PDF 原檔：報告_GS_穎崴6515_20260806_original.pdf
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42KB | 真資料圖 | 6515.TW 股價 vs 台灣加權指數走勢圖（Oct-25 至 Jul-26），下方列 3m/6m/12m 絕對與相對報酬（12m 絕對 504.9%） |
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43KB | 真資料圖 | WinWay 營收結構堆疊柱狀圖（2019-2028E，NT$mn）：Coaxial Socket／RF-Plastic Socket／Contact Element／Probe Card／Burn-in Socket／Others，疊加 YoY% 折線 |
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42KB | 真資料圖 | Taiex vs WinWay 股價走勢圖（Aug-20 至 Aug-26，雙軸） |
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50KB | 真資料圖 | WinWay Forward P/E 圖（Aug-20 至 Aug-26，40x-80x 虛線區間） |
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45KB | 真資料圖 | WinWay Forward P/B 圖（Aug-20 至 Aug-26，15x-35x 虛線區間） |
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76KB | 真資料圖 | Goldman Sachs 評等與目標價沿革圖（2023-2026）：標示歷次 TP 1465→1480→1500→2550→2600→4500→6300→15000，評等自 NA（2025-05-24 起 Buy） |
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原始內容
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Winway Technology Co. (6515.TW)
Earnings Review: 2Q26 GM inline; Near term momentum set to further accelerate with robust TAM expansion into 2028; reiterate Buy; TP to NT$14,800
6515.TW
12m Pri c e Target:
NT$14,800.00
Pri
c
e:
NT$6,775.00
Upside:
118.5%
WinWay reported its 2Q26 preliminary results (see Exhibit 1) on 6 Aug. 2Q26 GM was down by 4.7ppts QoQ to 38.3% in 2Q26, below cons. of 42.7% but inline with our expectation of 38.6% (see our preview). The company also reported its July revenue, which came in much stronger than GSe. On the back of the ongoing capacity expansion and the robust demand especially from US customers following new project ramps in 2H26, we now expect further strength in revenue growth momentum of 56% HoH (vs. 35% previously) into 2H26E .
We continue to see WinWay as a key bene fi ciary under AI mega trend with solid customer pro fi le ( AI GPU/server CPU/AI ASIC customers accounting for 80%+ of total revenue ) and strong TAM expansion for testing interface industry. WinWay's share price fell 32% (vs Taiex -5%) over the past one month, which we believe likely re fl ects concern over near term GM weakness. The shares now trade at c.31x/16x FY27/28E (vs. avg. of 50x/40x over the past 1 year/since the AI boom starting 2024), with earnings CAGR expected to further accelerate to 108% over the 2025-28E period (vs. 86% in 2023-25), we thus see risk reward further skewed to the upside. We revise up our 2027/28E EPS by 11-14%, and raise our 12m TP to NT$14,800 (40x 2028E discounted P/E) from NT$13,000, with 118.5% implied upside, and reiterate our Buy rating.
2Q26 GM inline with GSe but miss cons.
2Q26 GM of 38.3% (down 468bps QoQ) came in largely inline with GSe, yet below cons. of 42.7%, which we attribute to incremental upfront cost/depreciation from capacity expansion, higher revenue contribution from lower-GM MEMS probe card, and cost in fl ation across the supply chain. 2Q26 opex ratio of 14.9% was inline with GSe but below cons. of 15.9%, thanks to better cost control and stronger operating leverage. Overall, WinWay's 2Q26 EPS of
BUY
Evelyn Yu
+886(2)2730-4187 | evelyn.yu@gs.com Goldman Sachs (Asia) L.L.C., Taipei Branch
Ryan Huang, CFA
+886(2)2730-4084 | ryan.huang@gs.com Goldman Sachs (Asia) L.L.C., Taipei Branch
Key Data _____________________________________
Market cap: NT$232.4bn / $7.2bn
Enterprise value: NT$232.9bn / $7.2bn
3m ADTV: NT$3.4bn / $108.4mn
Taiwan
Taiwan Semiconductor
M&A Rank: 3
Leases incl. in net debt & EV?: Yes
| GS Forecast | 12/25 | __________ 12/26E | 12/27E | 12/28E |
|---|---|---|---|---|
| Revenue(NT$mn) New | 7,857.2 | 16,672.0 | 32,543.3 | 55,295.6 |
| Revenue (NT$ mn) Old | 7,857.2 | 15,288.8 | 26,645.8 | 44,122.1 |
| EBITDA (NT$ mn) | 2,327.7 | 4,487.5 | 10,169.1 | 19,380.9 |
| EPS(NT$) New | 46.96 | 98.73 | 220.22 | 420.42 |
| EPS (NT$) Old | 46.96 | 95.94 | 197.73 | 369.29 |
| P/E (X) | 32.5 | 68.6 | 30.8 | 16.1 |
| P/B (X) | 8.5 | 30.1 | 18.2 | 10.8 |
| Dividend yield (%) | 2.3 | 1.1 | 2.4 | 4.7 |
| CROCI (%) | 31.8 | 27.7 | 75.2 | 110.8 |
| 6/26 | 9/26E | 12/26E | 3/27E | |
| EPS (NT$) | 18.70 | 27.40 | 33.10 | 35.42 |
le ______________________________
Source: Company data, Goldman Sachs Research estimates. See disclosures for details.
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the fi rm may have a con fl ict of interest that could a ff ect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certi fi cation and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US a ffi liates are not registered/quali fi ed as research analysts with FINRA in the U.S.
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BUY
Winway Technology Co. (6515.TW)
Rating since May 25, 2025
Ratios & Valuation __________________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| P/E (X) | 32.5 | 68.6 | 30.8 | 16.1 |
| P/B (X) | 8.5 | 30.1 | 18.2 | 10.8 |
| FCF yield (%) | 2.8 | 0.1 | 2.2 | 5.1 |
| EV/EBITDAR (X) | 22.3 | 54.3 | 23.7 | 12.1 |
| EV/EBITDA (excl. leases) (X) | 22.3 | 54.3 | 23.7 | 12.1 |
| CROCI (%) | 31.8 | 27.7 | 75.2 | 110.8 |
| ROE (%) | 27.9 | 48.8 | 73.9 | 84.3 |
| Net debt/equity (%) | (40.2) | 6.1 | (15.9) | (38.7) |
| Net debt/equity (excl. leases) (%) | (40.2) | 6.1 | (15.9) | (38.7) |
| Inte r est c ov e r (X) | 781.0 | 195.0 | 537.9 | 1 , 019.1 |
| Days in v ent or y o utst , sales | 37.2 | 27.3 | 29.7 | 29.8 |
| Recei v able days | 92.7 | 73.1 | 84.9 | 87.6 |
| Days p ayable o utstandin g | 138.4 | 117.0 | 150.1 | 162.1 |
| DuP o nt ROE (%) | 26.0 | 43.8 | 59.3 | 67.1 |
| Tu r n ov e r (X) | 0.9 | 1.0 | 1.2 | 1.3 |
| L e v e r a g e (X) | 1.4 | 2.0 | 2.1 | 1.9 |
| Gro ss cas h in v ested (ex cas h ) (NT $ ) | 4 , 744.2 | 9 , 490.7 | 12 , 528.6 | 15 , 645.3 |
| A v e r a g e ca p ital e mp l o yed (NT $ ) | 4 , 207.2 | 6 , 216.1 | 9 , 901.1 | 12 , 518.0 |
| BVP S (NT $ ) | 178.83 | 225.02 | 371.27 | 626.52 |
Growth & Margins (%) ______________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| Total revenue growth | 3 5.5 | 112.2 | 95.2 | 69.9 |
| E BITDA growth | 45.0 | 92.8 | 126.6 | 90.6 |
| E PS growth | 3 6.5 | 110. 3 | 12 3 .0 | 90.9 |
| DPS growth | 3 6.4 | 110. 3 | 12 3 .0 | 90.9 |
| E BIT margin | 26. 3 | 25.2 | 3 0.0 | 3 4.1 |
| E BITDA margin | 29.6 | 26.9 | 3 1.2 | 3 5.0 |
| Net income margin | 21. 3 | 21. 3 | 24. 3 | 27. 3 |
Price Performance __________________________________________
Source: FactSet. Price as of 6 Aug 2026 close.
| Income Statement (NT$ mn) | 12/26E | 12/27E | ________ 12/28E | |
|---|---|---|---|---|
| To t a l r e v e nu e | 7,857 . 2 | 16,672 . 0 | 32,543 . 3 | 55,295 . 6 |
| Cost of goods sold | (4,300 . 7) | (10,043 . 1) | (18,887 . 8) | (31,152 . 5) |
| SG&A | (1,070 . 8) | (1,756 . 6) | (2,932 . 8) | (4,035 . 6) |
| R&D | (416 . 1) | (677 . 2) | (951 . 0) | (1,250 . 1) |
| Other operating inc . /(exp . ) | -- | -- | -- | -- |
| E BITDA | 2 ,3 27 . 7 | 4,4 87 . 5 | 1 0, 16 9. 1 | 1 9,3 8 0.9 |
| Depreciation& amortization | (258 . 1) | (292 . 5) | (397 . 3) | (523 . 6) |
| E BIT | 2 ,0 6 9. 6 | 4, 1 9 5 .0 | 9, 771 . 8 | 18 , 857 .4 |
| Net interest inc . /(exp . ) | 45 . 1 | 39 . 3 | 41 . 7 | 41 . 5 |
| Income/(loss) from associates Pre-tax pro fi t | -- 2 ,0 61 . 2 | -- 4,3 75 . 8 | -- 9, 81 3.4 | -- 18 , 8 9 8 .9 |
| Provision for taxes | (388 . 3) | (830 . 3) | (1,896 . 8) | (3,785 . 6) |
| Minority interest | -- | -- | -- | -- |
| Preferred dividends | -- | -- | -- | -- |
| N et inc . ( pre-ex c ept i o n a ls) | , 672 .9 | 5 4 5 . | 15 , 11 3.3 | |
| Post-tax exceptionals | 1 -- | 3, 5 -- | 7 ,9 16 . 6 -- | -- |
| N et inc . ( po s t-ex c ept i o | 1 , 672 .9 | 3, 5 4 5 . 5 | 7 ,9 16 . 6 | 15 , 11 3.3 |
| n a ls) E P S(b a sic , pre-ex c ept ) (N T $) | 4 6 .9 6 | 9 8 . 7 3 | 22 0. 22 | 4 2 0.4 2 |
| E P S(dilu te d , pre-ex c ept ) (N T $) | 4 6 .9 6 | 9 8 . 7 3 | 22 0. 22 | 4 2 0.4 2 |
| E P S(b a sic , po s t-ex c ept ) (N T $) | 4 6 .9 6 | 9 8 . 7 3 | 22 0. 22 | 4 2 0.4 2 |
| E P S(dilu te d , po s t-ex c ept ) (N T $) | 4 6 .9 6 | 9 8 . 7 3 | 22 0. 22 | 4 2 0.4 2 |
| DPS (NT$) | 35 . 22 | 74 . 05 | 165 . 17 | 315 . 31 |
| Div . payout ratio (%) | ||||
| Balance Sheet (NT$ mn) | 75 . 0 | ______ 75 . 0 | 75 . 0 | 75 . 0 |
| C a sh& c a sh equiv a lents | 12/25 2,593.9 | 12/26E 2,335.1 | 12/27E 4,952.0 | 12/28E 11,534.7 |
| Accounts receiv a ble | 2,151.9 | 4,524.7 | 10,613.7 | 15,915.1 |
| Inventory | ||||
| Other current a ssets | 842.5 838.2 | 1,647.3 4,170.9 | 3,645.2 4,170.9 | 5,385.4 4,170.9 |
| Total current assets | 6 ,4 26. 3 | 12 , 677. 9 | 2 3,3 81. 9 | 3 7 ,00 6. 0 |
| Net PP&E | 2,206.0 | 2,933.1 | 3,991.4 | 5,214.8 |
| Net int a ngibles | 51.1 | 66.3 | 87.6 | 104.9 |
| Tot a l investments | 5.0 | 47.3 | 47.3 | 47.3 |
| Other long-term a ssets | 355.7 | 636.7 | 636.7 28 , 1 44 . 9 | 636.7 43,009 .8 |
| Total assets | 9,044 .2 | 16 ,3 61. 3 | 16,661.9 | |
| Accounts p a y a ble | 1,914.2 | 4,526.7 | 11,012.8 | |
| Short-term debt Short-term le a se li a bilities | -- | -- | -- | -- |
| Other current li a bilities | -- 610.0 | -- 838.3 | -- 878.3 | -- 918.3 |
| Total current liabilities | 2 , 52 4 .2 | 5 ,3 65. 0 | 11 , 8 9 1. 0 | 17 , 58 0 .2 |
| Long-term debt | 0.0 | 2,826.9 | 2,826.9 | 2,826.9 |
| Long-term le a se li a bilities | -- | -- | -- | -- |
| Other long-term li a bilities | 74.7 | 80.4 | 80.4 | 80.4 |
| Total long-term liabilities | 7 4 .7 | 2 ,90 7. | 2 ,90 7. 3 | 2 ,90 7. 3 |
| Total liabilities Preferred sh a res | 2 , 5 9 8. 9 | 3 8 , 272. 3 | 1 4, 7 9 8. 3 | 2 0,4 87. 4 |
| Tot a l commonequity | -- 6,445.3 | -- 8,089.0 | -- 13,346.5 | -- 22,522.4 |
| Minority interest | -- | -- | -- | -- |
| Total liabilities &equity | 9,044 .2 | 16 ,3 61. 3 | 28 , 1 44 . 9 | 43,009 .8 |
| Net debt, a djusted | (2,593.9) | 491.8 | (2,125.1) | (8,707.8) |
| Cash Flow (NT$ mn) | __________ 12/25 | 12/26E | 12/27E | 12/28E |
| Net income | 1,67 2 .9 | 3,545.5 | 7,916.6 | 15,113.3 |
| D&Aadd-back Minority interest add-back | 2 58.1 -- | 2 9 2 .5 -- | 397.3 -- | 5 2 3.6 |
| Net (inc)/dec w orking capital | 166.1 | (565.1) | (1,601.0) | -- 2 .4) |
| Other operating cash flo w | ( 2 94.3) | -- | (1,39 -- | |
| Cash flow fro m operations | 1 , 8 0 2 . 8 | (1,837.0) 1 ,43 5 . 8 | 6 , 712 | 1 4, 2 44.4 |
| .9 | (1,7 | |||
| Capital expenditures | ( 2 80.0) -- | (1,197.4) -- | (1,436.9) -- | 2 4.3) -- |
| Acquisitions Divestitures | -- | -- | ||
| Others | -- 2 . 2 | -- (3,140. 2 ) | -- | |
| Cash flow fro m investing | 1,00 722 . 2 | (4,33 7 . 6 ) | -- ( 1 ,43 6 .9) | , 72 4.3) |
| ( 1 | ||||
| Repayment of lease liabilities pref) | -- | -- | -- 2 ,659.1) | -- (5,937.5) |
| Dividends paid(common& Inc/(dec) in debt s | (890.0) (150.7) | (1, 2 54.7) 3,896.0 | ( -- | -- 0.0 |
| Other financing cash flo w Cash flow fro m | (14.3) 1 ,0 55 . 1 ) | 1.7 2 , 6 43.0 | 0.0 ( 2 , 65 9. 1 ) | ,93 7 . 5 ) |
| financing | ( | 2 , 616 .9 | ( 5 6 , 582 . 6 | |
| Total cash flow Free cash flo w | 1 ,4 6 9.9 | ( 258 . 7 ) | ||
| 1,5 22 .8 | 2 38.4 | 5, 2 | 1 2 ,5 2 | |
| 0.1 | ||||
| 76.0 |
Source: Company data, Goldman Sachs Research estimates.
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NT$18.70 came in slightly below GSe but missed cons. by 11%.
Set for accelerating revenue momentum into 3Q26
Looking ahead, WinWay's stronger-than-expected July revenue reinforces our expectation of continued strong growth into 3Q26. July revenue reached NT$1,600mn, accounting for c.38% of our prior 3Q26E revenue forecast of NT$4,262mn. We thus revised up our 3Q26E revenue forecast and now model 3Q26E revenue to grow by 36.9% QoQ (vs. 21.0% QoQ previously). We believe this strong sequential growth will mainly be driven by the ramp-up of new projects for WinWay's US customers for AI GPU, server CPU and AI ASIC.
On margin front, however, we expect the incremental upfront costs/depreciation associated with capacity expansion to persist in the near term, together with continued strength in lower-GM MEMS probe cards, weighing on GM in 3Q26. Overall, we now expect GM to remain largely fl at QoQ at 38.8% (vs. 39.3% previously).
Multiple structural growth drivers to support a robust earnings CAGR into 2028
We believe WinWay's growth will continue to surpass management's baseline guidance of 50-60% TAM expansion into 2028, driven by 1) stronger server CPU test socket demand driven by agentic AI; 2) ongoing share gains in the AI GPU SLT market following its penetration into its US AI GPU customer's SLT market beyond the FT market; 3) content value growth across generations, with pin counts already rising at least 30% for one of its key AI GPU customers and potentially doubling for another AI ASIC project; and 4) accelerating HyperSocket adoption, with over 50% of new customer programs expected to adopt the new architecture and bene fi t from 20-30% higher ASPs vs. coaxial sockets.
To meet this robust demand, we believe WinWay is on track to expand its capacity aggressively, with management targeting an increase in socket pin capacity from 3.5mn pins per month at end-2025 to 9mn by end-2026, and further to 14mn pins by 1H27 -representing 157% YoY capacity growth in 2026E, followed by another 56% increase into 1H27. Overall, we expect WinWay to enjoy robust multi-year growth, with revenue projected to grow 112.2%/95.2%/69.9% YoY in 2026-28E (vs. 94.6%/74.3%/65.6% YoY previously).
See also:
- Winway Technology Co. (6515.TW): June earnings miss driven by product mix; favorable n long term TAM expansion intact; reiterate Buy (15 July 2026)
- Winway Technology Co. (6515.TW): Accelerating long-term TAM growth outlook extends n expansion visibility into 2030; reiterate Buy (26 May 2025)
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2Q26 results summary, charts, and valuations
Exhibit 1: 2Q26 preliminary results summary
| 2Q26 | 1Q26 | 2Q25 | %QoQ | %YoY | GS prev. | %Diff | Consensus | %Diff | |
|---|---|---|---|---|---|---|---|---|---|
| (NT$mn) | |||||||||
| Revenue | 3,523 | 2,980 | 1,522 | 18.2% | 131.4% | 3,523 | 0.0% | 3,405 | 3.5% |
| Gross profit | 1,350 | 1,282 | 746 | 5.4% | 81.1% | 1,358 | -0.6% | 1,454 | -7.1% |
| Op. income | 825 | 777 | 460 | 6.2% | 79.4% | 834 | -1.1% | 914 | -9.7% |
| Net income | 672 | 699 | 205 | -3.8% | 228.0% | 706 | -4.8% | 757 | -11.1% |
| EPS (NT$) | 18.70 | 19.54 | 5.76 | -4.3% | 224.6% | 19.74 | -5.3% | 21.02 | -11.0% |
| GM | 38.3% | 43.0% | 49.0% | -4.7% | -10.6% | 38.6% | -0.2% | 42.7% | -4.4% |
| OpM | 23.4% | 26.1% | 30.2% | -2.6% | -6.8% | 23.7% | -0.3% | 26.8% | -3.4% |
| NM | 19.1% | 23.4% | 13.5% | -4.4% | 5.6% | 20.0% | -1.0% | 22.2% | -3.1% |
Source: Company data, Goldman Sachs Global Investment Research, Bloomberg
Exhibit 2: Winway's revenue growth outlook
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 3: WinWay's margin trend
Source: Company data, Goldman Sachs Global Investment Research
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Earnings changes, valuation and risks
Forecast changes
We incorporate the 2Q26 preliminary results into our model and revise up our 2026/2027/2028E EPS by 2.9%/11.4%/13.8% mainly as we factor in 1) WinWay's stronger-than-expected July revenue 2) ongoing capacity expansion, and 3) robust demand especially from US customers following new project ramps in 2H26.
Exhibit 4: Earnings revisions
| 2026E | 2026E | 2026E | 2027E | 2027E | 2027E | 2028E | 2028E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|
| (NT$mn) | Old | New | Diff (%) | Old | New | Diff (%) | Old | New | Diff (%) |
| Revenue | 15,289 | 16,672 | 9.0% | 26,646 | 32,543 | 22.1% | 44,122 | 55,296 | 25.3% |
| Gross profit | 6,164 | 6,629 | 7.5% | 11,510 | 13,656 | 18.6% | 19,957 | 24,143 | 21.0% |
| Op. income | 4,000 | 4,195 | 4.9% | 8,701 | 9,772 | 12.3% | 16,337 | 18,857 | 15.4% |
| Net income | 3,430 | 3,545 | 3.4% | 7,069 | 7,917 | 12.0% | 13,202 | 15,113 | 14.5% |
| EPS (NT$) | 95.94 | 98.73 | 2.9% | 197.73 | 220.22 | 11.4% | 369.29 | 420.42 | 13.8% |
| GM | 40.3% | 39.8% | -0.6% | 43.2% | 42.0% | -1.2% | 45.2% | 43.7% | -1.6% |
| OpM | 26.2% | 25.2% | -1.0% | 32.7% | 30.0% | -2.6% | 37.0% | 34.1% | -2.9% |
| NM | 22.4% | 21.3% | -1.2% | 26.5% | 24.3% | -2.2% | 29.9% | 27.3% | -2.6% |
| 3Q26E | 3Q26E | 3Q26E | 4Q26E | 4Q26E | 4Q26E | 1Q27E | 1Q27E | 1Q27E | |
|---|---|---|---|---|---|---|---|---|---|
| (NT$mn) | Old | New | Diff (%) | Old | New | Diff (%) | Old | New | Diff (%) |
| Revenue | 4,262 | 4,823 | 13.2% | 4,523 | 5,345 | 18.2% | 4,600 | 5,803 | 26.2% |
| Gross profit | 1,676 | 1,869 | 11.5% | 1,848 | 2,127 | 15.1% | 1,919 | 2,368 | 23.4% |
| Op. income | 1,117 | 1,198 | 7.2% | 1,272 | 1,395 | 9.7% | 1,334 | 1,593 | 19.4% |
| Net income | 935 | 985 | 5.3% | 1,090 | 1,190 | 9.1% | 1,072 | 1,273 | 18.8% |
| EPS (NT$) | 26.16 | 27.40 | 4.7% | 30.50 | 33.10 | 8.5% | 29.99 | 35.42 | 18.1% |
| GM | 39.3% | 38.8% | -0.6% | 40.8% | 39.8% | -1.0% | 41.7% | 40.8% | -0.9% |
| OpM | 26.2% | 24.8% | -1.4% | 28.1% | 26.1% | -2.0% | 29.0% | 27.4% | -1.6% |
| NM | 21.9% | 20.4% | -1.5% | 24.1% | 22.3% | -1.8% | 23.3% | 21.9% | -1.4% |
Source: Company data, Goldman Sachs Global Investment Research
Maintain Buy with TP raised to NT$14,800 from NT$13,000
As a result of our upward earnings revisions, we raise our 12-month TP to NT$14,800 (from NT$13,000 previously). Our 12-month TP is still based on 40x 2028E discounted P/E. We apply this to our 2028E EPS, and discount it back to 2027E at a 13.6% CoE to arrive at our TP. Our key assumptions for CoE include: (1) 1.5x beta (sourcing Bloomberg), (2) a 4.25% risk-free rate (inline with GS house-view), and (3) a market risk premium of 6.25% (in line with our GS house view). Overall, our new TP implies c.118.5% upside from the current share price, and we maintain our Buy rating on WinWay.
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Exhibit 5: WinWay's P&L overview
| 1Q26 | 2Q26E | 3Q26E | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 2026E | 2027E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P&L | |||||||||||
| Revenue | 2,980 | 3,523 | 4,823 | 5,345 | 5,803 | 7,051 | 8,771 | 10,918 | 16,672 | 32,543 | 55,296 |
| Gross profit | 1,282 | 1,350 | 1,869 | 2,127 | 2,368 | 2,910 | 3,679 | 4,698 | 6,629 | 13,656 | 24,143 |
| Operating profit | 777 | 825 | 1,198 | 1,395 | 1,593 | 2,021 | 2,643 | 3,516 | 4,195 | 9,772 | 18,857 |
| Net income | 699 | 672 | 985 | 1,190 | 1,273 | 1,601 | 2,096 | 2,947 | 3,545 | 7,917 | 15,113 |
| EPS (NT$) | 19.54 | 18.70 | 27.40 | 33.10 | 35.42 | 44.53 | 58.30 | 81.97 | 98.73 | 220.22 | 420.42 |
| Margins (%) | |||||||||||
| GM | 43.0% | 38.3% | 38.8% | 39.8% | 40.8% | 41.3% | 41.9% | 43.0% | 39.8% | 42.0% | 43.7% |
| OpM | 26.1% | 23.4% | 24.8% | 26.1% | 27.4% | 28.7% | 30.1% | 32.2% | 25.2% | 30.0% | 34.1% |
| NM | 23.4% | 19.1% | 20.4% | 22.3% | 21.9% | 22.7% | 23.9% | 27.0% | 21.3% | 24.3% | 27.3% |
| YoY (%) | |||||||||||
| Revenue | 29.7% | 131.4% | 167.4% | 139.3% | 94.7% | 100.1% | 81.9% | 104.3% | 112.2% | 95.2% | 69.9% |
| Gross profit | 14.4% | 81.1% | 146.3% | 128.4% | 84.7% | 115.5% | 96.8% | 120.8% | 86.4% | 106.0% | 76.8% |
| Operating profit | 6.8% | 79.4% | 194.0% | 194.0% | 105.1% | 144.9% | 120.6% | 152.0% | 102.7% | 132.9% | 93.0% |
| Net income | 14.0% | 228.0% | 164.9% | 146.2% | 82.3% | 138.1% | 112.8% | 147.7% | 111.9% | 123.3% | 90.9% |
| EPS | 13.5% | 224.6% | 162.7% | 144.1% | 81.3% | 138.1% | 112.8% | 147.7% | 110.3% | 123.0% | 90.9% |
| QoQ (%) | |||||||||||
| Revenue | 33.4% | 18.2% | 36.9% | 10.8% | 8.6% | 21.5% | 24.4% | 24.5% | |||
| Gross profit | 37.6% | 5.4% | 38.4% | 13.8% | 11.3% | 22.9% | 26.4% | 27.7% | |||
| Operating profit | 63.6% | 6.2% | 45.2% | 16.5% | 14.2% | 26.9% | 30.8% | 33.0% | |||
| Net income | 44.5% | -3.8% | 46.5% | 20.8% | 7.0% | 25.7% | 30.9% | 40.6% | |||
| EPS | 44.1% | -4.3% | 46.5% | 20.8% | 7.0% | 25.7% | 30.9% | 40.6% |
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 6: Taiex vs. WinWay
Source: Bloomberg
Source: Bloomberg
e92c7a75ab8b4efbba794e6b187208c8
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Exhibit 8: Forward P/B
Source: Bloomberg
Exhibit 9: P/B vs. ROE
Source: Bloomberg
Investment Thesis, Price Target Risks and Methodology
e92c7a75ab8b4efbba794e6b187208c8
For the exclusive use of KEVINLU@LENOVO.COM