PDF 原檔：報告_Citi_穎崴6515_20261006_original.pdf
圖片清單（已驗證 2026-10-07）
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66KB | 真資料圖 | WinWay 季營收長條圖（1Q21–3Q26E，NT$mn）疊 QoQ/YoY 線，3Q26E 約 4,500 創高（財務圖） |
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68KB | 真資料圖 | WinWay 月營收長條圖（Jan-24–Sep-26，NT$mn）疊 MoM/YoY 線，Aug-26 約 1,700 為高點、Sep-26 回落至約 1,250（財務圖） |
報告_Citi_穎崴6515_20261006_003.png |
161KB | 真資料圖 | Citi 評等與目標價沿革圖＋短線觀點（Catalyst Watch）沿革圖，含 TP 6,000→10,000→13,000→11,500 紀錄（股價/評等圖） |
原始內容
citi
06 Oct 2026 07:28:09 ET │ 11 pages
WinWay Technology (6515.TW)
Sep-26 Sales Dip on Probe Card, Mix Shift to Support Margins
CITI'S TAKE
WinWay reported Sep-26 revenues of NT$1.25bn (-27% MoM/+88% YoY). QTD 3Q26 revenues of NT$4.56bn (+29% QoQ/+153% YoY) beat Citi/cons forecasts by 3%/7%, on robust AI/HPC test interface demand. The MoM decline was mainly driven by lower probe card revenues as major project shipments have temporarily wrapped up, and we expect probe card contribution to stay light in 4Q26E. While this may weigh on the top line near term, we see margins could recover gradually as product mix improves alongside the continued AI GPU and ASIC socket ramp. In the long term, we continue to favor WinWay as a core beneficiary of rising testing complexity for advanced chips across diverse platforms. Reiterate Buy/High Risk.
| Buy / High Risk | |
|---|---|
| Price (06 Oct 26 13:30) | NT$6,130.00 |
| Target price | NT$11,500.00 |
| Expected share price return | 87.6% |
| Expected dividend yield | 1.1% |
| Expected total return | 88.7% |
| Market Cap | NT$223,407M |
| US$7,041M |
Michael Hung AC
+886-2-8726-9092 michael.hung@citi.com
Laura (Chia Yi) Chen +886-2-8726-9090 laura.cy.chen@citi.com
Jack Chen +886-2-8726-9091 jack1.chen@citi.com
Nicholas Lai +886-2-8726-9093 nicholas.lai@citi.com
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Company Reports, Citi Research
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Company Reports, Citi Research
WinWay Technology
Valuation
We value WinWay using a PE-based approach that factors in earnings momentum and likely expansion of its addressable market. Our target price of NT$11,500 is derived from applying c.41x to 2H27E-1H28E EPS, higher than the upper end of its long-term PE range, which we believe is justified given the company's entrenched position in the high-end AI GPU testing supply chain, rising contribution from coaxial socket and SLT solutions, and the increasing value of test content per module. With these structural drivers in place, and as we believe the market is starting to value it as an AI/HPC play (rather than a consumer electronics stock), we expect the multiple to hold at a premium relative to its historical averages.
Risks
Our quant rating system rates the WinWay stock High Risk based on its historical volatility.
Key downside risks that could impede the stock from reaching our target price and our earnings forecasts include: 1) client and sector concentration - specifically any delays in US AI GPU product roadmap could impact the business outlook for WinWay; 2) intensifying competition in coaxial and hypersockets from global peers; 3) faster-than-expected testing algorithm optimization, which could shorten testing durations and reduce the anticipated hardware demand multiplier; and 4) delay of MEMS Phase 2 mass production.
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