compiler/demod + raco exe fails with included and excluded submodules of the same name

Consider the following collection of four modules:

#lang compiler/demod ; demod.rkt
"main.rkt"
#:dynamic
#:exclude (#:module "structs.rkt")

#lang racket/base ; main.rkt
(require "mystructs.rkt"
         "structs.rkt")
(displayln (thing 1 2))
(displayln (widget "a" 3))

#lang racket/base ; mystructs.rkt
(require racket/serialize)
(provide (struct-out thing))
(serializable-struct thing (x y))

#lang racket/base ; structs.rkt
(require racket/serialize)
(provide (struct-out widget))
(serializable-struct widget (name value))

Then run:

$ raco make demod.rkt && raco exe -o test demod.rkt

That produces the error:

get-module-code: cannot find submodule: '(deserialize-info)
  context...:
   /home/samth/sw/plt/racket/collects/syntax/private/modcode-noctc.rkt:163:2: extract-submodule
   /home/samth/sw/plt/racket/collects/compiler/embed.rkt:446:0: get-code
   [repeats 1 more time]
   /home/samth/sw/plt/racket/collects/racket/private/map.rkt:267:2: gen-for-each
   /home/samth/sw/plt/racket/collects/compiler/embed.rkt:1191:0: do-write-module-bundle
   /home/samth/sw/plt/racket/collects/compiler/embed.rkt:1676:15: write-module
   /home/samth/sw/plt/racket/collects/compiler/embed.rkt:1811:29
   /home/samth/sw/plt/racket/collects/compiler/private/elf.rkt:289:0: expand-elf
   /home/samth/sw/plt/racket/collects/compiler/embed.rkt:1580:6
   /home/samth/sw/plt/pkgs/compiler-lib/compiler/commands/exe.rkt:100:0
   body of "/home/samth/sw/plt/pkgs/compiler-lib/compiler/commands/exe.rkt"
   /home/samth/sw/plt/racket/collects/raco/raco.rkt:41:0
   body of "/home/samth/sw/plt/racket/collects/raco/raco.rkt"
   body of "/home/samth/sw/plt/racket/collects/raco/main.rkt"

Probably relevantly, both mystructs.rkt and structs.rkt have deserialize-info submodules.

Reproduce the failure with demod.rkt, main.rkt, mystructs.rkt, and structs.rkt using raco make followed by raco exe. Start by reading compiler/embed.rkt and syntax/private/modcode-noctc.rkt around the stack-trace locations, focusing on how included and excluded same-named submodules are handled. Done means the example builds an executable without the deserialize-info error.