PDF 原檔：報告_Citi_穎崴6515_20260907_original.pdf
原始內容
citivelocity.com
07 Sep 2026 07:15:31 ET │ 11 pages
WinWay Technology (6515.TW)
Aug-26 Sales a Third Straight Record Month
CITI'S TAKE
WinWay reported record Aug-26 revenues of NT$1.71bn (+7% MoM/+233% YoY), a third consecutive monthly high. QTD 3Q26 revenues of NT$3.31bn is now tracking well ahead of Citi/cons forecasts (75%/78% of 3Q26E) on the back of robust test interface demand for AI/HPC. We attribute the momentum to Renwu Phase 1 now running smoothly with capacity ramping to plan, and see continuity in the near-term as ongoing AI GPU shipments are joined by the upcoming AI ASIC ramp. Test socket lead times have now stretched from typical 8 weeks to 13-14 weeks and may extend further, while rising pin counts and higher AI testing complexity lift both ASP and unit demand. Reiterate Buy.
Prepared for [讀者資訊已遮蔽]
Buy / High Risk
| Price(07Sep2613:30) | NT$7,000.00 |
|---|---|
| Target price | NT$11,500.00 |
| Expected share price return | 64.3% |
| Expected dividend yield | 1.0% |
| Expected total return | 65.2% |
| MarketCap | NT$255,113M |
| US$8,064M |
Michael Hung AC
+886-2-8726-9092 michael.hung@citi.com
Laura (Chia Yi) Chen +886-2-8726-9090 laura.cy.chen@citi.com
Jack Chen +886-2-8726-9091 jack1.chen@citi.com
Nicholas Lai +886-2-8726-9093
nicholas.lai@citi.com
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
Figure 1. Winway - quarterly sales trend
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• Quarterly sales (NT$mn, LHS)
Figure <. Winway - Monthly sales trend
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— Monthly sales (NT$mn, LHS) -
/ 2026 Citiornun Ine No rodictribution without Citiornun'e written normicsion
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Company Reports, Citi Research
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© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Company Reports, Citi Research
Prepared for [讀者資訊已遮蔽]
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WinWay Technology
Valuation
We value WinWay using a PE-based approach that factors in earnings momentum and likely expansion of its addressable market. Our target price of NT$11,500 is derived from applying c.41x to 2H27E-1H28E EPS, higher than the upper end of its long-term PE range, which we believe is justified given the company's entrenched position in the high-end AI GPU testing supply chain, rising contribution from coaxial socket and SLT solutions, and the increasing value of test content per module. With these structural drivers in place, and as we believe the market is starting to value it as an AI/HPC play (rather than a consumer electronics stock), we expect the multiple to hold at a premium relative to its historical averages.
Risks
Our quant rating system rates the WinWay stock High Risk based on its historical volatility.
Key downside risks that could impede the stock from reaching our target price and our earnings forecasts include: 1) client and sector concentration - specifically any delays in US AI GPU product roadmap could impact the business outlook for WinWay; 2) intensifying competition in coaxial and hypersockets from global peers; 3) faster-than-expected testing algorithm optimization, which could shorten testing durations and reduce the anticipated hardware demand multiplier; and 4) delay of MEMS Phase 2 mass production.
WinWay Technology (6515.TW)
Analyst: Michael Hung
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DJ F M A M J J
Rating
Target Price
Closing Price
1H
*13,000.00
1H
*11,500.00
8,905.00
6,775.00
Date
Appendix A-1
2 20-Mar-26 02:14:37
1H *10,000.00
7,930.00
E06-Aug-26 12:43:24