尽管苹果/太空探索技术公司带来积极因素，但估值过高；重申跑输大盘

Stretched valuation despite positives fromApple/Space X; reiterate Underperform Reiterate Rating:UNDERPERFORM| PO:47.00 CNY| Price:79.52 CNY Reiterate Underperform; rich valuation of >60x 23 April 2026 We reiterateU/P on Sunway with a new PO of CNY47 (was CNY14). Sunway is a keycomponent supplier to Apple (contributed 50% of 2025 sales), followed by Android (35-40%) and Space X (10%+). We take note that the company is benefiting from iPhonebattery casing upgrade and increasing Space X orders. We expect these two high-marginbusinesses to drive a steady margin recovery, and we reflect these positives by liftingour 2026-27E earnings by 13-35%. However, the valuation is stretched with 2026-27EP/E at 67x, vs. A-share Apple suppliers’17-27x and aerospace peers’40-100x. Our newPO of CNY47 is based on 40x 2H26-1H27E P/E, vs. the old PO of CNY14 on 16x 2H25- Equity (CNY)PreviousCurrentPrice Obj.14.0047.002026E EPS0.881.002027E EPS0.961.292028E EPSNA1.54 Robert Cheng>>Research AnalystMerrill Lynch (Taiwan)robert.cheng@bofa.com Apple to driveEMI/EMC; antenna/wireless charging weak Katherine Zhu>>Research AnalystMerrill Lynch (Hong Kong)kexin.zhu@bofa.com Sunway recognized~CNY400mn sales from iPhone battery casing (Pro series). We expectthe stainless design to penetrate all models starting with the iPhone 18 series and likelyextend to Apple Watch as well this year. While we expect these to support high-marginEMI/EMC sales into 2H26, the growth magnitude could narrow into 2027 given a highbase. Meanwhile, other antenna and wireless charging businesses could face pressure on Doris Kao>>Research AnalystMerrill Lynch (Taiwan)doris.kao@bofa.com Cindy Lo>>Research AnalystMerrill Lynch (Taiwan)cindy.lo3@bofa.com Likely doubled sales from SpaceX in 2026 Sunwaytapped into Space X in 2021 and has been the sole supplier of connectors forthe latter’s satellite receivers. The company shipped over 6 million units’connectors in2025, with revenue reaching over CNY1bn. Sunway guided for revenue to double in 2026given strong customer pull-in, and we expect the growth momentum to sustain over the This research report provides general information only. No part of this report may be usedor reproduced or quoted in any manner whatsoever in Taiwan by the press orotherpersons without the express written consent of BofA Securities. EMI:Electromagnetic InterferenceEMC: Electromagnetic Compatibility >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions. BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. Refer to important disclosures on page 10 to 12. Analyst Certification on page 7. PriceObjective Basis/Risk on page 7. iQprofileSMSunway Communications (A) Company Description Sunway is a key Chinese supplier in RF connectivity relatedcomponents and modules, including antenna, wirelesscharging, connectors, RF front-end components and relatedmechanical parts. Its key customers are Apple, Samsung,OPPO/Vivo and other China smartphone brands. It is also Investment Rationale We have an Underperform rating. We do like its position asa key Apple component supplier with rising exposure intocommercial aerospace. However, positives are largely pricedin and valuation is stretched and difficult to support further Stock Data Price to Book Value8.7x Reiterate Underperform; rich valuation of over 60x We reiterate Underperform on Sunway with a new PO of CNY47 (was CNY14). Sunway isa key mechanical parts and antenna supplier to smartphones. In 2025, Apple (contributed50% of 2025 sales), followed by Android (35-40%) and Space X (10%+). We take note that Sunway is benefiting from iPhone battery casing upgrade, as well asincreasing Space X orders. We expect these two high-margin businesses to drive asteady margin recovery, and we reflect these positives by lifting our 2026-27E earningsby 13-35%, while also introducing 2028E. However, the valuation is stretched with Our new PO of CNY47 is based on 40x 2H26-1H27E P/E, vs. the old PO of CNY14 on 16x2H25-1H26E P/E. We roll over the valuation base and apply a higher multiple to reflectthe market’s positive view on the commercial aerospace sector. The 40x P/E (+0.5SD) 1Q26 results review Sunway’s 2025 earnings totaled CNY709mn, largely in line with BofAe’s CNY730mn buttracked behind consensus of CNY790mn. While, 1Q26 earnings were CNY105mn (-53% QoQ, +35% YoY), 33% below BofAe (consensus not available). Gross margin improved2.3ppt YoY and was better than expected, suggesting product mix impro