260531_3105_穩茂_ms_winsemi

PDF 原檔：260531_3105_穩茂_ms_winsemi_original.pdf

原始內容

Asia Summer School 2026

M May 31, 2026 08:16 PM GMT

WIN Semiconductors Corp | Asia Pacific

Asia AI Summit 2026 Feedback

Financials: 2Q revenue is expected to grow by mid-teens Q/Q, with GM in the high 20s. Sequential operational recovery is seen across cellular, infra, and optical.

Photo Diode is to enter formal mass production in 2H26. AI-related datacom and infra optical driver revenue is projected at a mid-single-digit percentage of total revenue.

Hardware status: 50G VCSEL short-distance solutions are in mass production, and 100G variations are fully verified. Laser diode focus remains on EML and CW laser qualifications going through reliability tests, with commercialization expected for 2027 or beyond.

LEO satellite demand: LEO satellite requires expanded Power Amplifier arrays. Transmission hardware is transitioning toward higher frequency E-band, V-band, and W-band arrays.

WiFi7 projections: Generational migration is expanding from initial flagship smartphone down to high-end and mid-range devices.

Morgan Stanley Taiwan Limited+

Update

WIN Semiconductors Corp (3105.TWO, 3105 TT)

Greater China Technology Semiconductors | Taiwan

Stock Rating Industry View

Underweight Attractive

Price target

NT$300.00

Up/downside to price target (%)

(43)

Shr price, close (May 29, 2026)

NT$527.00

52-Week Range

NT$637.00-79.40

Sh out, dil, curr (mn)

424

Mkt cap, curr (mn)

NT$223,350

EV, curr (mn)

NT$220,516

Avg daily trading value (mn)

NT$3,554

Fiscal Year Ending

12/25

12/26e

12/27e

12/28e

EPS (NT$)**

3.98

6.35

8.89

12.87

Revenue, net (NT$ mn)

16,639

20,285

24,345

28,758

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.

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。