PDF 原檔：260607_2049_上銀_ms_hiwin_original.pdf
原始內容
M June 7, 2026 07:05 AM GMT
Hiwin Technologies Corp. | Asia Pacific
May Sales Flat MoM/+28% YoY
In this report, we focus on Hiwin's monthly sales, which we believe could be a catalyst for its share price.
Details:
- May sales were NT$2,480mn (flat MoM/+28% YoY).
- QTD revenue reached 66% of our 2Q26 estimate at NT$7,490mn (+17% QoQ/+26% YoY) and 68% of consensus at NT$7,307mn (+15% QoQ/+23% YoY).
Our view:
- We see 2Q26 revenue tracking in line with expectations.
- Hiwin should continue to see good revenue momentum in the coming quarters amid the industry recovery trend, and might witness more meaningful margin expansion in 2H26 on the back of price hikes and high utilization.
- We stay constructive on the name, with its current valuation at 32x 2027e P/ E vs. peak cycle level of 35-40x.
Exhibit 1 : Hiwin's monthly sales YoY vs. its share price since 2015
Source: Past performance is no guarantee of future results. Results shown do not include transaction costs. Source: Company data, TEJ, Morgan Stanley Research.
Morgan Stanley Taiwan Limited+
| Derrick Yang Equity Analyst Derrick.Yang@morganstanley.com | +886 2 2730-2862 |
|---|---|
| Vivi Huang Research Associate Vivi.Huang@morganstanley.com | +886 2 2730-2860 |
| Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com | +886 2 2730-2865 |
Hiwin Technologies Corp. (2049.TW, 2049 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$400.00 |
| Up/downside to price target (%) | 16 |
| Shr price, close (Jun 5, 2026) | NT$345.00 |
| 52-Week Range | NT$426.00-180.50 |
| Sh out, dil, curr (mn) | 354 |
| Mkt cap, curr (mn) | US$3,880 |
| EV, curr (mn) | US$3,868 |
| Avg daily trading value (mn) | US$37 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 4.31 | 8.77 | 10.77 | 12.77 |
| Revenue, net (NT$ mn) | 24,263 | 30,109 | 34,798 | 39,406 |
| EBITDA (NT$ mn) | 4,001 | 5,976 | 6,924 | 7,866 |
| ModelWare net inc (NT | 1,526 | 3,102 | 3,809 | 4,517 |
| $ mn) | ||||
| P/E | 45.0 | 39.3 | 32.0 | 27.0 |
| P/BV | 1.4 | 2.3 | 2.1 | 2.0 |
| RNOA (%) | 3.6 | 7.7 | 9.9 | 11.5 |
| ROE (%) | 4.1 | 8.3 | 9.6 | 10.6 |
| EV/EBITDA | 12.6 | 19.8 | 16.9 | 14.6 |
| Div yld (%) | 1.2 | 0.6 | 0.8 | 1.0 |
| FCF yld ratio (%)** | 2.0 | 3.3 | 2.3 | 2.6 |
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.
圖片清單（已驗證 2026-07-02）
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| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
260607_2049_上銀_ms_hiwin_001.png |
62713 bytes | 真資料圖 | 雙軸折線圖，2015-2026，藍線為Share price(NT$，左軸)、黃線為Monthly Sales YoY(RHS, %)，上銀(Hiwin) |
260607_2049_上銀_ms_hiwin_003.png |
71953 bytes | 真資料圖 | 股價走勢折線圖(藍線)搭配評等變動標記(O/I、E/I、U/I)與目標價階梯紅線，橫軸2023/06-2026/06 |