PDF 原檔：報告_Citi_緯穎6669_20261019_original.pdf
圖片清單（已驗證 2026-10-20）
| 檔名 | 分類 | 親眼所見內容 |
|---|---|---|
| 報告_Citi_緯穎6669_20261019_001.png | 裝飾·logo·banner（<40KB 小圖，仍檢視） | 緯穎股價折線圖，Y 軸 TWD 1,000–2,500，X 軸約 2025-12 至 2026-09，末段自高點回落 |
| 報告_Citi_緯穎6669_20261019_002.png | 真資料圖 | Citi Bull/Bear 圖：Bull NT$3,400（+80%）、Base NT$3,200（+70%）、Bear NT$1,800（-4.5%）；現價 NT$1,885（2026-10-19）；Bull 目標 PE 17x、Base 銷售 2026/27E +59%/+80% 且 OPM 6.7%/5.7%、目標 PE 16x、Bear 目標 PE 9x |
| 報告_Citi_緯穎6669_20261019_003.png | 真資料圖 | Citi 評等與目標價歷史（Fundamental Research，分析師 Jack Chen）：12 筆，最近 2026-07-28 TP 3,184.93、收盤 1,781.89；下半為 Short-Term View/Catalyst Watch 歷史 |
原始內容
Prepared for [讀者資訊已遮蔽] citi
19 Oct 2026 10:31:03 ET │ 14 pages
Wiwynn (6669.TW)
More AI demand to kick in
CITI'S TAKE
For Wiwynn, while there are lots of concerns over component constraints or disruption in its AI demand, we remain constructive on Wiwynn's upcoming AI projects (eg, AMD Helios), which would kick in from 4Q26 onward. We believe those concerns/negatives were in the price already. We expect these AI demands would continuously aggregate, resulting in QoQ sales growth in 4Q26E and potential upside to 1Q27E outlook. We lift our TP to NT$3,200 (16x 2027 EPS vs previous 18x 2027E) with lower PE multiple to factor in the market's recent AI concerns amid rate hike backdrop.
3Q26 preview - Wiwynn's 3Q26 sales are expected to grow 56% QoQ, ahead of market's expectation, supported by stronger-than-expected regular server demand (despite component shortage) and ramp up of AI ASIC server. We estimate c.50%/c.50% sales mix between regular/AI ASIC server in 3Q26E. For GM, considering some negative impact from rising memory costs (on some regular server and AI ASIC server), we forecast 3Q26E GM to slightly decrease 0.6ppt QoQ to c.8.7%. Overall, our 3Q26E earnings are 9% higher than the consensus forecast.
4Q26: some projects to kick in - We currently forecast 20% QoQ growth in 4Q26E sales. Given the component shortage, we think QoQ growth in regular server would still be slightly constrained, while we see AI ASIC server would see less supply disruption, serving as the key driver in 4Q26E. Meanwhile, we forecast mild rampup in both AMD Helios and VR200 (to Oracle) from 4Q26E onward. We currently forecast 4Q26E GM to slightly decrease 0.1ppt QoQ to c.8.5%.
2027: momentum gaining more traction - We see AI ASIC server demand to sustain into 2027E with higher content value from liquid cooling design. We forecast +13% unit shipments YoY growth in regular server next year, given the supply constraint. For Wiwynn's AI GPU orders, we currently are more comfortable with AMD's Helios demand (Citi forecast: 5k racks) than Oracle demand (Citi forecast: <500 racks) in 2027E, given the market's concerns over Oracle's development in AI. For other AI ASIC projects, we think they might be potential upside to 2H27/2028E.
Earnings upward revisions; Buy - We raise our 2026/27/28E earnings to factor in higher AI demand with momentum ramping up from 4Q26 onward. Meanwhile, we adjust our share count after the share dividend. We lift our TP to NT$3,200 (16x 2027 EPS) from NT$3,184 (18x 2027E EPS) with lower PE multiple to factor in the market's recent concerns over the sustainability of CSPs' capex amid rate hike backdrop.
Earnings Summary
| Year to 31 Dec | Net Profit (NT$M) | Diluted EPS (NT$) | EPS growth (%) | P/E (x) | P/B (x) | ROE (%) | Yield (%) |
|---|---|---|---|---|---|---|---|
| 2024A | 22,776 | 124.46 | 81.2 | 15.1 | 4.1 | 34.9 | 2.1 |
| 2025A | 51,118 | 265.14 | 113.0 | 7.1 | 2.9 | 48.0 | 3.9 |
| 2026E | 75,960 | 231.33 | -12.8 | 8.1 | 6.0 | 49.2 | 2.5 |
| 2027E | 114,959 | 197.75 | -14.5 | 9.5 | 3.7 | 47.6 | 3.8 |
| 2028E | 141,691 | 243.74 | 23.3 | 7.7 | 2.5 | 38.3 | 5.7 |
Source: Powered by dataCentral
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.
n Buy
Price (19 Oct 26 13:30)
NT$1,885.00
Target price NT$3,200.00↑
from NT$3,184.93
Expected share price return
69.8%
Expected dividend yield
3.8%
Expected total return
73.6%
Market Cap NT$1,053,715M US$32,478M
Price Performance (RIC: 6669.TW, BB: 6669 TT)
Jack Chen AC
+886-2-8726-9091 jack1.chen@citi.com
Laura (Chia Yi) Chen +886-2-8726-9090 laura.cy.chen@citi.com
Nicholas Lai +886-2-8726-9093 nicholas.lai@citi.com Prepared for [讀者資訊已遮蔽] Prepared for [讀者資訊已遮蔽]
| Profit & Loss (NT$m) | 6669.TW: Fiscal year end 31-Dec - 2024 | 2025 | 2026E | 2027E | 2028E | Price: - Valuation ratios | NT$1,885.00; TP: NT$3,200.00; Market Cap: NT$1,053,715m; Recomm: Buy - 2024 | NT$1,885.00; TP: NT$3,200.00; Market Cap: NT$1,053,715m; Recomm: Buy - 2025 | NT$1,885.00; TP: NT$3,200.00; Market Cap: NT$1,053,715m; Recomm: Buy - 2026E | NT$1,885.00; TP: NT$3,200.00; Market Cap: NT$1,053,715m; Recomm: Buy - 2027E | NT$1,885.00; TP: NT$3,200.00; Market Cap: NT$1,053,715m; Recomm: Buy - 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales revenue | 360,541 | 950,663 | 1,510,447 | 2,714,702 | 3,751,101 | PE (x) | 15.1 | 7.1 | 8.1 | 9.5 | 7.7 |
| Cost of sales | -323,141 | -872,209 | -1,381,635 | -2,508,904 | -3,495,080 | PB (x) | 4.1 | 2.9 | 6.0 | 3.7 | 2.5 |
| Gross profit | 37,400 | 78,454 | 128,811 | 205,798 | 256,021 | EV/EBITDA (x) | 34.2 | 15.7 | 10.6 | 6.9 | 5.2 |
| Gross Margin (%) | 10.4 | 8.3 | 8.5 | 7.6 | 6.8 | FCF yield (%) | -7.2 | -3.9 | -13.8 | 6.2 | 8.9 |
| EBITDA (Adj) | 30,103 | 66,608 | 105,214 | 163,408 | 201,636 | Dividend yield (%) | 2.1 | 3.9 | 2.5 | 3.8 | 5.7 |
| EBITDA Margin (Adj) (%) | 8.3 | 7.0 | 7.0 | 6.0 | 5.4 | Payout ratio (%) | 32 | 28 | 21 | 36 | 44 |
| Depreciation | -1,828 | -2,442 | -4,427 | -9,996 | -14,253 | ROE (%) | 34.9 | 48.0 | 49.2 | 47.6 | 38.3 |
| Amortisation | -176 | -248 | 0 | 0 | 0 | Cashflow (NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E |
| EBIT (Adj) | 28,099 | 63,918 | 100,787 | 153,411 | 187,383 | EBITDA | 30,103 | 66,608 | 105,214 | 163,408 | 201,636 |
| EBIT Margin (Adj) (%) | 7.8 | 6.7 | 6.7 | 5.7 | 5.0 | Working capital | -44,774 | -54,433 | -129,781 | -31,290 | -32,798 |
| Net interest | -23 | -2,113 | -5,693 | -6,200 | -5,900 | Other | -5,323 | -12,799 | -24,827 | -38,452 | -45,692 |
| Associates | 22 | 266 | 1,649 | -28 | -28 | Operating cashflow | -19,993 | -624 | -49,394 | 93,666 | 123,146 |
| Non-Op/Except/Other Adj | 733 | 3,981 | 263 | 200 | 200 | Capex | -4,891 | -13,674 | -35,852 | -25,200 | -25,200 |
| Pre-tax profit | 28,830 | 66,052 | 97,005 | 147,383 | 181,655 | Net acq/disposals | -1,256 | -2,319 | -4,301 | 0 | 0 |
| Tax | -6,054 | -14,934 | -21,046 | -32,424 | -39,964 | Other | 492 | 2,227 | 0 | 0 | 0 |
| Extraord./Min.Int./Pref.div. | 0 | 0 | 0 | 0 | 0 | Investing cashflow | -5,655 | -13,766 | -40,152 | -25,200 | -25,200 |
| Reported net profit | 22,776 | 51,118 | 75,960 | 114,959 | 141,691 | Dividends paid | -7,343 | -13,752 | -26,834 | -39,874 | -60,346 |
| Net Margin (%) | 6.3 | 5.4 | 5.0 | 4.2 | 3.8 | Financing cashflow | 36,316 | 56,188 | 55,276 | 5,360 | 5,043 |
| Core NPAT | 22,776 | 51,118 | 75,960 | 114,959 | 141,691 | Net change in cash | 10,834 | 41,605 | -34,271 | 73,825 | 102,989 |
| Per share data | 2024 | 2025 | 2026E | 2027E | 2028E | Free cashflow to s/holders | -24,884 | -14,299 | -85,246 | 68,466 | 97,946 |
| Reported EPS ($) | 124.46 | 265.14 | 231.33 | 197.75 | 243.74 | ||||||
| Core EPS ($) | 124.46 | 265.14 | 231.33 | 197.75 | 243.74 | ||||||
| DPS ($) | 39.51 | 74.00 | 48.04 | 71.39 | 108.04 | ||||||
| CFPS ($) | -109.26 | -3.24 | -150.43 | 161.12 | 211.84 | ||||||
| FCFPS | -135.98 | -74.17 | -259.61 | 117.77 | 168.49 | ||||||
| ($) BVPS ($) | 462.18 | 646.40 | 316.75 | 514.51 | 758.24 | ||||||
| Wtd avg ord shares (m) | 178 | 186 | 311 | 560 | 560 | ||||||
| Wtd avg diluted shares (m) | 183 | 193 | 328 | 581 | 581 | ||||||
| Growth rates | 2024 | 2025 | 2026E | 2027E | 2028E | ||||||
| Sales revenue (%) | 49.0 | 163.7 | 58.9 | 79.7 | 38.2 | ||||||
| EBIT (Adj) (%) | 77.1 | 127.5 | 57.7 | 52.2 | 22.1 | ||||||
| Core NPAT (%) | 89.1 | 124.4 | 48.6 | 51.3 | 23.3 | ||||||
| Core EPS (%) | 81.2 | 113.0 | -12.8 | -14.5 | 23.3 | ||||||
| Balance Sheet (NT$m) | 2024 | 2025 | 2026E | 2027E | 2028E | ||||||
| Cash & cash equiv. | 48,329 | 89,934 | 55,663 | 129,488 | 232,477 | ||||||
| Accounts receivables | 37,649 | 76,888 | 137,451 | 162,652 | 189,298 | ||||||
| Inventory | 86,211 | 136,257 | 321,149 | 373,800 | 430,517 | ||||||
| Net fixed & other | 16,112 | 29,606 | 61,921 | 77,124 | 88,071 | ||||||
| tangibles Goodwill & intangibles | 174 | 229 | 488 | 488 | 488 | ||||||
| Financial & other assets | 2,203 | 5,274 | 182,063 | 202,622 | 224,361 | ||||||
| Total assets | 190,679 | 338,189 | 758,734 | 946,174 | 1,165,212 | ||||||
| Accounts payable | 53,585 | 79,366 | 261,163 | 309,764 | 362,118 | ||||||
| Short-term debt | 6,125 | 72,197 | 136,270 | 136,270 | 136,270 | ||||||
| Long-term debt | 22,004 | 27,985 | 35,310 | 40,669 | 45,712 | ||||||
| Provisions & other liab | 20,762 | 33,989 213,537 | 141,852 | 160,373 | 180,324 | ||||||
| Total liabilities | 102,476 | 574,595 | 647,077 | 724,424 | |||||||
| Shareholders' equity Minority interests | 88,203 0 | 124,653 | 184,139 | 299,098 | 440,788 0 | ||||||
| 0 | 0 | 0 | |||||||||
| Total equity | 88,203 | 124,653 10,248 | 184,139 115,917 | 299,098 47,451 | 440,788 -50,495 | ||||||
| Net debt (Adj) | -20,200 | ||||||||||
| Net debt to equity (Adj) (%) For definitions of the items in this table, | -22.9 please click here. | 8.2 | 63.0 | 15.9 | -11.5 |
Figure 2. Wiwynn - Earnings Revisions
| (NT$mn) | 3Q26E - New | 3Q26E - Old | 3Q26E - Chg. | 4Q26E - New | 4Q26E - Old | 4Q26E - Chg. | 2026E - New | 2026E - Old | 2026E - Chg. | 2027E - New | 2027E - Old | 2027E - Chg. | 2028E - New | 2028E - Old | 2028E - Chg. |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 434,618 | 363,350 | 20% | 521,168 | 416,705 | 25% | 1,510,447 | 1,334,716 | 13% | 2,714,7022,204,264 | 23% | 3,751,1012,620,258 | 43% | ||
| Sequential growth (%) | 56% | 31% | 20% | 15% | 59% | 40% | 80% | 65% | 38% | 19% | |||||
| Gross profit | 37,715 | 30,331 | 24% | 44,452 | 32,787 | 36% | 128,811 | 107,130 | 20%205,798 | 171,618 | 20%256,021 | 195,521 | 31% | ||
| Opex | 8,665 | 5,141 | 69% | 10,391 | 5,626 | 85% | 28,025 | 18,640 | 50% | 52,387 | 30,625 | 71% | 68,638 | 33,861 | 103% |
| Operating profit | 29,050 | 25,190 | 15% | 34,060 | 27,161 | 25% | 100,787 | 88,489 | 14% | 153,411 | 140,993 | 9% | 187,383 | 161,659 | 16% |
| Pre-tax profit | 27,543 | 25,078 | 10% | 32,554 | 26,946 | 21% | 97,005 | 88,447 | 10% | 147,383 | 140,087 | 5% | 181,655 | 160,728 | 13% |
| Net income | 21,484 | 19,561 | 10% | 25,392 | 21,287 | 19% | 75,960 | 68,644 | 11% | 114,959 | 108,666 | 6% | 141,691 | 124,642 | 14% |
| EPS (NT$) | 64.72 | 35.29 | 83% | 43.68 | 38.40 | 14% | 231.33 | 123.83 | 87% | 197.75 | 178.21 | 11% | 243.74 | 204.41 | 19% |
| Gross margin (%) | 8.7% | 8.3% | +0.3 ppt | 8.5% | 7.9% | +0.7 ppt | 8.5% | 8.0% | +0.5 ppt | 7.6% | 7.8% | -0.2 ppt | 6.8% | 7.5% | -0.6 ppt |
| Opex ratio (%) | 2.0% | 1.4% | +0.6 ppt | 2.0% | 1.4% | +0.6 ppt | 1.9% | 1.4% | +0.5 ppt | 1.9% | 1.4% | +0.5 ppt | 1.8% | 1.3% | +0.5 ppt |
| Operating margin (%) | 6.7% | 6.9% | -0.2 ppt | 6.5% | 6.5% | +0.0 ppt | 6.7% | 6.6% | +0.0 ppt | 5.7% | 6.4% | -0.7 ppt | 5.0% | 6.2% | -1.2 ppt |
| Net margin (%) | 4.9% | 5.4% | -0.4 ppt | 4.9% | 5.1% | -0.2 ppt | 5.0% | 5.1% | -0.1 ppt | 4.2% | 4.9% | -0.7 ppt | 3.8% | 4.8% | -1.0 ppt |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Citi Research Estimates
Figure 1. Wiwynn - 3Q26 Results Preview
| (NT$mn) | 3Q26 Citi | 2Q26 Actual | Q/Q | 3Q25 Actual | Y/Y | 3Q26 Cons. | Diff. |
|---|---|---|---|---|---|---|---|
| Revenue | 434,618 | 278,153 | 56% | 266,824 | 63% | 389,603 | 12% |
| Gross profit | 37,715 | 25,763 | 46% | 23,532 | 60% | 32,458 | 16% |
| Gross margin | 8.7% | 9.3% | -0.6 ppt | 8.8% | -0.1 ppt | 8.3% | +0.3 ppt |
| Op. profit | 29,050 | 20,218 | 44% | 19,572 | 48% | 25,819 | 13% |
| OP margin | 6.7% | 7.3% | -0.6 ppt | 7.3% | -0.7 ppt | 6.6% | +0.1 ppt |
| Net income | 21,484 | 14,969 | 44% | 15,411 | 39% | 19,737 | 9% |
| EPS (NT$) | 64.72 | 72.23 | -10% | 79.91 | -19% | 35.04 | 85% |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Citi Research Estimates, Bloomberg, Company reports Prepared for [讀者資訊已遮蔽]
Figure 3. Wiwynn - Forecast Summary
| NT$mn | 1Q26 | 2Q26 | 3Q26E | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 276,508 | 278,153 | 434,618 | 521,168 | 621,358 | 650,129 | 715,461 | 727,754 | 163,600 | 186,928 | 192,626 | 292,876 | 241,901 | 360,541 | 950,663 | 1,510,447 | 2,714,702 | 3,751,101 |
| Gross profit | 20 , 881 | 25, 763 | 37 , 7 15 | 44,452 | 45, 7 18 | 48, 595 | 55, 128 | 56, 357 | 1 1 , 349 | 15,301 | 15,621 | 23,979 | 22,657 | 37 , 400 | 78,454 | 128, 81 1 | 205,798 | 256,021 |
| OPEX | 3,423 | 5,545 | 8,665 | 10,391 | 11,990 | 12,546 | 13,807 | 14,044 | 3,188 | 4,059 | 4,234 | 6,145 | 6,787 | 9,301 | 14,537 | 28,025 | 52,387 | 68,638 |
| Operating profit | 1 7 , 458 | 20,218 | 29,050 | 34,060 | 33,727 | 36,049 | 41 , 321 | 42,313 | 8, 160 | 1 1 , 242 | 1 1 , 387 | 1 7 , 834 | 15, 87 1 | 28,099 | 63,918 | 100,787 | 153,411 | 187 , 383 |
| Total Non-OP | 476 | (1,244) | (1,507) | (1,506) | (1,508) | (1,507) | (1,507) | (1,506) | (402) | (354) | (391) | 63 | (427) | 731 | 2,135 | (3,781) | (6,028) | (5,728) |
| Pre-tax profit | 17,934 | 18,974 | 27,543 | 32,554 | 32,219 | 34,542 | 39,814 | 40,807 | 7,758 | 10,887 | 10,996 | 17,897 | 15,444 | 28,830 | 66,052 | 97,005 | 147,383 | 181,655 |
| Income tax | 3,820 | 4,005 | 6,059 | 7,162 | 7,088 | 7,599 | 8,759 | 8,978 | 1,589 | 2,278 | 2,348 | 3,723 | 3,400 | 6,054 | 14,934 | 21,046 | 32,424 | 39,964 |
| tax rate | 21% | 21% | 22% | 22% | 22% | 22% | 22% | 22% | 20% | 21% | 21% | 21% | 22% | 21% | 23% | 22% | 22% | 22% |
| Net profit | 14, 114 | 14,969 | 21 , 484 | 25,392 | 25, 131 | 26, 943 | 31 , 055 | 31 , 830 | 6, 169 | 8,610 | 8, 648 | 14, 175 | 12,044 | 22,776 | 51 , 1 18 | 75,960 | 1 14, 959 | 141 , 691 |
| EPS (NT$) | 73. 16 | 7 2. 23 | 64. 7 2 | 43. 68 | 43. 23 | 46. 35 | 53. 42 | 54. 75 | 36. 3 | 49. 1 | 49. 3 | 80 . 8 | 68. 7 | 124. 5 | 265. 1 | 231 . 3 | 197 . 8 | 243. 7 |
| Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) | Margins (%) |
| Gross profit | 7 .6 | 9. 3 | 8. 7 | 8. 5 | 7 .4 | 7 .5 | 7 . 7 | 7 . 7 | 6. 9 | 8. 2 | 8. 1 | 8. 2 | 9. 4 | 10.4 | 8. 3 | 8. 5 | 7 .6 | 6. 8 |
| OPEX to Sales Ratio | 1.2 | 2.0 | 2.0 | 2.0 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 2.2 | 2.2 | 2.1 | 2.8 | 2.6 | 1.5 | 1.9 | 1.9 | 1.8 |
| Operating profit | 6. 3 | 7 .3 | 6. 7 | 6. 5 | 5. 4 | 5. 5 | 5. 8 | 5. 8 | 5.0 | 6. 0 | 5. 9 | 6. 1 | 6. 6 | 7 .8 | 6. 7 | 6. 7 | 5. 7 | 5.0 |
| Pre-tax profit | 6.5 | 6.8 | 6.3 | 6.2 | 5.2 | 5.3 | 5.6 | 5.6 | 4.7 | 5.8 | 5.7 | 6.1 | 6.4 | 8.0 | 6.9 | 6.4 | 5.4 | 4.8 |
| Net profit | 5. 1 | 5. 4 | 4.9 | 4.9 | 4.0 | 4. 1 | 4.3 | 4.4 | 3.8 | 4.6 | 4.5 | 4.8 | 5.0 | 6. 3 | 5. 4 | 5.0 | 4.2 | 3.8 |
| Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) | Y/Y(%) |
| Net sales | 62.0 | 26.0 | 62.9 | 78.2 | 124.7 | 133.7 | 64.6 | 39.6 | (9.6) | 14.3 | 3.0 | 52.0 | (17.4) | 49.0 | 163.7 | 58.9 | 79.7 | 38.2 |
| Gross profit | 40.6 | 36.0 | 60.3 | 110.4 | 118.9 | 88.6 | 46.2 | 26.8 | 6.6 | 34.8 | 2.1 | 53.5 | (5.5) | 65.1 | 109.8 | 64.2 | 59.8 | 24.4 |
| OPEX | 19.3 | 82.2 | 118.8 | 122.8 | 250.3 | 126.2 | 59.3 | 35.1 | (10.1) | 27.3 | 4.3 | 45.1 | 10.4 | 37.1 | 56.3 | 92.8 | 86.9 | 31.0 |
| Operating profit | 45.7 | 27.2 | 48.4 | 106.9 | 93.2 | 78.3 | 42.2 | 24.2 | 14.9 | 37.8 | 1.3 | 56.6 | (11.0) | 77.1 | 127.5 | 57.7 | 52.2 | 22.1 |
| Pre-tax profit | 43.2 | 20.7 | 35.3 | 86.5 | 79.7 | 82.1 | 44.6 | 25.4 | 9.4 | 40.3 | 1.0 | 62.8 | (13.7) | 86.7 | 129.1 | 46.9 | 51.9 | 23.3 |
| Net profit | 44.1 | 23.5 | 39.4 | 84.1 | 78.1 | 80.0 | 44.6 | 25.4 | 10.6 | 39.6 | 0.4 | 63.9 | (15.0) | 89.1 | 124.4 | 48.6 | 51.3 | 23.3 |
| Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) | Q/Q(%) |
| Net sales | (5.4) | 0.6 | 56.3 | 19.9 | 19.2 | 4.6 | 10.0 | 1.7 | ||||||||||
| Gross profit | (1.2) | 23.4 | 46.4 | 17.9 | 2.8 | 6.3 | 13.4 | 2.2 | ||||||||||
| Operating profit | 6.0 | 15.8 | 43.7 | 17.2 | (1.0) | 6.9 | 14.6 | 2.4 | ||||||||||
| Pre-tax profit | 2.7 | 5.8 | 45.2 | 18.2 | (1.0) | 7.2 | 15.3 | 2.5 | ||||||||||
| Net profit | 2.3 | 6.1 | 43.5 | 18.2 | (1.0) | 7.2 | 15.3 | 2.5 |
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Citi Research Estimates, Company Reports Prepared for [讀者資訊已遮蔽]
Bull/Bear: Wiwynn (6669.TW)
Prepared for [讀者資訊已遮蔽]
Wiwynn
Company description
Established in April 2012 and listed in March 2019, Wiwynn is one of the leading cloud infrastructure providers focusing on servers, storage, and rack solutions for global CSPs' data centers. Key customers include Microsoft, Meta Platforms, and Amazon, which together accounted for >90% of sales with tier-2 CSPs accounting for single-digit percentage of sales. Wiwynn used to be running at an asset-light business model but has expanded capacity for server motherboard manufacturing and rack final assembly on its own in recent years, increasing in-house supply ratio.
Investment strategy
We rate Wiwynn as Buy. We expect the secular growth in global data center and cloud-based IP traffic to act as a key driver for Wiwynn in years to come. We expect Wiwynn to benefit from data center growth amid rising ODM Direct/white-box server adoption. With order momentum having started to recover since 4Q23, we see Wiwynn's growth being backed by continuous rollouts of data centers from existing customers and new project wins from Amazon.
Valuation
Our target price for Wiwynn is NT$3,200. We value Wiwynn based on PE as we believe the company's earnings performance and industry dynamics will be the key focus areas for the market. Our TP is based on 16x 2027E EPS, which is at the top end of the historical trading range since listing and above the average PE multiple of the peer group. We believe our target multiple is justified by the company's 100% exposure to data centers, rising scale, and robust earnings growth, as well as stabilizing ROE.
Risks
Key downside risks that could cause Wiwynn's shares to trade below our target price include: 1) Potential volatility in capex deployment; 2) Component price hike; 3) Peer competition; and 4) FX volatility.
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