PDF 原檔：6515穎崴(Winway)｜20260609｜MS_original.pdf
原始內容
M June 9, 2026 08:42 AM GMT
WinWay Technology Co Ltd | Asia Pacific
May sales came in better than feared; OW
What's new? Winway reported May sales of NT$1,073mn, +8.5%M/M and +120%Y/ Y, better than buyside expectations of flat M/M. This was mainly helped by the gradual ramp of new socket capacity and strong demand from NVIDIA AI GPU/CPU, AMD CPU, and Google TPU, although probe card contribution was lower.
Stay OW: We continue to expect 2Q revenue growth of 15-20% Q/Q, implying strong June sales of +40% M/M, as new socket capacity comes fully online to support the strong backlog and incremental MEMS probe card revenue. The share price has pulled back amid investor concerns over weak May sales, which we see as a good entry point at 42x 2026e EPS.
Update
| Morgan Stanley Taiwan Limited+ Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
|---|---|
| Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com | +886 2 2730-1725 |
| Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-2863 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Henry Zhao Research Associate Henry.Zhao@morganstanley.com Morgan Stanley Taiwan Limited+ | +852 2239-7731 |
| Lucas Wang Research Associate | |
| Lucas.Wang@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-2875 |
| Ethan Jia Research Associate Ethan.Jia@morganstanley.com | +852 3963-2287 |
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WinWay Technology Co Ltd (6515.TW, 6515 TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | Attractive |
| Price target | NT$15,000.00 |
| Up/downside to price target (%) | 74 |
| Shr price, close (Jun 9, 2026) | NT$8,610.00 |
| 52-Week Range | NT$11,490.00- |
| 1,000.00 | |
| Sh out, dil, curr (mn) | 37 |
| Mkt cap, curr (mn) | NT$314,980 |
| EV, curr (mn) | NT$312,301 |
| Avg daily trading value (mn) | NT$3,610 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 46.60 | 94.88 | 205.18 | 436.93 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 45.92 | 97.64 | 184.32 | 340.12 |
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