PDF 原檔：報告_MS_緯創3231_20260804_original.pdf
圖片清單（已驗證 2026-08-06）
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
報告_MS_緯創3231_20260804_003.png |
56KB | 真資料圖 | EPS contribution 敏感度表：Rack ASP（US$M，橫列 2.6-3.6）× Rack shipment（000s，橫欄 1-6）交叉出的 EPS 貢獻值，紅框標示 ASP 3.0-3.2/shipment 1-2 為基準情境 |
報告_MS_緯創3231_20260804_004.png |
47KB | 真資料圖 | Wistron PE Band 圖：2023/01-2026/07 P/E 走勢，Average 11.3x、+1SD 15.3x、-1SD 7.3x |
報告_MS_緯創3231_20260804_005.png |
60KB | 真資料圖 | Consensus Price Target Distribution（NT$145-400，MS PT 標示）+ Risk Reward Chart：現價 NT$195（Aug 26），情境目標價 Bull NT$390(+100%)／Base NT$275(+41.03%)／Bear NT$144(-26.15%） |
報告_MS_緯創3231_20260804_008.png |
42KB | 真資料圖 | FY Dec 2027e 財測範圍圖：Sales/Revenue、EBITDA、Net income、EPS 四項指標的 Low/Mean/MS Estimate/High 區間，MS 估 Revenue NT$5,626,375mn、EPS NT$23.32 |
報告_MS_緯創3231_20260804_009.png |
69KB | 真資料圖 | 緯創股價（藍線）與歷次目標價調整階梯圖（紅虛線），08/2023-08/2026：目標價由 135 逐步上調至 210→215→205→210 |
報告_MS_緯創3231_20260804_010.png |
83KB | 真資料圖 | 緯創股價與另一項指標（E/I、O/I 標記）階梯圖，08/2023-08/2026：數值由 1775 逐步上升至 5775/5800→7500，疑為 12 個月一致預期 EPS/營收共識修正方向圖 |
報告_MS_緯創3231_20260804_001.png |
66KB | 裝飾·banner | "Asia Summer School 2026" 泳池畔宣傳 banner，與緯創內容無關 |
<40KB 候選（002/006/007，14-20KB）未逐張 Read，預設 logo/版面裝飾。
原始內容
M August 4, 2026 01:51 PM GMT
Wistron Corporation | Asia Pacific
Rising AI Demand Drives Growth with Margin Expansion
| What's Changed | To | |
|---|---|---|
| Price Target | NT$210.00 | NT$275.00 |
AlphaSignals Earnings Reaction
Strengthens our thesis
Impact to our thesis
Source: Company data, Morgan Stanley Research
Strong AI demand and margin, aided by new customers (including CSPs), should boost confidence toward the stock.
Key Takeaways
- We raise our CY26-28 rack-equivalent shipment assumptions to 17.9k (+27%), 21k (+43%), 25k (+42%), respectively.
- We see AI server margin continuing to expand, contrary to market expectations.
- Wiwynn's implied 2Q OpM is seen at ~7.3% (30bps above the Street).
AI server demand to stay robust next 12 months: Management sounded bullish on component and system level AI server business into 1H27, citing strong demand from existing customers but also new customer demand, including CSP customers. They are broadening out to include more platforms as well, such as AMD's MI400 series platform. As a result, management sounded quite bullish on its AI server outlook. However, we think the more important comment was on margins; management expressed confidence that margins will continue to improve in the coming years despite rack ASP growth, which we think implies they have negotiated for ODM value-add based on percentage terms. We consider this is a very positive result for the ODMs that should help drive some confidence back to the sector.
Outside of AI, demand for general server and notebook not as exciting:
Management guided for general server demand to be flattish h/h in 2H26 and 1H27, with growth mainly seen in the AI space. For notebook, demand appears to be even weaker, with a 10-20% h/h decline expected for 2H26.
Other announcements: The board today approved 1) capex of NT$2B and NT$8.5B for its Hsinchu and Kaohsiung facilities, respectively, for equipment, and NT$4B to establish an internal AI computing center in Tainan; 2) capex of US$23M and US $30M for Wistron InfoComm and SMS Infocomm in Texas; and 3) the issuance of up to 250M new common shares via GDR (up to ~7% dilution), to support AI.
Raising price target 31% to NT$275; stay OW: Our PT implies 11.8x CY27e P/E. Valuation looks inexpensive at 8x CY27e (vs. 7-18x range past three years).
Modest upside
Financial results versus consensus
Meaningful revision higher
Direction of next 12-month consensus EPS
Idea
Morgan Stanley Taiwan Limited+
Howard Kao
Equity Analyst
Howard.Kao@morganstanley.com
+886 2 2730-2989
Irene Yen
Research Associate
Irene.Yen@morganstanley.com
+886 2 2730-2869
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst
Andy.Meng@morganstanley.com
+852 2239-7689
Wistron Corporation (3231.TW, 3231 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$275.00 |
| Up/downside to price target (%) | 41 |
| Shr price, close (Aug 4, 2026) | NT$195.00 |
| 52-Week Range | NT$201.00-109.00 |
| Sh out, dil, curr (mn) | 3,276 |
| Mkt cap, curr (mn) | NT$638,902 |
| EV, curr (mn) | NT$748,378 |
| Avg daily trading value (mn) | NT$7,256 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 9.04 | 16.67 | 23.32 | 28.31 |
| Prior EPS (NT$)** | - | 13.95 | 18.11 | 21.30 |
| Revenue, net (NT$ bn) | 2,186.5 | 3,913.1 | 5,626.4 | 7,040.6 |
| EBITDA (NT$ bn) | 91.5 | 160.8 | 239.8 | 283.5 |
| ModelWare net inc (NT | 27.4 | 50.5 | 70.7 | 85.8 |
| $ bn) | ||||
| P/E | 18.0 | 12.6 | 9.0 | 7.4 |
| P/BV | 1.9 | 2.2 | 1.9 | 1.6 |
| RNOA (%) | 35.0 | 32.4 | 63.9 | 59.8 |
| ROE (%) | 14.7 | 20.0 | 24.4 | 25.0 |
| EV/EBITDA | 6.6 | 3.9 | 2.7 | 2.2 |
| Div yld (%) | 2.4 | 1.9 | 2.8 | 5.2 |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
- ** = Based on consensus methodology
e = Morgan Stanley Research estimates
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.