Yes, I agree with you. As a matter of fact ethical refers to anything that is morally good or correct. The anything can be actions/standards/practice/beliefs/trading etc.
The company has adopted ethical investment policies (=investing only in businesses that are considered morally acceptable)
There are ethical dilemmas surrounding genetic research
But you seem to be disagreeing.
Ethical does not refer to what is morally good. It refers more to what a group of people has decided is morally acceptable or not acceptable, and which has been codified in some way.
Something can be unethical but not moral, and vice versa.
For example, doctors subscribe to medical ethics. One ethical principle is not to kill your patients. Many doctors have decided that assisted suicide is morally right in some cases, even though it's ethically wrong in most medical codes.
On the other hand, some doctors might think that the abortion of a deformed foetus is morally wrong. But it is not unethical under most medical codes.
It's also very unethical to have a sexual relationship with a patient. But in some cases, it's quite conceivable that no moral problem actually exists. Consider a doctor in a small town who treats a teacher for a cold. They get to know each other socially, fall in love and get married. That is unethical - and doctors have been reprimanded for it, especially if the marriage goes sour.
It's not uncommon for one's ethics as a member of a group to conflict with our own personal morals.