PDF 原檔：260528_2344_華邦電_ms_winbond_original.pdf
原始內容
M May 28, 2026 03:09 PM GMT
Winbond Electronics Corp | Asia Pacific
Asia AI Summit 2026 Feedback
Financials: For 2H26, the company expects continued revenue and GM improvements. The memory/logic revenue mix could reach 65%/35%. It is optimistic on long-term memory GM.
DRAM: Current D4/LPD4 capacity is 15kwpm; D3/D2 capacity is 10kwpm; 16nm capacity is expected to expand from 2-3kwpm currently to 5kwpm in 2H and 16kwpm in 1H27, migrating from 20nm capacity. It is optimistic on 3Q pricing. 8Gb DRAM is to start shipments in 2/3Q.
Flash: Current NOR capacity is 30kwpm; SLC NAND capacity is 15kwpm; additional 10kwpm capacity expansion for both NOR and SLC NAND, roughly 5kwpm each. The NOR Q/Q ASP increase is expected to be meaningful in 2Q, with continued price hikes in 2H. NOR content in a Vera Rubin rack is 500-600 dies.
CUBE: Meaningful revenue is expected from 2027, with GM initially similar to the current company level.
See also Old Memory - Upside Surprise Ahead
Update
Morgan Stanley Taiwan Limited+
| Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com | +886 2 2730-2863 |
|---|---|
| Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com | +886 2 2730-1725 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
| Lucas Wang Research Associate Lucas.Wang@morganstanley.com | +886 2 2730-2875 |
| Ethan Jia Research Associate Ethan.Jia@morganstanley.com | +852 3963-2287 |
Winbond Electronics Corp (2344.TW, 2344 TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Stock Rating | Stock Rating | Overweight | Overweight |
|---|---|---|---|---|
| Industry View | Industry View | Industry View | Attractive | Attractive |
| Price target | Price target | Price target | NT$222.00 | NT$222.00 |
| Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | 54 | 54 |
| Shr price, close (May 28, 2026) | Shr price, close (May 28, 2026) | Shr price, close (May 28, 2026) | NT$144.00 | NT$144.00 |
| 52-Week Range | 52-Week Range | 52-Week Range | NT$156.50-16.50 | NT$156.50-16.50 |
| Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | 4,180 | 4,180 |
| Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | NT$601,920 | NT$601,920 |
| EV, curr (mn) | EV, curr (mn) | EV, curr (mn) | NT$625,245 | NT$625,245 |
| Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | NT$11,896 | NT$11,896 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 0.88 | 20.36 | 32.73 | 36.09 |
| EPS (NT$)§ | 0.86 | 18.66 | 24.89 | 18.59 |
| Revenue, net (NT$ mn) | 89,406 | 258,581 | 377,335 | 410,515 |
| EBITDA (NT$ mn) | 18,234 | 129,462 | 203,533 | 216,531 |
| P/E | 93.8 | 7.1 | 4.4 | 4.1 |
| P/BV | 3.4 | 3.7 | 2.0 | 1.8 |
| ROE (%) | 4.3 | 84.9 | 83.6 | 48.3 |
| Div yld (%) | 0.0 | 2.8 | 4.5 | 4.8 |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates 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.