PDF 原檔：報告_GS_緯穎6669_20260731_original.pdf
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| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
260731_gs_wiwynn_002.png |
45KB | 真資料圖 | Price Performance 股價走勢圖：6669.TW（NT$）vs. Taiwan SE Weighted Index，Oct-25 至 Jul-26，下方附 3m/6m/12m 絕對與相對報酬表 |
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50KB | 真資料圖 | 2025-26 月營收趨勢長條圖＋YoY 折線（右軸），Jan 至 Sep(E)，Jul/Aug/Sep(E) 以淺色標示預估 |
260731_gs_wiwynn_005.png |
59KB | 真資料圖 | Wiwynn 12M forward P/E 走勢圖（Jan-20 至 2026），標示 +1std 18x／avg 15x／-1std 12x 三條水平線 |
260731_gs_wiwynn_006.png |
90KB | 真資料圖 | Goldman Sachs rating and stock price target history：股價（左軸）與目標價沿革（藍點，2023-2026），Rating NA→B（2023/10/3 起 Buy） |
260731_gs_wiwynn_001.png |
22KB | 裝飾·logo·banner | <40KB 未逐張 Read，預設 logo（GS Forecast 表格區塊小標） |
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31KB | 裝飾·logo·banner | <40KB 未逐張 Read，預設 logo（Peers 相關係數圖區塊小標） |
原始內容
For the exclusive use of KEVINLU@LENOVO.COM
Wiwynn (6669.TW)
New GPU and ASIC AI servers to drive growth ahead; TP up to NT$10,000; Buy
6669.TW
12m Pri c e Target:
NT$10,000.00
Pri c e:
NT$5,390.00
Upside:
85.5%
We are positive on Wiwynn and expect its revenues to grow at 32% CAGR in 2026-28E driven by (1) customers' AI spending, which we expect aggregate capex from leading US CSPs to grow at 21% CAGR in 2026-28E (Global Server TAM June updates), (2) potential further customer expansion in leading US CSPs on its strong R&D and resources focus on servers, (3) potential AI server SKU expansion (e.g. AMD AI server racks), and (4) solid demand from general servers driven by agentic AI. We raise TP to NT$10,000 with net income raised by 7% / 11% / 14% in 2026-28E and our target PE multiple increased to 20.0x (vs. 15.8x previously). Maintain Buy.
3-month revenue preview: June revenue was NT$111bn (+33% MoM, +30% YoY), or 22% higher than our estimate, re fl ecting strong general servers demand driven by agentic AI. We expect sequential monthly revenue growth in Jul-Sep, supported by new generation of GPU and ASIC AI server models which carry better ASP and ongoing general servers demand. The company's 2Q26 revenues were +1% QoQ, given lower AI server contribution and general servers moving to a consign business model under strong memory costs, and we expect 3Q26 revenues to grow at +28% QoQ with more AI servers ramping up. We expect potential further customer expansion in leading US CSPs and potential AI servers SKUs expansion to continue support its growth in longer term.
BUY
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.
Key Data _____________________________________
Market cap: NT$942.4bn / $29.0bn Enterprise value: NT$1.0tr / $31.1bn 3m ADTV: NT$10.4bn / $327.9mn Taiwan
Greater China Technology
M&A Rank: 3
Leases incl. in net debt & EV?: Yes
| GS Forecast | 12/25 | __________ 12/26E | 12/27E | 12/28E |
|---|---|---|---|---|
| Revenue(NT$mn) New | 950,663.3 | 1,424,274.3 | 2,173,318.1 | 2,477,005.3 |
| Revenue (NT$ mn) Old | 950,663.3 | 1,306,498.6 | 1,946,709.3 | 2,190,795.4 |
| EBITDA (NT$ mn) EPS(NT$) New | 66,607.9 275.06 | 93,705.2 363.32 | 131,070.5 518.82 | 155,635.3 610.90 |
| EPS (NT$) Old | 275.06 | 341.06 | 469.23 | 534.87 |
| 10.4 | 8.8 | |||
| P/E (X) P/B (X) | 10.5 4.1 | 14.8 6.0 | 4.7 | 3.7 |
| 3.8 | 5.4 | 6.3 | ||
| Dividend yield (%) | 5.3 | |||
| CROCI (%) | 59.7 | 52.8 | 55.4 | 50.2 |
| 3/26 | 6/26E | 9/26E | 12/26E | |
| EPS (NT$) | 75.95 | 79.33 | 99.33 | 108.71 |
Source: Company data, Goldman Sachs Research estimates. See disclosures for details.
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 e92c7a75ab8b4efbba794e6b187208c8
For the exclusive use of KEVINLU@LENOVO.COM
BUY
Wiwynn (6669.TW)
Rating since Oct 3, 2023
Ratios & Valuation __________________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| P/E (X) | 10.5 | 14.8 | 10.4 | 8.8 |
| P/B (X) | 4.1 | 6.0 | 4.7 | 3.7 |
| FCF yield (%) | (1.1) | (3.0) | 4.3 | 6.8 |
| EV/EBITDAR (X) | 8.2 | 11.4 | 8.1 | 6.7 |
| EV/EBITDA (excl. leases) (X) | 8.2 | 11.4 | 8.1 | 6.7 |
| CROCI (%) | 59.7 | 52.8 | 55.4 | 50.2 |
| ROE (%) | 48.0 | 48.0 | 53.8 | 49.6 |
| Net debt/equity (%) | 8.2 | 42.8 | 29.5 | 16.7 |
| Net debt/equity (excl. leases) (%) | 8.2 | 42.8 | 29.5 | 16.7 |
| Interest cover (X) | 32.1 | 16.2 | 41.9 | 49.8 |
| Days inventory outst , sales | 42.7 | 53.5 | 53.9 | 54.8 |
| Receivable days | 22.0 | 25.0 | 20.0 | 20.0 |
| Days p ayable outstandin g | 27.8 | 35.0 | 34.0 | 33.0 |
| DuPont ROE (%) | 41.0 | 43.1 | 47.7 | 44.4 |
| Turnover (X) | 2.8 | 3.0 | 3.9 | 3.9 |
| L evera g e (X) | 2.7 | 3.0 | 2.8 | 2.5 |
| G ross cas h invested (ex cas h ) (NT $ ) | 124 , 690.6 | 161 , 112.9 | 211 , 753.2 | 271 , 351.6 |
| Avera g e ca p ital e mp loyed (NT $ ) | 101 , 451.8 | 179 , 258.0 | 242 , 750.1 | 280 , 281.8 |
| BVP S (NT $ ) | 709.57 | 891.31 | 1 , 154.45 | 1 , 460.19 |
Growth & Margins (%) ______________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| Total revenue growth | 163.7 | 49.8 | 52.6 | 14 |
| EBITDA growth | 121.3 | 40.7 | 39.9 | 18.7 |
| EPS growth | 116.1 | 32.1 | 42.8 | 17.7 |
| DPS growth | 95.9 | 32.1 | 43.2 | 17.7 |
| EBIT margin | 6.7 | 6.3 | 5.8 | 6 |
| EBITDA margin | 7 | 6.6 | 6 | 6.3 |
| Net income margin | 5.4 | 4.7 | 4.4 | 4.6 |
Price Performance __________________________________________
Absolute
Rel. to the Ta
i
wan SE We
i
ghted Index
Source: FactSet. Price as of 31 Jul 2026 close.
Income Statement (NT$ mn) ________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| To t a l r e v e nu e | 950,663.3 | 1,424,274.3 | 2,173,318.1 | 2,477,005.3 |
| Cost of goods sold | (872,209.3) | (1,314,508.7) | (2,019,425.2) | (2,298,689.8) |
| SG&A | (5,118.6) | (8,399.8) | (12,658.1) | (12,990.3) |
| R&D | (9,417.9) | (12,156.5) | (15,213.2) | (15,605.1) |
| Ot h er operating inc./(exp.) | -- | -- | -- | -- |
| E BITDA | 66 , 6 0 7 .9 | 93, 7 0 5 . 2 | 1 3 1 ,0 7 0. 5 | 155 , 6 3 5 .3 |
| Depreciation& amortization | (2,690.4) | (4,495.9) | (5,049.0) | (5,915.2) |
| E BIT | 6 3,9 17 . 5 | 8 9, 2 09.3 | 126 ,0 21 . 5 | 1 49, 72 0. 1 |
| Net interest inc./(exp.) | (881.4) | (4,340.9) | (2,408.8) | (2,277.0) |
| Income/(loss) from associates | 179.6 | -- | -- | -- |
| Pre-tax pro fi t | 66 ,0 52 .3 | 86 ,40 1 . 8 | 12 3, 612 . 7 | 1 4 7 ,443.0 |
| Provision for taxes | (14,934.2) | (18,882.8) | (27,194.8) | (33,911.9) |
| Minority interest | -- | -- | -- | -- |
| Preferred dividends | -- | -- | -- | -- |
| N et inc . ( pre-ex c ept i o n a ls) | 51 , 118 . 2 | 67 , 51 9.0 | 9 6 ,4 17 .9 | 11 3, 5 3 1 . 1 |
| Post-tax exceptionals | -- | -- | -- | -- |
| N et inc . ( po s t-ex c ept i o n a ls) | 51 , 118 . 2 | 67 , 51 9.0 | 9 6 ,4 17 .9 | 11 3, 5 3 1 . 1 |
| E P S(b a sic , pre-ex c ept ) (N T $) | 275 .0 6 | 3 6 3.3 2 | 518 . 82 | 61 0.90 |
| E P S(dilu te d , pre-ex c ept ) (N T $) | 265 . 1 4 | 3 5 0. 1 3 | 499.9 8 | 588 . 7 3 |
| E P S(b a sic , po s t-ex c ept ) (N T $) | 275 .0 6 | 3 6 3.3 2 | 518 . 82 | 61 0.90 |
| E P S(dilu te d , po s t-ex c ept ) (N T $) | 265 . 1 4 | 3 5 0. 1 3 | 499.9 8 | 588 . 7 3 |
| DPS (NT$) | 153.39 | 202.61 | 290.23 | 341.56 |
| Div. payout ratio (%) | 55.8 | 55.8 | 55.9 | 55.9 |
| Balance Sheet (NT$ mn) | 12/25 | ______ 12/26E | 12/27E | 12/28E |
| C a sh& c a sh equiv a lents | 89,933.8 | 33,145.8 | 40,467.3 | 57,356.9 |
| Accounts receiv a ble | 76,888.5 | 118,217.6 | 119,954.3 | 151,498.4 |
| Inventory | 136,257.0 | 281,504.6 | 360,285.3 | 382,852.8 |
| Other current a ssets | 3,897.5 | 3,897.5 | 3,897.5 | 3,897.5 |
| Total current assets | 30 6 ,9 76 .9 | 43 6 , 765 . 5 | 52 4, 6 04.4 | 5 9 5 , 6 0 5 . 5 |
| Net PP&E | 20,848.4 | 25,224.4 | 28,872.8 | 29,290.7 |
| Net int a ngibles | 229.2 | 2.9 | 98.8 | 58.1 |
| Tot a l investments | 84.2 | 84.2 | 84.2 | 84.2 |
| Other long-term a ssets | 10,050.7 | 10,050.7 | 10,050.7 | 10,050.7 |
| Total assets | 33 8 , 18 9.3 | 4 72 , 127 . 7 | 56 3, 71 0. 8 | 6 3 5 ,0 8 9.3 |
| Accounts p a y a ble | 79,365.6 | 172,731.9 | 203,489.8 | 212,163.7 |
| Short-term debt | 72,197.2 | 72,197.2 | 72,197.2 | 72,197.2 |
| Short-term le a se li a bilities | -- | -- | -- | -- |
| Other current li a bilities | 28,090.7 | 36,736.4 | 51,970.5 | 60,991.7 |
| Total current liabilities | 17 9, 65 3. 6 | 281 , 665 . 6 | 3 27 , 657 . 5 | 34 5 ,3 52 . 7 |
| Long-term debt | 27,984.6 | 27,984.6 | 27,984.6 | 27,984.6 |
| Long-term le a se li a bilities | -- | -- | -- | -- |
| Other long-term li a bilities | 5,898.3 | 5,898.3 | 5,898.3 | 5,898.3 |
| Total long-term liabilities | 33, 88 3.0 | 33, 88 3.0 | 33, 88 3.0 | 33, 88 3.0 |
| Total liabilities | 21 3, 5 3 6 . 6 | 3 15 , 5 4 8 . 5 | 3 61 , 5 40.4 | 3 7 9, 2 3 5 . 6 |
| Preferred sh a res | -- | -- | -- | -- |
| Tot a l commonequity | 124,652.8 | 156,579.1 | 202,170.4 | 255,853.6 |
| Minority interest | -- | -- | -- | -- |
| Net debt, a djusted | 10,248.0 | 67,036.1 | 59,714.6 | 42,825.0 |
Cash Flow (NT$ mn) ________________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| Net income | 51,118.2 | 67,519.0 | 96,417.9 | 113,531.1 |
| D&Aadd-back | 2,690.4 | 4,495.9 | 5,049.0 | 5,915.2 |
| Minority interest add-back | -- | -- | -- | -- |
| Net (inc)/dec working capital | (63,505.3) | (93,210.4) | (49,759.5) | (45,437.6) |
| Other operating cash flow | 9,072.3 | -- | -- | -- |
| Cash flow fro m operations | ( 62 4. 5 ) | ( 21 , 1 9 5 . 5 ) | 51 , 7 0 7 .4 | 7 4,00 8 . 8 |
| Capital expenditures | (5,334.7) | (8,545.6) | (8,693.3) | (6,192.5) |
| Acquisitions | -- | (100.0) | (100.0) | (100.0) |
| Divestitures | 57.7 | -- | -- | -- |
| Others | (8,489.1) | -- | -- | -- |
| Cash flow fro m investing | ( 1 3, 766 . 2 ) | ( 8 , 6 4 5 . 6 ) | ( 8 , 7 93.3) | ( 6 , 2 9 2 . 5 ) |
| Repayment of lease liabilities | -- | -- | -- | -- |
| Dividends paid(common& pref) | (13,752.2) | (26,946.9) | (35,592.6) | (50,826.6) |
| Inc/(dec) in debt | 72,053.4 | -- | -- | -- |
| Other financing cash flows | (2,305.2) | 0.0 | 0.0 | 0.0 |
| Cash flow fro m financing | 55 ,99 6 .0 | ( 26 ,94 6 .9) | (3 5 , 5 9 2 . 6 ) | ( 5 0, 826 . 6 ) |
| Total cash flow | 4 1 , 6 0 5 .3 | ( 56 , 788 .0) | 7 ,3 21 . 5 | 16 , 88 9. 6 |
| Free cash flow | (5,959.2) | (29,741.1) | 43,014.1 | 67,816.2 |
Source: Company data, Goldman Sachs Research estimates.
e92c7a75ab8b4efbba794e6b187208c8
cambre le wiwymmontly revenue tenu
Exntoll s. Earnings revision
Exmoll < we expect wiwyn s sul revenue growll to be too lo toll t<mom
NTSm
Apr-26
NT m
- 2025-26 Monthly revenues
Revenue
140,000
GP
YoY
2026E
New
May-26
30%
MoM/ QoQ
84,050
100,843
GS estimates (NT
OP
120,000
Net income
Margins
Actvs. GS
100,000
GM
OPM
80,000
NM
60,000
40,000
20,000
For the exclusive use of KEVINLU@LENOVO.COM
-16%
109,766
89,850
83,907
63,383
-8%
7.7%
6.4%
4.9%
18%
89,209
2%
95,646
- 12%
67,519
7.7%
6.3%
4.7%
2Q, 26
2028E
New
2,477,005
278,153
178,316
26%
Chg
2027E
June-26 July-26(E) Aug-26(E) Sep-26(E)
Chg
9%
111,371
114,056
9%
6%
New
35%
2,173,318
250%
117,620
153,893
23%
12%
12%
126,022
Old
2, 190,795
124,748
157,721
45%
Old
-YoY (RHS)
1,946,709
137,690
30%
3%
200%
3Q 26E |
356,423
Chg
13%
13%
34%
14%
28%
6%
33%
1%
2%
11%
131,712
149,720
Exhibit 1: Wiwynn monthly revenue trend
Oppts
-0.2ppts|
8%
14%
-0. 1ppts
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 2: We expect Wiwynn's Jul revenue growth to be +35% YoY/ +2% MoM
Source: Company data, Goldman Sachs Global Investment Research
Earnings revision: We factor in Wiwynn's June revenue and raise our 2026-28E net income by 7% / 11% / 14%, mainly on higher revenues. Our 2026-28E revenues are revised up by 9% / 12% / 13%, given the strong results in June rea ffi rming our positive view on AI servers and general servers demand, AI servers dollar content increase, and Wiwynn's potential expansion in leading US CSPs and AI servers SKUs. Our 2026-28E opex ratios are revised up, mainly on higher R&D expense to support the GPU and ASIC AI server product migration towards more complex architecture with higher computing density.
Exhibit 3: Earnings revision
Source: Company data, Goldman Sachs Global Investment Research
e92c7a75ab8b4efbba794e6b187208c8
Camble to nev allu om changes by prouucts
Exmolto. aoe. vo Dioombero consensus
Revenues
NT m
Revenue
Al server - training
Al servers - full racks
Al server - inferencing
GP
Iotal
OP
Old (NTSm)
Net income
General server
Al server - training
Margins
Al servers - full racks
GM
Al server - inferencing
Total
OPM
NM
Change
General server
Al server - training
Al servers - full racks
Al server - inferencing
Total
GM
New
General server
Al server - training
Al servers - full racks
Al server - inferencing
Total
Old
General server
Al server - training
Al servers - full racks
Al server - inferencing
Total
For the exclusive use of KEVINLU@LENOVO.COM
2026E
2026E
BB
806,811
389,287
178,349
2027E
2028E
Diff %
911,651
489,938
1,307,194
49,828
1,424,274
1, 424,274
109,766
89,209
67,519
GS
617,322
1,049,674
2,173,318
9%
2027E
BB
2,172,844
5%
661,674
Diff %
0%
3%
Exhibit 4: Rev and GM changes by products
66,911
371,989
756,579
7.7%
168,000
6.3%
9,931
1,306,499
- 7%
7%
5%
6%
402%
9%
2026E
8%
4%
9%
7%
8%
8%
9%
4%
7%
8%
Oppts
Oppts
Oppts
Oppts
Oppts
| 842,894 970,508 1% | 96,939 |
|---|---|
| 461,509 581,501 | |
| 630,000 623,280 8.0% | 6.9% |
| 12,307 15,507 | 5.7% |
| 1,946,709 2,190,795 6.6% | |
| 5.1% | 4.5% |
| 8% 8% | |
| 6% 6% | |
| 6% 6% | |
| 736% 857% | |
| 12% 2027E 13% 2028E | |
| 9% 9% | |
| 9% 9% | |
| 4% 4% | |
| 7% 7% 7% 7% | |
| 9% 9% 9% | |
| 4% 4% | |
| 7% 7% | |
| 7% 7% | |
| Oppts Oppts Oppts Oppts | |
| Oppts Oppts | |
| Oppts Oppts | |
| Oppts Oppts |
Source: Goldman Sachs Global Investment Research
GSe. vs. Bloomberg consensus: Our GP is 5% / 3% higher than Bloomberg consensus in 2026 / 27E, mainly on higher revenues and GM, re fl ecting our positive view on (1) strong demand from general servers driven by agentic AI, (2) new customer penetration in GPU and ASIC AI servers, and (3) the company's higher exposure to ASIC AI servers which carry better GM compared to GPU AI server racks given lower GPU cost burden and higher customization level.
Exhibit 5: GSe. vs. Bloomberg consensus
Source: Goldman Sachs Global Investment Research, Bloomberg
Valuation: We continue to derive our 12M TP based on near-term P/E, and our 2027E target P/E is updated to 20.0x (vs. 15.8x previously), mainly on higher 2028E net income growth (18% YoY vs. 14% YoY previously), which is still derived from the peers'
1%
e92c7a75ab8b4efbba794e6b187208c8
exmoll o. wiwynn and pees rEa
(NIS m
1Q25
Revenue
Company
30
Gross profit
Ticker
Operating expense
25
Operating income
Rating
Pre tax profit
Net income
2027E PE
20
EPS (NTS)
2027-28E EPS YoY
(1,290)
11,981|
12,523
9,793
52.70
Margins / ratio
15
Gross margin
Inventec
PEG
Pegatron 1 •
Opex ratio
8.7%
-1.7%
Compal —
Operating margin
10
Net margin
QoQI
5
Revenue
Gross profit
0%
Pre tax profit
Net income
EPS
YoY
Revenue
Gross profit
Operating income
Pre tax profit
Net income
EPS
For the exclusive use of KEVINLU@LENOVO.COM
Wiwynn
Inventec
3Q25
4Q 25
266,824
292,440
23,532
King Slide
21,129
(1,195)
2Q25
- TW 2356. TW
(1, 134)
15,899
(1,499)
19,572
15,720
AVC
12,122
Buy
20,351
15,411
65.23
18%
8.6%
-1.4%
Quanta
7.0%
7.2%
5.7%
5.5%
HPE -
Hon Hai
29%
25
Hon Hai
2Q26E
3Q 26E
278, 153
356,423
23,607
(1,702)
2317.TW
19,958
29,935
(2,182)
23/*
24,724
Buy*
Neutral
Wiwynn 12M forward P/E
Quanta
2024
360,541
2025
950,663
2026E
- TW
1,424,274
37,400
78,454
109,766
(9,301)
28,099
Neutral
Compal
4Q26E
2023
513,190
241,901
35,342
22,657
(3,141)
2324.TW
Neutral
21
16,466
27,069
(6, 787)
15,871
(14,537)
63,918
(20,556)
89,209
2027E
2,173,318
153,893
(27,871)
126,022
2028E
(28,595)
149,720
correlation of forward trading P/E and earnings growth. With our updated target P/E and earnings estimates, our 12M TP is raised to NT$10,000 (from NT$7,147 prior). Our new target P/E is above the company's historical avg.+1stv. forward trading P/E, re fl ecting our positive view on Wiwynn's leading position in AI server ODM. Our new TP implied PEG is at 1.1x, which is within peers' range from 0.8x to 1.4x. Maintain Buy. 4.6%
10%
5
20.0 |
82.93
8.8%
1.1
-1.5%
7.3%
5.8%
21%
-5%
1%
28%
Exhibit 6: Peers' correlation between forward year trading P/E and net income growth 28% 24% -10% -14% -11% 3% 2% 13% 5% 4% 27% 25% 25%
35%
24%
27 %
-11%
2%
4%
25%
44%
18%
Exhibit 7: Wiwynn 12M forward P/E
9%
9%
9%
75%
67%
64%
48%
46%
46%
Source: Company data, Goldman Sachs Global Investment Research
Source: Re
Exhibit 8: Wiwynn and pees' PEG
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 9: Wiwynn P&L summary
Source: Company data, Goldman Sachs Global Investment Research
fi nitiv Eikon e92c7a75ab8b4efbba794e6b187208c8
camble 10. wiwylo balancesteel civil le wiws cast now slatement
NTD m
NTD m
Cash flow statement
Balance sheet
Net income
Exhibit 10: Wiwynn's balance sheet
Minorities add-back
Inventory
Other current asset
Net(ine)/dec working capital
Total current assets
Other operating cash flow
Net PP&E
Cash flow from operations
Net intangibles
Total investments
Capital expenditures
(Acquisitions)/divestitures
Other long-term assets
Total as sets
Others
Cash flow from investments
Account payables
Short-term debt
Dividend paid (common & pref)
Other current liabilities
Inc/(dec) in debt
Total current liabilities
Other financing cash flows
Long-term debt
Cash flow from financing
Other long-term liabilities
Total cash flow
Total long-term liabilities
Free cash flow
Total liabilities
Total common equity
Minority intere st
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2023
2023
12,044
37,495
10,363
1,002
0
2024
2024
48,329
37,649
22,776
2,005
0
86,211
2025
2025
89,934
51,118
76,888
2,690
136,257
2026E
2026E
67,519
118.218
33,146
4,496
0
281,505
2027E
2027E
40,467
5,049
96,418
119,954
360,285
2028E
2028E
113.531
57,357
5,915
151,498
382,853
| 0 | |||||
|---|---|---|---|---|---|
| 1,494 (49,902) | 3,897 306,977 (63,505) | 3,897 (93,210) | 3,897 (49,760) | 3 1,897 (45,438) | |
| 173,683 5,128 | 9,072 | 436,765 0 | 524,604 0 | 595,606 0 | |
| 9,163 174 (19,993) | 20,848 229 (624) | 25,224 3 (21,195) | 28,873 99 51,707 | 29,291 58 74,009 | |
| 142 (4,891) | 84 | 84 | (6,193) | ||
| 17 | (5,335) 58 | 84 (8,546) (100) | (8,693) (100) | 84 (100) | |
| 7,517 | 10,051 | 10,051 | 10,051 | 10,051 | |
| 190,679 (781) (5,655) | 338,189 (8,489) (13,766) | 472,128 | 563,711 | 635,089 (6,293) | |
| 53,585 | 79,366 | 172,732 (8,646) | 203,490 (8,793) | 212,164 | |
| (26,947) | (50,827) | ||||
| 6,125 (7,343) | 72,197 (13,752) | 72,197 | 72,197 (35,593) 0 | 72,197 | |
| Share repurchase/issue (change In common stock) | 16,654 16,802 110 | 28,091 76,364 179,654 72,053 0 | 36 i,736 281,666 0 | 51,970 327,657 | 60 1,992 0 |
| 22,004 26,747 | 27, ,985 (2,113) | 27,985 | 27,985 | 345,353 27. ,985 0 | |
| 4,108 36,316 10,668 | 5,898 56,188 41,797 | 5,898 33 (26,947) | 5,898 (35,593) 7,321 | 5 1,898 33 (50 ,827) 16,890 | |
| 26,112 | 33,883 | 1,883 (56,788) (5,959) (29,741) | 33,883 43,014 | 1,883 67 ,816 | |
| 102,476 (24,884) | 213,537 | 315,549 | 361,540 | 379,236 | |
| 124,653 | |||||
| 88,203 | 156,579 | 202,170 | 255,854 |
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 11: Wiwynn's cash fl ow statement
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$10,000. Our target price is based on 20x 2027E P/E, which is derived from PC/server peers' EPS growth vs. P/E
30,179
e92c7a75ab8b4efbba794e6b187208c8
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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 in general server demand; and 3) more severe competition in the server ODM market.
e92c7a75ab8b4efbba794e6b187208c8
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