260624_3443_創意_認錯報告_ms_guc-UG

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M June 24, 2026 07:05 AM GMT

Global Unichip Corp | Asia Pacific

Winning more CSP projects; upgrade to OW

The company's partnership with TSMC in CPO should also strengthen its position in the future AI ASIC design service for the US CSPs. We raise our price target to NT$5,688.

GUC 60k CoWoS booking at TSMC likely related to new CSP project design wins:

Our latest AI supply chain tracker noted that GUC booked 60k CoWoS wafers with TSMC for 2027. We believe this should relate to new CSP design wins since none of GUC's existing projects would request such significant CoWoS demand. We note that GUC has been actively engaging potential new customers including Meta (MTIA) and/or another US CSP (AI accelerator). Assuming 10-20 chips per CoWoS wafer, we now forecast additional revenue from these projects of US$500-600mn for 2H27 and US$1.5-1.6bn for 2028.

CPO could serve as potential upside in the following years: GUC announced its partnership with Lightmatter by integrating Lightmatter's Passage CPO platform into its ASIC designs. Given the relationship with TSMC, we believe GUC could also have better collaboration on TSMC COUPE technology or directly license IP/PDK for future optical design, serving as another long-term driver. During Computex, GUC also showcased its CPO solution with AyarLabs and Wiwynn (covered by Howard Kao). We expect GUC's CPO-related strategic partnership will help it to gain traction for more CSP's XPU or switch networking ASIC.

Besides, China automotive chip also shows volume upside: Our recent industry checks suggest volume and revenue could be larger than we initially forecast from Horizon Robotics (covered by Tim Hsiao). We now expect around 2mn units during the lifecycle (2027-28) with chip ASP around US$500, leading to US$500mn revenue in 2027/2028, respectively. See Exhibit 5 for our GUC revenue bottom-up model.

Upgrade to OW: A month ago, we downgraded GUC to EW due to potential market share losses in Google CPU and Tesla projects. We believe that the negatives have been digested by the market, as the stock has performed in line with the Taiex in the subsequent period (up 3% and 5% respectively). We think the new US CSP projects wins, growing Arm-based CPU TAM (from Google Axion and Microsoft Cobalt), and CPO opportunities can together drive a re-rating of GUC. All told, we raise our price target by 16% to NT$5,688 and upgrade to OW.

Idea

Global Unichip Corp (3443.TW, 3443 TT)

Greater China Technology Semiconductors | Taiwan

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