摩根士丹利维持北欧半导体（Nordic Semiconductor ASA，NOD.OL）「持股观望（EW）」评级，目标价185挪威克朗。公司本季再度超预期并上调指引，毛利率52.9%，高于市场一致预期70个基点，动力来自产品与客户结构优化、nRF54平台放量及云端业务贡献上升；工业与医疗板块同比增长30%，消费板块增长31%，但该板块季度环比下降6%且依赖少数大客户。管理层强调产品高度集成的片上存储器使公司免受存储涨价冲击，且季节性弱于往年。Axon NPU与Neuton导入进展良好，但报告暂不将AI贡献纳入盈利预测，认为本轮复苏仍由周期与产品驱动。上调FY26 EPS 6%至0.33美元，FY27预测基本不变；因短期缺乏催化且估值略高于五年均值（约30倍FY27市盈率），维持EW。
Morgan Stanley maintains Equal-weight on Nordic Semiconductor ASA (NOD.OL) with a NOK 185 price target. Nordic printed another beat and raise: GM% of 52.9% came in 70bps ahead of the Street, driven by customer and product mix, higher nRF54 mix and a growing cloud contribution. Industrial and Healthcare grew 30% y/y, in line with consumer at 31%, though that segment remains lumpy (-6% q/q) and dependent on a few large customers. Management highlighted the high degree of on-chip memory integration as a source of resilience against memory headwinds, and pointed to lower seasonality versus prior years. Axon NPU traction and Neuton adoption support the emerging Edge AI positioning, but no meaningful AI contribution is underwritten in estimates; the recovery is still seen as cyclical and product-led. FY26 EPS is lifted 6% to US$0.33 while FY27 is broadly unchanged. With no near-term catalyst and the stock at a slight premium to its 5-year average, the rating stays Equal-weight.