PDF 原檔：6669緯穎(Wiwynn) ｜20260612｜GS_original.pdf
原始內容
Exmore to wiwynn montmy revenue trend
NTSm
Research
120,000
Goldman
100,000
80,000
60,000
40,000
20,000
- YoY (RHS)
250%
200%
Wiwynn (6669.TW): General servers turning consignment supporting GM while reducing revenues; ASIC AI servers to grow ahead; Buy 150%
0%
Wiwynn's May revenue was fl at MoM, or 12% below our estimate, due to the switch to a consignment business model for some server projects starting from Apr (Read more). Despite the business model transition set to bring lower revenues, the GM would be better and also ease working capital burden in the long term. For coming June revenues, we expect a sequential increase on strong general servers demand from leading US CSPs, followed by 23% QoQ growth in 3Q26 driven by ASIC AI servers ramp up. We are positive on Wiwynn's leading market position in ASIC AI servers, and diversifying into GPU AI server racks, and riding on leading US CSP's strong demand across general servers and AI servers. Maintain Buy.
Exhibit 1: Wiwynn monthly revenue trend
 ｜20260612｜GS_001.png)
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 2: We expect Wiwynn's Jun revenue growth to be +6% YoY/ +8% MoM
| Apr-26 | May-26 | June-26(E) | July-26(E) | Aug-26(E) | Sep-26(E) | 2Q26E | 3Q26E | |
|---|---|---|---|---|---|---|---|---|
| Rev (NT$m) | 82,731 | 84,050 | 91,062 | 88,782 | 101,465 | 126,831 | 257,843 | 317,077 |
| YoY | 30% | 18% | 6% | 5% | 6% | 47% | 17% | 19% |
| MoM/ QoQ | -16% | 2% | 8% | -3% | 14% | 25% | -7% | 23% |
| GS estimates (NT$m) | 89,850 | 95,646 | ||||||
| Act vs. GS | -8% | -12% |
Source: Company data, Goldman Sachs Global Investment Research
Earnings revision: We factor in Wiwynn's May revenue and raise our 2026-28E net income by 6% / 18% / 14%, mainly on higher revenues. Our 2026-28E revenues are revised up by 4% / 24% / 11%, driven by (1) higher general server shipments, re fl ecting the stronger demand from CSPs since late 2025, (2) product mix upgrade towards next-generation ASIC AI servers with better ASP, (3) expanding to rack-level GPU AI server that carries high ASP. Our 2027E GM is slightly revised down, due to
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the fi rm may have a con fl ict of interest that could a ff ect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certi fi cation and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US a ffi liates are not registered/quali fi ed as research analysts with FINRA in the U.S.
Allen Chang
+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.
Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C.
Yifan Hu +852-2978-0996 | yifan.hu@gs.com Goldman Sachs (Asia) L.L.C.
e92c7a75ab8b4efbba794e6b187208c8
samble call selevision ults aiservel peels
30
NT m
Revenue
25
GP
OP
20
Net income
Margins
GM
15
OPM
NM
10
5
0%
2026E
New
79, 185
95,397
59,700
Quanta
100,843
Inventec
Pegatron
7.6%
6.3%
4.8%
HPE
10%
83,907
•
63,383
•Compal
7.7%
6.4%
4.9%
Hon Hai
15%1
2028 EPS growth
Chg
4%
6%
Old
2027E
New
Celestica
1,575,890
116,394
1,946,709
137,690
Chg
24%
18%
2028E
Old
New
1,967,601 2,190,795
157,721
137,999
Chg
11%
14%
the rising contribution from rack-level AI server, which carries a lower GM than general and ASIC AI servers, while 2028E GM is revised up on higher general server shipments. Our 2026-28E opex ratios are largely unchanged.
0.1ppts
6.1%
5.8%
-0.3ppts|
y = 48.575x + 8.8945
R: = 0.5301
Exhibit 3: Earnings revision
5.8%
4.4%
6.0%
4.5%
0.2ppts
0.1ppts
| 20% | 30% |
|---|---|
Source: Company data, Goldman Sachs Global Investment Research
Valuation: We continue to derive our 12M TP based on near-term P/E, and our 2027E target P/E is updated to 15.8x (vs. 18.6x previously), which is derived from the refreshed peers' correlation of forward trading P/E and earnings growth. Our lower target multiple is mainly on more normalized 2028E net income growth, as stronger growth in 2026-27E leading to a high base; nevertheless, our new target P/E is still above the company's historical avg. forward trading P/E, re fl ecting our positive view on Wiwynn's leading position in ASIC AI server ODM. With our updated target P/E and earnings estimates, our 12M TP is unchanged at NT$7,147. Maintain Buy.
Exhibit 4: Wiwynn: Correlation of earnings growth and P/E of its AI server peers
 ｜20260612｜GS_002.png)
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 5: Wiwynn 12M forward P/E ratio
 ｜20260612｜GS_003.png)
Source: Re fi nitiv Eikon
5%
e92c7a75ab8b4efbba794e6b187208c8
Exhibit 6: Wiwynn P&L summary
| (NT$ m) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26E | 3Q26E | 4Q26E | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 170,655 | 220,744 | 266,824 | 292,440 | 276,508 | 257,843 | 317,077 | 455,071 | 241,901 | 360,541 | 950,663 | 1,306,499 | 1,946,709 | 2,190,795 |
| Gross profit | 14,849 | 18,943 | 23,532 | 21,129 | 20,881 | 21,892 | 26,819 | 31,251 | 22,657 | 37,400 | 78,454 | 100,843 | 137,690 | 157,721 |
| Operating expense | (1,290) | (1,195) | (1,134) | (1,499) | (1,375) | (1,578) | (1,941) | (2,785) | (6,787) | (9,301) | (14,537) | (16,937) | (23,959) | (26,010) |
| Operating income | 11,981 | 15,899 | 19,572 | 16,466 | 17,458 | 18,509 | 22,659 | 25,281 | 15,871 | 28,099 | 63,918 | 83,907 | 113,731 | 131,712 |
| Pre tax profit | 12,523 | 15,720 | 20,351 | 17,458 | 17,934 | 17,451 | 21,602 | 24,112 | 15,444 | 28,830 | 66,052 | 81,099 | 111,798 | 129,092 |
| Net income | 9,793 | 12,122 | 15,411 | 13,792 | 14,114 | 13,612 | 16,849 | 18,807 | 12,044 | 22,776 | 51,118 | 63,383 | 87,202 | 99,401 |
| EPS (NT$) | 52.70 | 65.23 | 82.93 | 74.21 | 75.95 | 73.24 | 90.67 | 101.20 | 68.88 | 127.29 | 275.06 | 341.06 | 469.23 | 534.87 |
| Margins / ratio | ||||||||||||||
| Gross margin | 8.7% | 8.6% | 8.8% | 7.2% | 7.6% | 8.5% | 8.5% | 6.9% | 9.4% | 10.4% | 8.3% | 7.7% | 7.1% | 7.2% |
| Opex ratio | -1.7% | -1.4% | -1.5% | -1.6% | -1.2% | -1.3% | -1.3% | -1.3% | -2.8% | -2.6% | -1.5% | -1.3% | -1.2% | -1.2% |
| Operating margin | 7.0% | 7.2% | 7.3% | 5.6% | 6.3% | 7.2% | 7.1% | 5.6% | 6.6% | 7.8% | 6.7% | 6.4% | 5.8% | 6.0% |
| Net margin | 5.7% | 5.5% | 5.8% | 4.7% | 5.1% | 5.3% | 5.3% | 4.1% | 5.0% | 6.3% | 5.4% | 4.9% | 4.5% | 4.5% |
| QoQ | ||||||||||||||
| Revenue | 48% | 29% | 21% | 10% | -5% | -7% | 23% | 44% | ||||||
| Gross profit | 37% | 28% | 24% | -10% | -1% | 5% | 23% | 17% | ||||||
| Operating income | 47% | 33% | 23% | -16% | 6% | 6% | 22% | 12% | ||||||
| Pre tax profit | 43% | 26% | 29% | -14% | 3% | -3% | 24% | 12% | ||||||
| Net income | 39% | 24% | 27% | -11% | 2% | -4% | 24% | 12% | ||||||
| EPS | 35% | 24% | 27% | -11% | 2% | -4% | 24% | 12% | ||||||
| YoY | ||||||||||||||
| Revenue | 145% | 185% | 173% | 153% | 62% | 17% | 19% | 56% | -17% | 49% | 164% | 37% | 49% | 13% |
| Gross profit | 93% | 126% | 126% | 94% | 41% | 16% | 14% | 48% | -6% | 65% | 110% | 29% | 37% | 15% |
| Operating income | 105% | 156% | 148% | 103% | 46% | 16% | 16% | 54% | -14% | 77% | 127% | 31% | 36% | 16% |
| Pre tax profit | 112% | 153% | 156% | 99% | 43% | 11% | 6% | 38% | -14% | 87% | 129% | 23% | 38% | 15% |
| Net income | 108% | 158% | 144% | 96% | 44% | 12% | 9% | 36% | -15% | 89% | 124% | 24% | 38% | 14% |
| EPS | 96% | 143% | 141% | 89% | 44% | 12% | 9% | 36% | -15% | 85% | 116% | 24% | 38% | 14% |
Source: Company data, Goldman Sachs Global Investment Research
Price Target Risks and Methodology - Wiwynn
We are Buy rated on Wiwynn with a 12-month TP of NT$7,147 . Our TP is based on 15.8x 2027E P/E, which is derived from PC/server peers' EPS growth vs. P/E multiple correlation. We see EPS growth as a major factor for the stock's performance.
Key downside risks: 1) weaker-than-expected AI server demand growth, 2) slower-than-expected recovery on general server demand, 3) more severe competition in server ODM market.
 ｜20260612｜GS_004.png)
| 6669.TW | 12m Price Target: NT$7,147.00 | 12m Price Target: NT$7,147.00 | Price: NT$4,850.00 | Price: NT$4,850.00 | Upside: 47.4% | Upside: 47.4% |
|---|---|---|---|---|---|---|
| Buy | Buy | GS Forecast | GS Forecast | GS Forecast | GS Forecast | GS Forecast |
| Market c ap: NT$848.0b n / $ 26 .8b n En terpr is e v a lu e: NT$888. 6 b n / $ 2 8. 1 b n 3m AD T V : NT$ 1 0. 2 b n / $ 32 4. 3mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : Y e s | Market c ap: NT$848.0b n / $ 26 .8b n En terpr is e v a lu e: NT$888. 6 b n / $ 2 8. 1 b n 3m AD T V : NT$ 1 0. 2 b n / $ 32 4. 3mn Ta iw a n G reater Chin a Te chnology M &A R a n k: 3 L ea s e s incl . in n et d ebt & EV? : Y e s | Revenue ( NT$m n ) N e w Revenue (NT$ mn) Old EBITDA (NT$ mn) E PS ( NT$) N e w EPS (NT$) Old P/E (X) P/B (X) Dividend yield (%) CROCI (%) | 12/25 9 5 0, 66 3.3 950,663.3 66,607.9 275 .0 6 275.06 10.5 4.1 5.3 59.7 3 /26 | 12/26E 1 ,30 6 ,49 8 . 6 1,251,238.9 88,402.6 34 1 .0 6 321.24 14.2 5.5 3.9 50.2 6/26E | 12/27E 1 ,94 6 , 7 09.3 1,575,889.9 118,638.8 4 6 9. 2 3 398.71 10.3 4.3 5.4 51.4 9 /26E | 12/28E 2 , 1 90, 7 9 5 .4 1,967,601.2 137,332.4 5 34. 87 467.92 9.1 3.5 6.2 46.2 12/26E |
Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 12 Jun 2026 close.
e92c7a75ab8b4efbba794e6b187208c8
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。
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
6669緯穎(Wiwynn) ｜20260612｜GS_001.png |
43KB | 真資料圖 | 長條圖+折線圖，左軸「2025-26 Monthly revenues」（深藍長條，Jun/Jul/Aug(E)為淺藍預估）、右軸「YoY (RHS)」黃色折線，X軸Jan-Aug(E)，單位NT$m |
6669緯穎(Wiwynn) ｜20260612｜GS_002.png |
39KB | 真資料圖 | 散點圖，X軸「2028 EPS growth」、Y軸「2027 P/E」，標註公司Quanta/Pegatron/Inventec/Compal/AVC/HPE/Hon Hai/Celestica，含迴歸虛線與公式 y=48.575x+8.8945, R²=0.5301 |