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Wiwynn (6669.TW): New ASIC and GPU AI server racks in expansion; Aug strong beat; TP up to NT$3,777; Buy
Wiwynn delivered strong Aug revenues, which were 27% ahead of our estimates, reflecting strong general servers demand from US leading CSPs, and its major customers' new ASIC AI servers ramping up. We expect sequential revenues growth to continue through Dec 2026, leading 3Q26 / 4Q26 revenues to grow at +46% / +22% QoQ, driven by (1) major customers' new ASIC AI servers ramping up, across air-cooled and liquid-cooled, (2) general servers end demand remaining solid on agentic AI, (3) new GPU-powered AI server racks entering mass production in 4Q26 across NVIDIA and AMD platforms, and (4) potential new customers in ASIC AI servers. Maintain Buy with TP raised to NT$3,777 (21.5x 2027E P/E vs. +32% EPS YoY in 2027-28E).
Exhibit 1: Wiwynn monthly revenues and YoY trend
Source: Company data, Goldman Sachs Global Investment Research
Ongoing capacity expansion: As we highlighted in Aug (report link), Wiwynn announced a 2H26 capex budget of US$942m, implying 2026 capex could be up to NT$40bn (US$1.3bn). On Sep 16, the company announced equipment procurement of US$16m (NT$512m), reflecting the strong AI demand and the company's commitments on capacity expansion. We estimate the company's capex at NT$44bn in 2026E, and to stay at a similar high level through 2028E, supporting its production sites diversification across the US, Mexico, and Malaysia, AI servers expansion from ASIC to GPU-powered, and products expansion across different ASICs and GPUs, along with further customers penetration.
Earnings revision: We factor in August revenues, and change our net income by +7% / +5% / +3% in 2026-28E. The change is mainly on revenues: we raise 2026-28E revenues by 8% / 7% / 5%, reflecting the strong beat of Aug revenues driven by
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
analysts with FINRA in the U.S.
Allen Chang +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.
Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C.
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Exhibit 3: Earnings revision
| NT m | 2026E - Old | 2026E - New | 2026E - Chg | 2027E - Old | 2027E - New | 2027E - Chg | 2028E - Old | 2028E - New | 2028E - Chg |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,345,219 | 1,458,774 | 8% | 2,225,997 | 2,386,515 | 7% | 2,602,185 | 2,722,865 | 5% |
| GP | 108,262 | 115,637 | 7% | 157,326 | 166,198 | 6% | 188,908 | 197,008 | 4% |
| OP | 87,927 | 93,605 | 6% | 130,347 | 137,216 | 5% | 160,271 | 164,309 | 3% |
| Net income | 66,155 | 70,486 | 7% | 96,461 | 101,101 | 5% | 117,637 | 121,059 | 3% |
| EPS (diluted, NT$) | 342.91 | 222.70 | -35% | 500.00 | 175.69 | -65% | 609.76 | 210.37 | -65% |
| Margins | |||||||||
| GM | 8.0% | 7.9% | 7.1% | 7.0% | 7.3% | 7.2% | |||
| OPM | 6.5% | 6.4% | 5.9% | 5.7% | 6.2% | 6.0% | |||
| NM | 4.9% | 4.8% | 4.3% | 4.2% | 4.5% | 4.4% |
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 4: Wiwynn P&L
| (NT$ m) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26E | 4Q26E | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 170,655 | 220,744 | 266,824 | 292,440 | 276,508 | 278,153 | 407,266 | 496,848 | 241,901 | 360,541 | 950,663 | 1,458,774 | 2,386,515 | 2,722,865 |
| Gross profit | 14,849 | 18,943 | 23,532 | 21,129 | 20,881 | 25,763 | 36,451 | 32,542 | 22,657 | 37,400 | 78,454 | 115,637 | 166,198 | 197,008 |
| Operating expense | (1,290) | (1,195) | (1,134) | (1,499) | (1,375) | (1,465) | (1,792) | (1,863) | (6,787) | (9,301) | (14,537) | (22,032) | (28,982) | (32,699) |
| Operating income | 11,981 | 15,899 | 19,572 | 16,466 | 17,458 | 20,218 | 29,772 | 26,157 | 15,871 | 28,099 | 63,918 | 93,605 | 137,216 | 164,309 |
| Pre tax profit | 12,523 | 15,720 | 20,351 | 17,458 | 17,934 | 18,974 | 28,944 | 25,315 | 15,444 | 28,830 | 66,052 | 91,167 | 133,510 | 160,928 |
| Net income | 9,793 | 12,122 | 15,411 | 13,792 | 14,114 | 14,969 | 21,911 | 19,492 | 12,044 | 22,776 | 51,118 | 70,486 | 101,101 | 121,059 |
| EPS (NT$) | 52.70 | 65.23 | 82.93 | 74.21 | 75.95 | 80.43 | 39.47 | 35.11 | 68.88 | 127.29 | 275.06 | 230.96 | 182.12 | 218.07 |
| Margins / ratio | ||||||||||||||
| Gross margin | 8.7% | 8.6% | 8.8% | 7.2% | 7.6% | 9.3% | 9.0% | 6.5% | 9.4% | 10.4% | 8.3% | 7.9% | 7.0% | 7.2% |
| Opex ratio | -1.7% | -1.4% | -1.5% | -1.6% | -1.2% | -2.0% | -1.6% | -1.3% | -2.8% | -2.6% | -1.5% | -1.5% | -1.2% | -1.2% |
| Operating margin | 7.0% | 7.2% | 7.3% | 5.6% | 6.3% | 7.3% | 7.3% | 5.3% | 6.6% | 7.8% | 6.7% | 6.4% | 5.7% | 6.0% |
| Net margin | 5.7% | 5.5% | 5.8% | 4.7% | 5.1% | 5.4% | 5.4% | 3.9% | 5.0% | 6.3% | 5.4% | 4.8% | 4.2% | 4.4% |
| QoQ | ||||||||||||||
| Revenue | 48% | 29% | 21% | 10% | -5% | 1% | 46% | 22% | ||||||
| Gross profit | 37% | 28% | 24% | -10% | -1% | 23% | 41% | -11% | ||||||
| Operating income | 47% | 33% | 23% | -16% | 6% | 16% | 47% | -12% | ||||||
| Pre tax profit | 43% | 26% | 29% | -14% | 3% | 6% | 53% | -13% | ||||||
| Net income | 39% | 24% | 27% | -11% | 2% | 6% | 46% | -11% | ||||||
| EPS | 35% | 24% | 27% | -11% | 2% | 6% | -51% | -11% | ||||||
| YoY | ||||||||||||||
| Revenue | 145% | 185% | 173% | 153% | 62% | 26% | 53% | 70% | -17% | 49% | 164% | 53% | 64% | 14% |
| Gross profit | 93% | 126% | 126% | 94% | 41% | 36% | 55% | 54% | -6% | 65% | 110% | 47% | 44% | 19% |
| Operating income | 105% | 156% | 148% | 103% | 46% | 27% | 52% | 59% | -14% | 77% | 127% | 46% | 47% | 20% |
| Pre tax profit | 112% | 153% | 156% | 99% | 43% | 21% | 42% | 45% | -14% | 87% | 129% | 38% | 46% | 21% |
| Net income | 108% | 158% | 144% | 96% | 44% | 23% | 42% | 41% | -15% | 89% | 124% | 38% | 43% | 20% |
| EPS | 96% | 143% | 141% | 89% | 44% | 23% | -52% | -53% | -15% | 85% | 116% | -16% | -21% | 20% |
Source: Company data, Goldman Sachs Global Investment Research
Valuation: We continue to derive our 12M TP based on near-term P/E, and our 2027E target P/E increases slightly to 21.5x (vs. 20x previously), which is still derived from the peers' updated correlation of forward trading P/E and EPS growth. Accordingly, our 12M TP increases by 13% to NT$3,777.00 (vs. NT$3,352.55 previously). Our target P/E of 21.5x is above the company's historical avg.+1stv. forward trading P/E, reflecting our positive view on Wiwynn's leading position in ASIC AI server ODM along with product expansion (from ASIC to GPU AI servers and general server) and customers expansion. Maintain Buy.
growing AI demand, which is also driving its general servers growth. Our EPS are reduced as we update the share count, reflecting the company's stock split that started from Sept 2026. The mathematical effect on our EPS is around 66%.
Exhibit 2: Wiwynn monthly revenues preview
| Jul-26 | Aug-26 | Sep-26(E) | Oct-26(E) | Nov-26(E) | Dec-26(E) | 2Q26 | 3Q26E | 4Q26E | |
|---|---|---|---|---|---|---|---|---|---|
| Rev (NT$m) | 117,686 | 144,312 | 145,269 | 148,174 | 162,991 | 185,683 | 278,153 | 407,266 | 496,848 |
| YoY | 39% | 50% | 68% | 62% | 68% | 78% | 26% | 53% | 70% |
| MoM/ QoQ | 6% | 23% | 1% | 2% | 10% | 14% | 1% | 46% | 22% |
| GS estimates (NT$m) | 114,056 | 113,567 | 278,153 | ||||||
| Act vs. GS | 3% | 27% | 0% |
Source: Company data, Goldman Sachs Global Investment Research
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Exhibit 5: Wiwynn peers 2027E P/E vs. 2027-28E EPS YoY
Exhibit 6: Wiwynn 12M forward P/E ratio
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 7: Wiwynn revenues by product and GM trend
Source: Company data, Goldman Sachs Global Investment Research, Bloomberg
Exhibit 8: Wiwynn QFII holdings
Source: Company data, Goldman Sachs Global Investment Research
Price Target Risks and Methodology - Wiwynn
We are Buy-rated on Wiwynn with a 12-month TP of NT$3,777. Our target price is based on 21.5x 2027E P/E, which is derived from PC/server peers' EPS growth vs. P/E multiple correlation. We see EPS growth as a major factor for the stock's performance.
Key downside risks: 1) weaker-than-expected AI server demand growth; 2) slower-than-expected recovery in general server demand; and 3) more severe competition in the server ODM market.
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6669.TW
12m Price Target: NT$3,777.00
Price: NT$2,140.00
Upside: 76.5%
| Buy | GS Forecast | ||||
| 12/25 | 12/26E | 12/27E | 12/28E | ||
| Market cap: NT$1.2tr / $38.8bn Enterprise value: NT$1.3tr / $39.8bn 3m ADTV: NT$10.4bn / $323.6mn Taiwan Greater China Technology M&A Rank: 3 Leases incl. in net debt & EV?: Yes | Revenue (NT$ mn) New | 950,663.3 | 1,458,774.5 | 2,386,514.7 | 2,722,864.8 |
| Revenue (NT$ mn) Old | 950,663.3 | 1,345,218.8 | 2,225,997.4 | 2,602,185.3 | |
| EBITDA (NT$ mn) | 66,607.9 | 97,502.6 | 148,046.1 | 180,738.9 | |
| EPS (NT$) New | 275.06 | 230.96 | 182.12 | 218.07 | |
| EPS (NT$) Old | 92.22 | 119.21 | 173.76 | 211.91 | |
| P/E (X) | 3.5 | 9.3 | 11.8 | 9.8 | |
| P/B (X) | 1.4 | 2.4 | 1.8 | 1.4 | |
| Dividend yield (%) | 15.9 | 9.9 | 14.2 | 17.0 | |
| CROCI (%) | 60.3 | 53.5 | 59.6 | 54.2 | |
| 6/26 | 9/26E | 12/26E | 3/27E | ||
| EPS (NT$) | 80.43 | 39.47 | 35.11 | 42.24 |
Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 18 Sep 2026 close.
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