MPl expanded its GM from 44% in 2019 to 56% in 2025, mainly driven by improving We expect the increasing mix of high-margin VPC and MEMS products, and potentially revenue - to drive significant profit expansion, coupled with increasing equipment shipment, especially from CPO, to drive MPI's GM to 62% in 2028e. MPI's 2025e EPS was slightly curbed by unfavorable FX in 2Q25, where 1% NTD/USD appreciation would lead to 30-40bps of margin impact, combined with FX loss impact. the globe. Thus, we expect to see operating leverage as high-margin business gradually bears fruit, with a 94% EPS CAGR, 2025-28e. Exhibit 123: Revenue breakdown, by product Exhibit 122: We expect MPl's revenue to rise at a 66% CAGR, Source: Company data, Morgan Stanley Research. e = Morgan Stanley Research estimates.s Source: Company data, Morgan Stanley Research. e = Morgan Stanley Research estimates. Source: Company data, Morgan Stanley Research. e = Morgan Stanley Research estimates