PDF 原檔：260602_gs_wiwynn_original.pdf
原始內容
Wiwynn (6669.TW): Computex 2026: CPO in AI server racks scale up; Buy
We visited Wiwynn booth on June 2 during our Computex tour in Taipei. Wiwynn showcased its AI server solution across multiple architecture, optical interconnect solution, HVDC (High-voltage Power Architecture), and advanced cooling solution. The company highlights its CPO ecosystem with industry partners (Ayar Labs, Browave, FOCI, Senko etc.) and management is positive on the AI scale-up opportunities to lower the power consumption and support the interconnection. We remain positive on the company's expansion across ASIC/ GPU clients, with ongoing AI server racks speci fi cation upgrade with liquid-cooled and CPO in scale up. Maintain Buy.
Key takeaways
- High-performance AI platform and cooling solution: Wiwynn showcased the NVIDIA Vera Rubin NVL72 and AMD Helios rack-level solution for AI training/ inferencing, and also provides storage server prototype to enable GPU-direct storage access. On cooling, management notes the company o ff ers 6kW-class double-sided liquid cooling solution with Diamond Composite based microchannel design for the high-power AI systems. We are positive on the company's capabilities of full rack integration by leveraging joint-design with Wistron, and diversi fi ed client base across GPU/ ASIC platform.
- Positive on CPO opportunities: The company is positive on the rising CPO trend for AI scale-up through the collaboration with industry partners. Wiwynn has built the strategic partnership with Ayar Labs through the integration of Ayar Labs' optical engines and ELSFP light sources into its rack-level architecture to deliver high-bandwidth and power e ffi cient CPO solution. Management also highlights the company's in-house liquid cooling solution to support the stable and consistent laser output of the ELS (External Light Source).
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.
Ting Song
+852-2978-6466 | ting.song@gs.com Goldman Sachs (Asia) L.L.C.
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Exhibit 1: Wiwynn rack-level AI servers
Source: Company data
Exhibit 3: Wiwynn is positive on CPO opportunities through industry partnership
Source: Company data
Exhibit 2: Wiwynn is positive on CPO opportunities through industry partnership
Source: Company data
Price Target Risks and Methodology - Wiwynn
We are Buy rated on Wiwynn with a 12-month TP of NT$7,147 . Our TP is based on 18.6x 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.
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Key downside risks: 1) weaker-than-expected AI server demand growth, 2) slower-than-expected recovery on general server demand, 3) more severe competition in server ODM market.
| 6669.TW | 12m Price Target: NT$7,147.00 | 12m Price Target: NT$7,147.00 | Price: NT$5,475.00 | Price: NT$5,475.00 | Upside: 30.5% | Upside: 30.5% |
|---|---|---|---|---|---|---|
| Buy | Buy | GS Forecast | ||||
| Market c ap: NT$957.3 bn / $3 0 .5 bn | Market c ap: NT$957.3 bn / $3 0 .5 bn | Revenue (NT$ mn) EBITDA (NT$ mn) EPS (NT$) P/E (X) | 12/25 950,663.3 66,607.9 275.06 | 12/26E 1,251,238.9 83,680.7 321.24 17.0 6.3 3.3 0.4 | 12/27E 1,575,889.9 101,580.9 398.71 13.7 5.1 | 12/28E 1,967,601.2 119,983.3 467.92 11.7 4.2 4.8 (0.1) |
| En terpr is e v a lu NT$9 8 7. 4bn / $3 1 .5 bn 3 m AD T V : NT$9.9 bn / $3 12 . Ta iw G reater Chin a Te M &A R a n k: L ea s e s incl . in n et d e b t & Y | En terpr is e v a lu NT$9 8 7. 4bn / $3 1 .5 bn 3 m AD T V : NT$9.9 bn / $3 12 . Ta iw G reater Chin a Te M &A R a n k: L ea s e s incl . in n et d e b t & Y | |||||
| 4mn | 4mn | |||||
| 10.5 | ||||||
| a n chnology | a n chnology | P/B (X) | 4.1 | |||
| 3 | 3 | Dividend yield (%) | 5.3 | 4.1 | ||
| EV? : | EV? : | N debt/EBITDA (ex lease,X) CROCI (%) | 0.2 | 47.9 | 0.1 45.3 | 42.5 |
| e s | e s | 59.7 (1.1) | 0.7 | 4.6 | 6.7 | |
| FCF yield (%) | 3/26 | 6/26E | 9/26E | 12/26E | ||
| EPS (NT$) | 75.95 | 72.74 | 85.17 | 87.38 |
Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 2 Jun 2026 close.
e92c7a75ab8b4efbba794e6b187208c8
圖片清單（已驗證 2026-07-02）
回補驗證：僅涵蓋已被 lib 頁嵌入的圖片，非全量驗證。
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
260602_gs_wiwynn_001.png |
295KB | 裝飾·logo·banner | 展場實拍照片，wiwynn 伺服器機櫃搭配 AMD 標牌，非圖表 |
260602_gs_wiwynn_002.png |
223KB | 裝飾·logo·banner | 展場實拍照片，wiwynn 攤位展示 AFL/CORNING/molex/SENKO/FCI 等連接線材產品，非圖表 |