PDF 原檔：260601_6515_穎崴_ms_winway_original.pdf
原始內容
M June 1, 2026 12:23 AM GMT
WinWay Technology Co Ltd | Asia Pacific Asia AI Summit 2026 Feedback
Larger package size drives testing interface demand: As testing time continues to increase, the pin count per socket has increased from 4-6k to over 10k, and management expects this trend to continue in the next few years as chips become more and more complex. Incremental testing steps, such as functional burn-in or SLT, also expand the TAM for Winway.
Burn-in socket: This was not the key focus for Winway in the past, but it said it will now try to target the high-end segment instead of dealing with pricing competition in the low-end market once it expands its new capacity in the next few years.
Capacity expansion plan: Winway expects its pogo pin capacity for test sockets to reach 9mn/month by end-2026, then 14mn/month by 1H27, mainly from its Renwu Facility 1. Renwu Facility 2 is expected to start in 2Q27, further lifting capacity to 14mn/month. The current pogo-pin self-sufficiency ratio is ~35-45%; management targets 50-60% for the long term, which we expect to more than offset depreciation.
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WinWay Technology Co Ltd (6515.TW, 6515 TT)
Greater China Technology Semiconductors | Taiwan
Stock Rating
Overweight Attractive
Industry View
Price target
NT$15,000.00
Up/downside to price target (%)
73
Shr price, close (May 29, 2026)
NT$8,665.00
52-Week Range
NT$11,490.00-
1,000.00
Sh out, dil, curr (mn)
37
Mkt cap, curr (mn)
NT$316,992
EV, curr (mn)
NT$314,313
Avg daily trading value (mn)
NT$3,557
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 46.60 | 94.88 | 205.18 | 436.93 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 45.92 | 97.15 | 184.32 | 340.12 |
| Revenue, net (NT$ mn) | 7,857 | 14,599 | 26,956 | 52,068 |
| EBITDA (NT$ mn) | 2,328 | 4,020 | 8,829 | 19,003 |
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