PDF 原檔：260528_3231_緯創ms_wistron_original.pdf
原始內容
M May 28, 2026 04:11 PM GMT
Wistron Corporation | Asia Pacific
Asia AI Summit 2026 Takeaways
- AI server rack shipment cadence: 1H:2H = 1:1, which would imply upside to MSe. We are currently modeling ~8K/~6K racks in 1H:2H)
- Wistron's AI server rack customer base will broaden out to include more customers this year, such as neoclouds and other OEM customers, which could help improve margins.
- The transition from GB300 to VR200 will start from 2H26 for L6, with more L10 shipments to happen in CY27.
- Wistron will do L6 for AMD Helios racks as well, starting from 2H26; the L11 reference design is done by Sanmina. This aligns with our understanding.
- There should be no difficulty procuring sufficient memory supply for AI servers, as long as customers are willing to pay more. General servers might be more impacted by memory price hikes, as their memory as % of BoM is higher than AI servers.
- Wistron expects its general server units to grow 20% y/y in CY26 vs. flattish unit growth at the beginning of the year
- PC shipment pattern: 1H:2H = 6:4. PC shipments were guided to decline ~10% y/y for the full year of 2026.
Update
| Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ |
|---|---|---|---|---|
| Howard Kao | Howard Kao | Howard Kao | Howard Kao | Howard Kao |
| Equity Analyst | Equity Analyst | Equity Analyst | Equity Analyst | Equity Analyst |
| Sharon Shih | Sharon Shih | Sharon Shih | Sharon Shih | Sharon Shih |
| Equity Analyst | Equity Analyst | Equity Analyst | Equity Analyst | Equity Analyst |
| Sharon.Shih@morganstanley.com +886 2 2730-2865 Irene Yen | Sharon.Shih@morganstanley.com +886 2 2730-2865 Irene Yen | Sharon.Shih@morganstanley.com +886 2 2730-2865 Irene Yen | Sharon.Shih@morganstanley.com +886 2 2730-2865 Irene Yen | Sharon.Shih@morganstanley.com +886 2 2730-2865 Irene Yen |
| Research Associate | Research Associate | Research Associate | Research Associate | Research Associate |
| Irene.Yen@morganstanley.com +886 2 2730-2869 Wistron Corporation (3231.TW, 3231 TT) | Irene.Yen@morganstanley.com +886 2 2730-2869 Wistron Corporation (3231.TW, 3231 TT) | Irene.Yen@morganstanley.com +886 2 2730-2869 Wistron Corporation (3231.TW, 3231 TT) | Irene.Yen@morganstanley.com +886 2 2730-2869 Wistron Corporation (3231.TW, 3231 TT) | Irene.Yen@morganstanley.com +886 2 2730-2869 Wistron Corporation (3231.TW, 3231 TT) |
| Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan | Greater China Technology Hardware | Taiwan |
| Stock Rating Overweight | Stock Rating Overweight | Stock Rating Overweight | Stock Rating Overweight | Stock Rating Overweight |
| Industry View In-Line Price target NT$210.00 | Industry View In-Line Price target NT$210.00 | Industry View In-Line Price target NT$210.00 | Industry View In-Line Price target NT$210.00 | Industry View In-Line Price target NT$210.00 |
| Up/downside to price target (%) 45 Shr price, close (May 28, 2026) NT$144.50 | Up/downside to price target (%) 45 Shr price, close (May 28, 2026) NT$144.50 | Up/downside to price target (%) 45 Shr price, close (May 28, 2026) NT$144.50 | Up/downside to price target (%) 45 Shr price, close (May 28, 2026) NT$144.50 | Up/downside to price target (%) 45 Shr price, close (May 28, 2026) NT$144.50 |
| 52-Week Range NT$161.00-109.00 | 52-Week Range NT$161.00-109.00 | 52-Week Range NT$161.00-109.00 | 52-Week Range NT$161.00-109.00 | 52-Week Range NT$161.00-109.00 |
| Sh out, dil, curr (mn) 3,276 | Sh out, dil, curr (mn) 3,276 | Sh out, dil, curr (mn) 3,276 | Sh out, dil, curr (mn) 3,276 | Sh out, dil, curr (mn) 3,276 |
| Mkt cap, curr (mn) NT$473,443 EV, curr (mn) NT$582,919 | Mkt cap, curr (mn) NT$473,443 EV, curr (mn) NT$582,919 | Mkt cap, curr (mn) NT$473,443 EV, curr (mn) NT$582,919 | Mkt cap, curr (mn) NT$473,443 EV, curr (mn) NT$582,919 | Mkt cap, curr (mn) NT$473,443 EV, curr (mn) NT$582,919 |
| Avg daily trading value (mn) NT$5,960 | Avg daily trading value (mn) NT$5,960 | Avg daily trading value (mn) NT$5,960 | Avg daily trading value (mn) NT$5,960 | Avg daily trading value (mn) NT$5,960 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 9.04 | 13.95 | 18.11 | 21.30 |
| Prior EPS (NT$)** | - | - | - | - |
| Revenue, net (NT$ bn) | 2,186.5 | 3,479.3 | 4,669.1 | 4,775.2 |
| EBITDA (NT$ bn) | 91.5 | 149.3 | 190.1 | 219.2 |
| ModelWare net inc (NT | 27.4 | 42.3 | 54.9 | 64.6 |
| $ bn) P/E | 18.0 | 11.2 | 8.6 | 7.3 |
| P/BV | 1.9 | 1.7 | 1.5 | 1.3 |
| RNOA (%) | 35.0 | 29.7 | 52.5 | 50.9 |
| ROE (%) | 14.7 | 16.7 | 19.5 | 20.2 |
| EV/EBITDA | 6.6 | 3.0 | 2.4 | 1.9 |
| Div yld (%) | 2.4 | 2.6 | 3.8 | 5.9 |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus methodology 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.