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图1:MPI 2025–2028年每股收益预计年均增长94%
图1:MPI 2025–2028年每股收益预计年均增长94%
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摩根士丹利:大中华半导体行业:芯片测试赛道隐形冠军:首次覆盖鸿劲精密、MPI、颖崴并给予增持评级-260416(英文版)(126页).pdf
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图1:按购买力平价隐含的相对价格水平(美国=100),2012年(x轴)与2025年(y轴)
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2026-07-21
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图52:电影院1个座位,国际发行 (美元)
| 排名 | 对比2012年 | 对比2016年 | 对比2019年 | 对比2025年经济 | 城市         | 2012  | 2016  | 2019  | 2025  | 2026  | 相对于纽约 | 10年累计变化率(%) | 7年累计变化率(%) |
|------|------------|------------|------------|----------------|--------------|-------|-------|-------|-------|-------|------------|------------------|------------------|
| 1    | +1         | +1         | +1         | +0瑞士         | 苏黎世       | 20.0  | 19.5  | 18.8  | 25.2  | 24.9  | 110%       | 27.7             | 32.4             |
| 1    | +2         | +0         | +0         | +1瑞士         | 日内瓦       | 19.9  | 20.4  | 20.5  | 23.7  | 24.9  | 110%       | 21.8             | 21.3             |
| 3    | +10        | +8         | +2         | +0美国         | 纽约         | 13.6  | 15.0  | 16.5  | 21.6  | 22.5  | 100%       | 50.1             | 36.8             |
| 4    | +7         | +3         | +2         | +0丹麦         | 哥本哈根     | 14.3  | 15.5  | 16.4  | 20.4  | 19.9  | 88%        | 28.8             | 21.2             |
| 5    | +4         | +5         | +4         | +1芬兰         | 赫尔辛基     | 15.1  | 15.1  | 15.5  | 19.5  | 19.5  | 86%        | 29.3             | 25.3             |
| 5    | +27        | +31        | +20        | +3卢森堡       | 卢森堡       | 10.7  | 10.4  | 12.0  | 18.0  | 19.5  | 86%        | 87.3             | 61.6             |
| 7    | -1         | -2         | +6         | +2瑞典         | 斯德哥尔摩   | 17.1  | 15.5  | 14.3  | 17.7  | 19.2  | 85%        | 23.7             | 34.5             |
| 8    | -3         | -2         | +0         | -3挪威         | 奥斯陆       | 17.3  | 15.5  | 16.1  | 19.9  | 18.9  | 84%        | 21.9             | 16.9             |
| 9    | -1         | -6         | -3         | -2英国         | 伦敦         | 16.1  | 18.3  | 16.4  | 19.0  | 18.7  | 83%        | 2.7              | 14.1             |
| 10   | +20        | +4         | +0         | +0美国         | 洛杉矶       | 11.0  | 13.9  | 15.3  | 17.7  | 18.0  | 80%        | 29.6             | 17.7             |
| 11   | +9         | +4         | +0         | +0美国         | 旧金山       | 12.3  | 13.4  | 15.1  | 17.5  | 17.5  | 78%        | 30.2             | 16.0             |
| 12   | -8         | +1         | +2         | +10澳大利亚    | 墨尔本       | 17.5  | 14.5  | 13.9  | 14.8  | 17.4  | 77%        | 20.2             | 24.7             |
| 12   | -5         | -3         | +3         | +12澳大利亚    | 悉尼         | 16.8  | 15.1  | 13.5  | 14.7  | 17.4  | 77%        | 14.9             | 28.7             |
| 14   | +3         | +2         | +4         | -1荷兰         | 阿姆斯特丹   | 12.5  | 12.9  | 13.4  | 17.2  | 17.2  | 76%        | 32.9             | 28.3             |
| 14   | +9         | +6         | +7         | +2德国         | 慕尼黑       | 12.0  | 12.6  | 12.9  | 16.1  | 17.2  | 76%        | 36.8             | 33.5             |
| 14   | +14        | +4         | +2         | +1德国         | 法兰克福     | 11.3  | 12.8  | 13.5  | 16.4  | 17.2  | 76%        | 34.1             | 27.2             |
| 17   | +14        | +7         | +7         | +1比利时       | 布鲁塞尔     | 11.0  | 12.0  | 12.2  | 15.6  | 17.1  | 76%        | 41.6             | 39.9             |
| 18   | +9         | +1         | +1         | -4美国         | 芝加哥       | 11.4  | 12.6  | 13.1  | 17.1  | 17.0  | 76%        | 34.6             | 30.0             |
| 19   | +14        | +15        | +11        | -2阿拉伯联合酋长国 | 迪拜         | 10.6  | 10.5  | 11.6  | 16.1  | 16.3  | 73%        | 56.4             | 41.2             |
| 20   | +20        | +11        | +9         | +6以色列       | 特拉维夫-雅法 | 10.0  | 10.8  | 11.6  | 14.2  | 16.3  | 72%        | 50.4             | 40.2             |
| 21   | +8         | +2         | +5         | -9英国         | 伯明翰       | 11.1  | 12.1  | 12.0  | 17.2  | 16.1  | 71%        | 32.5             | 34.1             |
| 22   | -8         | +3         | +1         | -3法国         | 巴黎         | 13.0  | 12.0  | 12.3  | 15.6  | 16.0  | 71%        | 34.1             | 30.0             |
| 23   | +1         | -1         | -6         | +0爱尔兰       | 都柏林       | 12.0  | 12.3  | 13.4  | 14.8  | 15.5  | 69%        | 26.0             | 15.2             |
| 24   | -4         | -7         | -12        | -3美国         | 波士顿       | 12.3  | 12.8  | 14.6  | 15.3  | 15.0  | 67%        | 17.1             | 2.7              |
| 25   | +11        | +3         | -3         | -5德国         | 柏林         | 10.4  | 11.7  | 12.5  | 15.3  | 14.9  | 66%        | 26.9             | 18.8             |
| 26   | -7         | -14        | +5         | +1英国         | 爱丁堡       | 12.4  | 14.5  | 11.3  | 14.0  | 14.7  | 65%        | 1.7              | 29.9             |
| 27   | 无数据     | -19        | -24        | +4沙特阿拉伯   | 利雅得       | 无数据 | 15.3  | 18.1  | 13.0  | 14.6  | 65%        | -4.6             | -19.2            |
| 28   | -3         | +2         | -1         | -3奥地利       | 维也纳       | 11.9  | 11.0  | 11.9  | 14.3  | 14.6  | 65%        | 32.2             | 22.8             |
| 29   | +15        | +11        | +7         | +10意大利      | 米兰         | 9.7   | 9.9   | 10.8  | 12.0  | 13.7  | 61%        | 38.2             | 27.7             |
| 30   | +15        | -4         | -10        | +0香港         | 香港         | 9.7   | 11.9  | 13.0  | 13.3  | 13.7  | 61%        | 14.8             | 5.5              |
| 31   | +15        | +6         | +1         | -2阿拉伯联合酋长国 | 阿布扎比     | 9.3   | 10.2  | 11.3  | 13.8  | 13.6  | 60%        | 33.2             | 20.9             |
| 32   | -16        | +1         | +2         | +1加拿大       | 多伦多       | 12.8  | 10.5  | 10.9  | 12.7  | 13.4  | 59%        | 26.9             | 22.4             |
| 33   | -11        | -12        | -5         | +3新西兰       | 奥克兰       | 12.1  | 12.4  | 11.6  | 12.4  | 13.1  | 58%        | 5.4              | 12.6             |
| 34   | +18        | +18        | +15        | +9捷克共和国   | 布拉格       | 7.8   | 7.2   | 8.5   | 11.1  | 13.0  | 58%        | 80.5             | 53.8             |
| 35   | -17        | -3         | -3         | +0加拿大       | 温哥华       | 12.5  | 10.7  | 11.3  | 12.5  | 12.6  | 56%        | 17.6             | 11.5             |
| 36   | -21        | +7         | +3         | -4新西兰       | 惠灵顿       | 12.8  | 9.5   | 10.0  | 12.7  | 12.5  | 56%        | 32.4             | 25.9             |
| 37   | -36        | -33        | -33        | -9日本         | 东京         | 22.4  | 17.4  | 17.0  | 13.9  | 12.3  | 55%        | -29.0            | -27.5            |
| 38   | +5         | +1         | -2         | -3卡塔尔       | 多哈         | 9.8   | 10.2  | 10.8  | 12.6  | 12.3  | 55%        | 21.0             | 13.8             |
| 39   | -13        | +0         | +1         | +1加拿大       | 蒙特利尔     | 11.9  | 10.0  | 9.9   | 11.9  | 11.8  | 52%        | 18.1             | 18.5             |
| 40   | +10        | +7         | +3         | -3新加坡      | 新加坡       | 7.9   | 8.7   | 9.2   | 12.4  | 11.6  | 52%        | 33.6             | 26.7             |
| 41   | +0         | +1         | -3         | +5意大利       | 罗马         | 9.9   | 9.5   | 10.0  | 10.5  | 11.5  | 51%        | 20.4             | 14.5             |
| 41   | -6         | -6         | -4         | -3西班牙       | 马德里       | 10.4  | 10.4  | 10.1  | 12.1  | 11.5  | 51%        | 9.7              | 13.1             |
| 41   | -4         | +0         | +0         | +0西班牙       | 巴塞罗那     | 10.3  | 9.7   | 9.7   | 11.4  | 11.5  | 51%        | 17.6             | 18.5             |
| 44   | +5         | +1         | +11        | -2阿根廷       | 布宜诺斯艾利斯 | 8.5   | 8.8   | 6.9   | 11.1  | 11.1  | 49%        | 26.5             | 62.2             |
| 45   | -2         | +3         | +2         | +0希腊         | 雅典         | 9.8   | 8.7   | 8.7   | 10.6  | 10.3  | 46%        | 18.9             | 18.7             |
| 46   | +11        | +11        | +11        | +2匈牙利       | 布达佩斯     | 6.1   | 6.2   | 6.4   | 9.0   | 10.0  | 45%        | 63.1             | 57.7             |
| 47   | +1         | +2         | -3         | +0韩国         | 首尔         | 9.1   | 8.5   | 9.0   | 10.3  | 9.8   | 44%        | 15.6             | 8.8              |
| 48   | +3         | +3         | +3         | +1葡萄牙       | 里斯本       | 7.8   | 7.3   | 7.8   | 9.0   | 9.7   | 43%        | 33.3             | 25.5             |
| 49   | -11        | -3         | -4         | +3巴西         | 圣保罗       | 10.3  | 8.8   | 8.9   | 8.0   | 9.7   | 43%        | 10.8             | 9.2              |
| 50   | +5         | +3         | +1         | -7台湾         | 台北         | 7.2   | 7.1   | 7.8   | 8.9   | 9.6   | 43%        | 35.7             | 24.0             |
| 51   | -4         | -7         | -9         | -7台湾         | 台北         | 9.3   | 9.4   | 9.3   | 10.7  | 9.4   | 42%        | -0.3             | 0.6              |
| 52   | -18        | +3         | +4         | +6俄罗斯       | 莫斯科       | 10.6  | 6.7   | 6.6   | 7.5   | 9.1   | 40%        | 36.7             | 37.7             |
| 53   | +7         | +10        | +6         | +4南非         | 开普敦       | 5.3   | 4.7   | 6.0   | 7.6   | 9.0   | 40%        | 92.1             | 49.2             |
| 54   | +44        | -27        | -8         | +1中国         | 上海         | 14.7  | 11.7  | 8.8   | 7.8   | 8.8   | 39%        | -24.8            | 0.3              |
| 55   | +3         | +6         | +2         | -1南非         | 约翰内斯堡   | 5.9   | 4.9   | 6.4   | 7.9   | 8.6   | 38%        | 76.0             | 35.8             |
| 56   | -2         | +0         | +9         | -6土耳其       | 伊斯坦布尔   | 7.4   | 6.5   | 4.3   | 8.9   | 8.5   | 38%        | 31.6             | 97.7             |
| 57   | -18        | -7         | -9         | -1巴西         | 里约热内卢   | 10.2  | 8.1   | 8.5   | 7.8   | 7.8   | 35%        | -3.8             | -8.6             |
| 58   | -5         | -4         | -4         | +2智利         | 圣地亚哥     | 7.7   | 7.0   |
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2026-07-21
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图1:加拿大主要出口国家(2025年)
fCDlm73lrrYv5Zyw5Yy6IHwg5Y2g5q+UIHwKfDotLS0tLS0tLS0tfDotLS0tOnwKfCDnvo7lm70gICAgICB8IDUxJSAgfAp8IOWFtuS7luWbveWutiAgfCAyNyUgIHwKfCDmrKfnm58yN+WbvSAgfCAxNCUgIHwKfCDloqjopb/lk6UgICAgfCA4JSAgIHwKCioq6LWE5paZ5p2l5rqQKirvvJrlm74xIOWKoOaLv+Wkp+S4u+imgeWHuuWPo+WbveWutu+8iDIwMjXlubTvvIk=
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肯尼亚在过去二十年的增长表现相对强劲。图1:2001-2024年肯尼亚及选定国家群体的实际GDP增长
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2026-07-21
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图16:.储备与进口覆盖率,2022年1月至2026年6月(月末数据
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2026-07-21
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图11:实际有效汇率指数,2005年1月,
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2026-07-21
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图2:.中国:全国鸡肉与猪肉1均价2
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2026-07-21
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图1:.中国:玉米和豆粕价格
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2026-07-21
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图1:.中国:鸡肉的生产、供应与分配
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2026-07-21
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图1:2025年太阳能光伏新增装机容量:
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2026-07-21
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图11.2023Q1-2026Q1各季度公司毛利率、净利率(%)
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2026-07-21
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最新数据
全球全年龄段奶粉市场规模(亿美元)
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2026-07-30
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MPI将其毛利率从2019年的44%扩大到2025年的56%,主要得益于VPC的产品组合改 我们预计高毛利VPC和MEMS产品的比例增加,以及未来可能的 膜的更广泛采用-将占探针卡收入的70%以上-将推动显著的利润扩张,加上设备 出货量的增加,特别是来自CPO,将推动MPI的毛利率在2028年达到62% MPI在2025年的每股收益略受到不利汇率影响,2025年第二季度,1%的新台币/美元升值将 导致30-40个基点的毛利影响,结合汇率损失的影响 展望2026年及以后,我们预计整体货币政策将在全球范围内保持稳定。因此,我们预 计随着高毛利业务逐渐见效,将看到运营杠杆,2025-2028年每股收益年复合增长率 ■其他。 来源:公司数据,摩根士丹利研究。é=摩根士丹利研究估计 展览124:我们预计,MPI的利润率将从2023年的48%扩展到20
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摩根士丹利:大中华半导体行业:芯片测试赛道隐形冠军:首次覆盖鸿劲精密、MPI、颖崴并给予增持评级-260416(英文版)(126页).pdf
Morgan Stanley RESEARCH: Semiconductor Company Valuations and Analyst Coverage
Greater China Technology Semiconductors Industry Coverage: Company Ratings and Prices as of 04/16/2026
Other Material Investment Services Coverage Universe: Stock Rating Distribution by Category
Total Traditional Packaging and Test TAM (2023–2029E)
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