報告_HSBC_緯穎6669_20260721

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001（22KB）、002（36KB）、004（31KB）、005（33KB）均 <40KB 未 Read，預設 logo/裝飾（52-week price 小圖、price relative 小圖等）。

原始內容

Wiwynn Corporation (6669 TT)

Buy: Better growth visibility into 2027

◆ 2Q26 preview: we expect margin to improve thanks to a more favorable mix and procurement agency measures
◆ 2H26 momentum accelerating with multiple new AI projects in the pipeline in 2027 driving earnings
◆ TP to TWD8,400 from TWD6,400 implies c68% upside; Buy

2Q26 results preview: Wiwynn's 2Q26 reported revenue was TWD 278bn, +1% q-o-q and +26% y-o-y, in line with HSBCe and consensus. In 2Q26, we observed a favorable product mix toward both general servers as well as the procurement agency (also dedicated for general server projects) adopted since April (highlighted in our previous note, AI and general server growth outlook still intact , 8 May 2026). Hence, we now expect margins to see an improvement q-o-q. We estimate its 2Q26 OPM to be c6.5% (q-o-q+22bps), vs. Bloomberg estimates of c6.8%.

Stronger momentum in 2H26-2027 driven by AI revenue: Amazon remains the key driver in 2H26-2027e. We see the Amazon Web Services (AWS) Trainium 3 volume start a meaningful increase in 3Q26 followed by an initial volume of liquid cooling racks in late 2026. We think the AWS liquid-cooled rack shipment will pick up in 2027. There is also next generation Trainium 4 server architecture currently being developed, which we expect to adopt a more complex liquid-cooling and higher chip density architecture vs. current 72-chip/rack design. Nonetheless, we expect limited margin dilution from the highdensity rack projects given the increasing design complexity. Beyond AWS, AMD's Helios platform provides another growth pillar beginning 4Q26 with increasing contribution from two major customers in 2027. W e now forecast Wiwynn's ASIC/GPU server revenue to account for c54%/c25% in 2027, respectively, driving total sales to grow by c102% y-o-y.

General server softness in 3Q26 but stronger growth visibility in 2027: We expect a temporary deceleration in general server shipment due to CPU migration to AMD Venice in 3Q26; this should be offset by the strength of AWS ramp up. Thus, we still expect 3Q26 revenue to increase by 21% q-o-q. We reiterate our view that general server demand will pick up significantly (see Agentic AI is reshaping the server market , 5 Mar 2026), and we continue to observe longer growth visibility for both Intel and AMD x86 servers. We estimate general server shipment to grow by c48%/c20% in 2026/2027, respectively.

Maintain Buy and raise TP to TWD8,400: We raise 2027e EPS by c23% to reflect the strong demand outlook. Our 2027e EPS is c28% above Bloomberg consensus. We roll over the valuation base to 2027e given that we are in July. We apply a target PE multiple of 14x, based on 0.5SD above 2019-2025 average PE, to our 2027e EPS of TWD600.08 (from 2026e of TWD353.17), deriving a rounded TP of TWD8,400 (from TWD6,400). We think the target PE multiple is justified as we estimate a 2026-28 EPS CAGR of 48%, higher than the 2019-25 EPS CAGR of 41%. Our TP implies c68% upside, and therefore we maintain our Buy rating.

Disclosures & Disclaimer

This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it.

Equities Computers & Peripherals

Taiwan

MAINTAIN BUY

TARGET PRICE (TWD)

PREVIOUS TARGET (TWD)

8400.00

6400.00

SHARE PRICE (TWD)

UPSIDE/DOWNSIDE

5000.00

+68.0%

(as of 21 Jul 2026)

MARKET DATA

Market cap (TWDm)	929,204	Free float	40%
Market cap (USDm)	28,772	BBG	6669 TT
3m ADTV (USDm)	346	RIC	6669.TW

FINANCIALS AND RATIOS (TWD)

Year to	12/2025a	12/2026e	12/2027e	12/2028e
HSBC EPS	275.06	348.39	600.08	763.97
HSBC EPS (prev)	275.06	353.17	488.41	648.01
Change (%)	0	-1.4	22.9	17.9
Consensus EPS	273.61	345.76	469.63	563.82
PE (x)	18.2	14.4	8.3	6.5
Dividend yield (%)	2.9	3.7	6.3	8.1
EV/EBITDA (x)	14.1	10.4	6.5	5.2
ROE (%)	48	45.1	55.4	50.4

52-WEEK PRICE (TWD)

Source: LSEG IBES, HSBC estimates

Carol Juan*

Analyst, Technology

HSBC Securities (Taiwan) Corporation Limited carol.cc.juan@hsbc.com.tw +886 2 6631 2862

Lorraine Ou*

Research Associate

HSBC Securities (Taiwan) Corporation Limited lorraine.yt.ou@hsbc.com.tw +886 2 6631 2867

Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA regulations

No country for bears

The 24 th edition of the EM Sentiment Survey

Click to view

Issuer of report: HSBC Securities (Taiwan) Corporation Limited

View HSBC Global Investment Research at:

Financials & valuation: Wiwynn Corporation

Financial statements

Year to	12/2025a	12/2026e	12/2027e	12/2028e
Profit & loss summary (TWDm)
Revenue	950,663	1,305,949	2,633,098	3,402,845
EBITDA	66,610	88,995	153,259	194,374
Depreciation & amortisation	-2,692	-3,957	-5,894	-7,453
Operating profit/EBIT	63,918	85,038	147,365	186,921
Net interest	-2,113	-2,883	-2,635	-2,635
PBT	66,052	83,688	144,831	184,386
HSBC PBT	66,052	83,688	144,831	184,386
Taxation	-14,934	-18,943	-33,311	-42,409
Net profit	51,118	64,744	111,520	141,977
HSBC net profit	51,118	64,744	111,520	141,977
Cash flow summary (TWDm)
Cash flow from operations	-624	48,816	-29,042	52,160
Capex	-13,674	-10,000	-10,000	-10,000
Cash flow from investment	-13,766	-10,038	-10,038	-10,038
Dividends	-13,752	-26,947	-34,130	-58,788
Change in net debt	30,448	-11,869	73,172	16,628
FCF equity	-14,299	38,816	-39,042	42,160
Balance sheet summary (TWDm)
Intangible fixed assets	174	229	229	229
Tangible fixed assets	20,848	26,893	31,002	33,551
Current assets	306,977	373,881	543,117	700,609
Cash & others	89,934	101,803	28,631	12,003
Total assets	337,467	411,138	584,483	744,525
Operating liabilities	113,355	148,506	244,462	321,313
Gross debt	100,182	100,182	100,182	100,182
Net debt	10,248	-1,621	71,551	88,179
Shareholders' funds	124,653	162,450	239,840	323,030
Invested capital	124,711	150,694	301,256	401,074

Year to	12/2025a	12/2026e	12/2027e	12/2028e
Y-o-y %change
Revenue	163.7	37.4	101.6	29.2
EBITDA	121.3	33.6	72.2	26.8
Operating profit	127.5	33.0	73.3	26.8
PBT	129.1	26.7	73.1	27.3
HSBC EPS	117.3	26.7	72.2	27.3
Ratios (%)
Revenue/IC (x)	10.3	9.5	11.7	9.7
ROIC	53.5	47.8	50.2	41.0
ROE	48.0	45.1	55.4	50.4
ROA	20.3	18.1	23.0	21.8
EBITDA margin	7.0	6.8	5.8	5.7
Operating profit margin	6.7	6.5	5.6	5.5
EBITDA/net interest (x)	31.5	30.9	58.2	73.8
Net debt/equity	8.2	-1.0	29.8	27.3
Net debt/EBITDA (x)	0.2	-0.0	0.5	0.5
Per share data (TWD)
EPS Rep (diluted)	275.06	348.39	600.08	763.97
HSBC EPS (diluted)	275.06	348.39	600.08	763.97
DPS	145.00	183.65	316.33	402.73
Book value	670.75	874.14	1290.56	1738.20

Valuation data

Year to	12/2025a	12/2026e	12/2027e	12/2028e
EV/sales	1	0.7	0.4	0.3
EV/EBITDA	14.1	10.4	6.5	5.2
EV/IC	7.5	6.1	3.3	2.5
PE*	18.2	14.4	8.3	6.5
PB	7.5	5.7	3.9	2.9
FCF yield (%)	-1.5	4.2	-4.2	4.5
Dividend yield (%)	2.9	3.7	6.3	8.1

ESG metrics

1.1

2.2

n/a n/a

Environmental Indicators	12/2025a
GHG emission intensity*	1.1
Energy intensity*	2.2
CO 2 reduction policy	Yes
Social Indicators	12/2025a
Employee costs as %of revenues	n/a
Employee turnover (%)	n/a
Diversity policy	No

Source: Company data, HSBC

GHG intensity and energy intensity are measured in kg and kWh respectively against revenue in USD '000s

Issuer information

Share price (TWD)	5000.00
Target price (TWD)	8400.00
RIC (Equity)	6669.TW
Bloomberg (Equity)	6669 TT
Market cap (USDm)	28,772

Price relative

Source: HSBC

Note: Priced at close of 21 Jul 2026

Buy

Governance Indicators	12/2025a
No. of board members	9
Average board tenure (years)	n/a
Female board members (%)	22.2
Board members independence (%)	44.4

Free float	40%
Sector	Computers & Peripherals
Country/Region	Taiwan
Analyst	Carol Juan
Contact	+886 2 6631 2862

Exhibit 1. Wiwynn -Estimate changes

	_	New ___	New ___	__ Old ___	__ Old ___	__ Old ___	__ Change __	__ Change __	__ Change __	HSBC vs Consensus	HSBC vs Consensus	HSBC vs Consensus	__Bloomberg ____	__Bloomberg ____	__Bloomberg ____
(TWDm)	2026e	2027e	2028e	2026e	2027e	2028e	2026e	2027e	2028e	2026e	2027e	2028e	2026e	2027e	2028e
Sales	1,305,949	2,633,098	3,402,845	1,265,342	1,933,177	2,723,538	3%	36%	25%	2%	31%	42% 1,285,113 2,015,632 2,398,760	42% 1,285,113 2,015,632 2,398,760	42% 1,285,113 2,015,632 2,398,760	42% 1,285,113 2,015,632 2,398,760
- y-o-y chg.	37.4%	101.6%	29.2%	33.1%	52.8%	40.9%							35.2%	56.8%	19.0%
Gross profits	102,637	176,942	225,544	103,311	149,560	200,357	-1%	18%	13%	0%	26%	35%	102,655	140,852	167,457
- GM	7.9%	6.7%	6.6%	8.2%	7.7%	7.4%							8.0%	7.0%	7.0%
Operating profits	85,038	147,365	186,921	86,219	120,449	158,970	-1%	22%	18%	1%	27%	35%	84,043	116,064	138,336
- OPM	6.5%	5.6%	5.5%	6.8%	6.2%	5.8%							6.5%	5.8%	5.8%
Net income	64,744	111,520	141,977	65,634	90,767	120,428	-1%	23%	18%	-2%	25%	31%	66,064	89,512	108,345
EPS (TWD)	348.39	600.08	763.97	353.17	488.41	648.01	-1%	23%	18%	0%	28%	35%	349.72	469.02	567.96
- y-o-y chg.	26.7%	72.2%	27.3%	28.4%	38.3%	32.7%							27.1%	34.1%	21.1%

Source: Bloomberg, HSBC estimates

Exhibit 2. Wiwynn -Forward PE band

Exhibit 4. Wiwynn -Quarterly earnings estimates

TWDm	2025	1Q26	2Q26e	3Q26e	4Q26e	2026e	1Q27e	2Q27e	3Q27e	4Q27e	2027e	2028e
Revenue	950,663	276,508	278,152	336,501	414,789	1,305,949	447,364	625,426	737,414	822,893	2,633,098	3,402,845
Gross profits	78,454	20,881	22,766	27,714	31,275	102,637	31,860	40,839	48,648	55,596	176,942	225,544
Operating profits	63,918	17,458	18,177	23,104	26,298	85,038	26,514	33,771	40,536	46,544	147,365	186,921
Non-op income	2,135	476	-559	-609	-659	-1,350	-659	-659	-559	-659	-2,535	-2,535
Pre-tax income	66,052	17,934	17,618	22,496	25,639	83,688	25,855	33,113	39,978	45,885	144,831	184,386
Net income	51,118	14,114	13,566	17,322	19,742	64,744	19,908	25,497	30,783	35,332	111,520	141,977
EPS (TWD)	275.06	75.95	73.00	93.21	106.23	348.39	107.13	137.20	165.64	190.12	600.08	763.97
Ratios
GPM	8.3%	7.6%	8.2%	8.2%	7.5%	7.9%	7.1%	6.5%	6.6%	6.8%	6.7%	6.6%
OPM	6.7%	6.3%	6.5%	6.9%	6.3%	6.5%	5.9%	5.4%	5.5%	5.7%	5.6%	5.5%
NM	5.4%	5.1%	4.9%	5.1%	4.8%	5.0%	4.5%	4.1%	4.2%	4.3%	4.2%	4.2%
QoQ
Revenue		-5%	1%	21%	23%		8%	40%	18%	12%
Gross profits		-1%	9%	22%	13%		2%	-60%	53%	36%
Operating profits		6%	4%	27%	14%		1%	-60%	53%	38%
Net income		2%	-4%	28%	14%		1%	-61%	55%	39%
YoY
Revenue	164%	62%	26%	26%	42%	37%	62%	125%	119%	98%	102%	29%
Gross profits	110%	41%	20%	18%	48%	31%	53%	79%	76%	78%	72%	27%
Operating profits	127%	46%	14%	18%	60%	33%	52%	86%	75%	77%	73%	27%
Net income	124%	44%	12%	12%	43%	27%	41%	88%	78%	79%	72%	27%

Source: Company data. HSBC estimates

Exhibit 3. Wiwynn -Forward PE trend

Exhibit 5. US cloud service provider (CSP) capex outlook

CSP	Capex and datacentre expansion plan highlights
Microsoft	- CY26 capex guidance is USD190bn, implying 61% y-o-y, including an additional spending of USD25bn from component price hikes to get the capacity ready as soon as possible.
Amazon	- 2026 capex guidance was largely unchanged. The expected spending is USD200bn, up 52% y-o-y. - The company expects to invest a significant amount of money over the next few years.
Alphabet	- 2026 capex guidance raised to USD180-190bn, from USD175-185bn previously. - The company expects 2027 capex to significantly increase.
Meta Platforms	- 2026 capex guidance was raised to USD125-145bn, from USD115-135bn previously. - The increase is primarily attributed to expectation for higher component pricing, particularly memory pricing, and to a lesser extent, additional data centre costs to support future year capacity.

Source: Company data, HSBC. Share prices below are at close on 7 May 2026

1 Microsoft (MSFT US, USD402.29, Buy) is covered by Stephen Bersey | HSBC Securities (USA) Inc | Analyst | Stephen.bersey@us.hsbc.com | +1 212 525 4153

2 Amazon (AMZN US, USD249.99, Buy) is covered by Paul Rossington*| HSBC Bank plc | Analyst | paul.rossington@hsbcib.com| +44 20 7991 6734

3 Alphabet (GOOGL US, USD351.99, Buy) is covered by Paul Rossington*| HSBC Bank plc | Analyst | paul.rossington@hsbcib.com| +44 20 7991 6734

4 Meta Platforms (META US, USD645.85, Buy) is covered by Nicolas Cote-Colisson* | HSBC Bank plc | Analyst | nicolas.cote-colisson@hsbcib.com | +44 20 7991 6826

Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA regulations

Exhibit 6. US CSP capex guidance revision

Capex USD bn	CY2023 Actual	CY2024 Actual	CY2025 Actual	CY2026 Guidance	Change*%
Google	15.66	52.54	91.45	185.00	0%
YoY		235.5%	74.1%	102.3%
Microsoft	41.20	75.60	118.00	190.00	0%
YoY		83.5%	56.1%	61.0%
Amazon	52.73	83.00	131.82	200.00	0%
YoY		57.4%	58.8%	51.7%
Meta	27.27	37.26	69.69	135.00	0%
YoY		36.6%	87.1%	93.7%
Total	136.85	248.39	410.96	710.00	0%
YoY		81.5%	65.4%	72.8%

Source: Bloomberg, HSBC; *Note: percentage of guidance revision vs. last quarter Capex guidance range

	Valuation	Risks to our view
Wiwynn 6669 TT Buy	We raise 2027e EPS by c23% to reflect the strong demand outlook. Our 2027e EPS is c28% above Bloomberg consensus. We roll over the valuation base to 2027e (from 2026e) given that we are now halfway through 2026.We apply a target PE multiple of 14x, based on 0.5SD above 2019-2025 average PE (previously 18x (based on the 1SD above 2019-23 average)), to our 2027e EPS of TWD600.08 (from 2026e of TWD353.17), deriving a rounded TP of TWD8,400 (from TWD6,400). Weapply a 0.5SD	Downside risks: (1) Weaker-than-expected demand for global servers; (2) lower NRE contribution from fewer design wins for new server projects; and (3) longer transition period of ASIC servers.

Valuation and risks

Priced at 21 Jul 2026 Source: HSBC estimates