g ji
  8. A s o f Ju ly 3 1, 2 0 2 6 , M o rg a n S ta n le y b e n e fic ia lly o w n e d 1% o r m o re o f a c la ss o f c o m m o n e q u ity se c u ritie s o f th e fo llo w in g c o m p a n ie s c o v e re d in M o rg a n S ta n le y R e se a rc h : A A C T e c h n o lo g ie s

预览

MS-舜宇光学科技(02382.HK) - 1H26业绩分化；2H26需改善增长与利润率以推动估值重估-20260826_Andy Meng，Betty Chen(原文).pdf

MS-亚洲投资者会谈反馈-20260831.pdf

总结

  1. Feedback from Asia Investor Takeshi.Yamaguchi@morganstanleymufg.com + 81 3 6836-5404
  2. and Hong Kong from August 24 to 28 (Yamaguchi only). While we also met a small
  3. would reach around 1.75% by end-2027, implying three additional 25bp hikes. By
  4. at a quarterly pace, taking the policy rate to 2% or above during 2027. Compared to
  5. their terminal rate expectations.That said, even among the equity investors we met, For important disclosures, refer to the Disclosure Section,
  6. some have begun to argue that the policy rate could exceed 2% as early as next
  7. 1.50% by end-2027. As a result, discussions focused on the rationale behind our
  8. Ueda and Treasury Secretary Bessent on the sidelines of the G20 meetings.

预览

MS-亚洲投资者会谈反馈-20260831.pdf

MS-英伟达(NVDA)：信用研究：条条大路通向计算业务-NVDA Credit：All Roads Lead to Compute.pdf

总结

  1. AI cloud agreements (future commit) — 36.0 NVDA commits, AI clouds can sell capacity at higher third-party rates w/ rev share
  2. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s e ith e r p ro v id e d o r is p ro v id in g n o n -in v e stm e n t b a n k in g , se c u ritie s-re la te d se rv ic e s to a n d /o r in th e p a st h a s e n te re d in to a n a g re e m e n t to p ro v id e
  3. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s p ro v id e d o r is p ro v id in g in v e stm e n t b a n k in g se rv ic e s to , o r h a s a n in v e stm e n t b a n k in g c lie n t re la tio n sh ip w ith , th e fo llo w in g c o m p a n y : N V ID IA
  4. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r p ro d u c ts a n d se rv ic e s o th e r th a n in v e stm e n t b a n k in g se rv ic e s fro m N V ID IA C o rp ..
  5. In th e n e x t 3 m o n th s, M o rg a n S ta n le y e x p e c ts to re c e iv e o r in te n d s to se e k c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m N V ID IA C o rp ..
  6. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m N V ID IA C o rp ..
  7. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y m a n a g e d o r c o -m a n a g e d a p u b lic o ffe rin g (o r 14 4 A o ffe rin g ) o f se c u ritie s o f N V ID IA C o rp ..
  8. A s o f Ju ly 3 1, 2 0 2 6 , M o rg a n S ta n le y b e n e fic ia lly o w n e d 1% o r m o re o f a c la ss o f c o m m o n e q u ity se c u ritie s o f th e fo llo w in g c o m p a n ie s c o v e re d in M o rg a n S ta n le y R e se a rc h : N V ID IA C o rp ..

预览

MS-英伟达(NVDA)：信用研究：条条大路通向计算业务-NVDA Credit：All Roads Lead to Compute.pdf

MS-英伟达2027年前景十分乐观 NVIDIA very positive 2027 commentary.pdf

总结

  1. 52% a nd consensus closer to 40%. Our FY28/FY29 revenue ests come up ~ § = Consensus data is provided by Refinitiv Estimates
  2. our model and roughly 40% consensus, and remains severely supply constrained. Morgan Stanley does and seeks to do business with
  3. Nvidia Corporation Income Statement 2025/1F 2025/2F 2025/3F 2025/4F 2026/1F 2026/2F 2026/3F 2026/4F 2027/1F 2027/2F 2027/3F 2027/4F FY2022 2023FY 2024FY 2025FY 2026FY 2027FY 2028FY
  4. Apr/25 Jul/25 Oct/25 Jan/26 Apr/26 Jul/26 Oct/26 Jan/27 Apr/27 Jul/27 Oct/27 Jan/28 Jan/23 Jan/24 Jan/25 Jan/26 Jan/27 Jan/28 Jan/29
  5. Revenue 44,062 46,743 57,006 68,127 81,615 96,221 108,128 120,004 136,285 156,214 182,082 215,587 26,974 60,922 130,497 2 15,938 405,968 6 90,168 9 70,222
  6. Cons Rev 4 4,062 4 6,743 5 7,006 6 8,127 8 1,615 9 6,221 105,571 1 19,612 1 32,622 1 45,751 1 59,164 1 74,003 6 0,922 1 30,497 2 15,938 397,871 5 92,814 7 43,157
  7. Y/Y Change 69.2% 55.6% 62.5% 73.2% 85.2% 105.9% 89.7% 76.1% 67.0% 62.3% 68.4% 79.7% 0.2% 125.9% 114.2% 65.5% 88.0% 70.0% 40.6%
  8. COGS 17,394 12,890 15,157 17,034 20,458 24,079 28,074 34,196 38,099 43,180 50,048 58,914 11,618 16,621 32,638 62,475 106,807 1 90,242 2 64,808

预览

MS-英伟达2027年前景十分乐观 NVIDIA very positive 2027 commentary.pdf

MS-北美半导体资本设备.pdf

总结

  1. trading as though the cycle peaks in CY27. In a scenario where WFE meaningfully investors should be aware that the firm may have a conflict of
  2. overshoots to the upside in CY27 (~$230bn+), we see AEIS earning closer to $20 Research. Investors should consider Morgan Stanley
  3. and MKS closer to $21, implying both stocks trade at approx. 13x earnings. Research as only a single factor in making their investment
  4. Source: FactSet, Company Data, Morgan Stanley Research Source: FactSet, Company Data, Morgan Stanley Research. Note: range refers to 8-year average +/- 1
  5. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s e ith e r p ro v id e d o r is p ro v id in g n o n -in v e stm e n t b a n k in g , se c u ritie s-re la te d se rv ic e s to a n d /o r in th e p a st h a s e n te re d in to a n a g re e m e n t to p ro v id e
  6. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s p ro v id e d o r is p ro v id in g in v e stm e n t b a n k in g se rv ic e s to , o r h a s a n in v e stm e n t b a n k in g c lie n t re la tio n sh ip w ith , th e fo llo w in g c o m p a n y : A d v a n c e d
  7. W ith in th e la st 12 m o n th s, M o rg a n S ta n le y h a s re c e iv e d c o m p e n sa tio n fo r p ro d u c ts a n d se rv ic e s o th e r th a n in v e stm e n t b a n k in g se rv ic e s fro m A p p lie d M a te ria ls In c., M K S In c..
  8. In th e n e x t 3 m o n th s, M o rg a n S ta n le y e x p e c ts to re c e iv e o r in te n d s to se e k c o m p e n sa tio n fo r in v e stm e n t b a n k in g se rv ic e s fro m A d v a n c e d E n e rg y In d u strie s In c., A p p lie d M a te ria ls In c., C a m te k ,

预览

MS-北美半导体资本设备.pdf

MS-二季度业绩后高管会议前瞻问题手册-20260831.pdf

总结

  1. Below, we include our post-Q prep pack with questions for companies. Please see Josh.Haubenstock@morganstanley.com + 1 212 761-1059
  2. endorsement of the tender offer, or (iii) result in the procurement, withholding or investors should be aware that the firm may have a conflict of
    1. Fall Innovation: Your fall 2026 innovation hit shelves in July and is running "ahead
  4. Our PT is derived from a 25x 2027e P/E multiple (above large-cap peers) given solid pricing
  5. ples. We apply a 14.5x multiple to Beverage Co, a discount to the KO/PEP average despite PEP's
  6. severely depressed multiple, and an 8x multiple for Coffee Co, a ~20% discount to coffee
  7. strong MNST intl growth, outsized market share gains, expected margin inflection in 2027, and
  8. implies a 2027e P/E of ~23x, a discount to theoretical fair value based upon a regression of

预览

MS-二季度业绩后高管会议前瞻问题手册-20260831.pdf

MS-货运科技追踪：自动驾驶、无人机与机器人加速落地-20260831.pdf

总结

  1. 13, 2026. This permit allows Kodiak to operate in California with a safety driver behind the
  2. a-service offering carries a per-mile revenue outlook in the $2-plus-per-mile range, while
  3. (August 17, 2026) Intracoastal Trucking, a 100-truck, 600-trailer truckload carrier based in
  4. (August 21, 2026) Google has announced the general availability of Large Vehicle Routing,
  5. fleet to dual-facing event recorders roughly a year ago. Accidents have fallen almost 20%
  6. (August 19, 2026) Amazon is expanding its drone delivery capabilities to nearly 500 cities
  7. (August 04, 2026) Amazon Business is rolling out its dedicated, branded delivery trucks in
  8. customers to receive eligible orders in three hours or less, according to an Aug. 18 press

预览

MS-货运科技追踪：自动驾驶、无人机与机器人加速落地-20260831.pdf

MS-均胜电子(600699.SH) - 2Q26业绩电话会要点：均胜电子 _ 亚太区-20260826_Shelley Wang，Tim Hsiao(原文).pdf

总结

  1. Management guided for weekly production capacity of 2,000-4,000 units for Junming.Zhang1@morganstanley.com +852 2848-5412
  2. structural components remains in the soft-tooling and validation stage. To support Shr price, close (Aug 26, 2026) Rmb18.98
  3. multiple auto suppliers are targeting AIDC applications, we think their angles are Revenue, net (Rmb mn) 61,183 64,609 69,089 72,930
  4. Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary
  5. 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 financial
  6. services 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 financial
  7. services license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN)
  8. U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India (“SEBI”) and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105);

预览

MS-均胜电子(600699.SH) - 2Q26业绩电话会要点：均胜电子 _ 亚太区-20260826_Shelley Wang，Tim Hsiao(原文).pdf

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