PDF 原檔：報告_MS_穎崴6515_20260522_original.pdf
原始內容
M May 22, 2026 11:15 AM GMT
WinWay Technology Co Ltd | Asia Pacific
No Changes in Fundamentals With Continual Ramp Up in Socket Capacity; OW
What's new? Winway shares fell 8.5% today vs. the Taiex up 2.2%, mainly on concerns about market share loss in Vera CPU probe cards. Investors also worry about the capacity ramp up given weak April sales (-19% M/M).
Our view: Our checks suggest no major changes in Winway's Vera CPU market share vs. MPI, with the ramp up already underway in 1Q. We still see no change to 2Q revenue, which we expect to grow 15-20% Q/Q, though likely more June-loaded. We view this pullback as a good entry point to accumulate a stock that enjoys longer testing time and larger package size upgrades. The company will host its earnings call next Tuesday, where we expect discussion of the future capacity plan and a CPO revenue update.
Update
| Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ |
|---|---|---|---|
| Tiffany Yeh | Tiffany Yeh | Tiffany Yeh | Tiffany Yeh |
| Equity Analyst Tiffany.Yeh@morganstanley.com | Equity Analyst Tiffany.Yeh@morganstanley.com | Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
| Charlie Chan | Charlie Chan | Charlie Chan | |
| Equity Analyst | Equity Analyst | Equity Analyst | |
| Charlie.Chan@morganstanley.com | Charlie.Chan@morganstanley.com | Charlie.Chan@morganstanley.com | +886 2 2730-1725 |
| Daniel Yen, CFA | Daniel Yen, CFA | Daniel Yen, CFA | |
| Equity Analyst Daniel.Yen@morganstanley.com | Equity Analyst Daniel.Yen@morganstanley.com | Equity Analyst Daniel.Yen@morganstanley.com | +886 2 2730-2863 |
| Morgan Stanley Asia Limited+ | Morgan Stanley Asia Limited+ | Morgan Stanley Asia Limited+ | |
| Daisy Dai, CFA | Daisy Dai, CFA | Daisy Dai, CFA | |
| Equity Analyst | Equity Analyst | Equity Analyst | |
| Daisy.Dai@morganstanley.com | Daisy.Dai@morganstanley.com | Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | Morgan Stanley Taiwan Limited+ | |
| Lucas Wang | Lucas Wang | Lucas Wang | |
| Research Associate | Research Associate | Research Associate | |
| Lucas.Wang@morganstanley.com | Lucas.Wang@morganstanley.com | Lucas.Wang@morganstanley.com | +886 2 2730-2875 |
| Morgan Stanley Asia Limited+ | Morgan Stanley Asia Limited+ | Morgan Stanley Asia Limited+ | |
| Ethan Jia | Ethan Jia | Ethan Jia | |
| Research Associate Ethan.Jia@morganstanley.com | Research Associate Ethan.Jia@morganstanley.com | Research Associate Ethan.Jia@morganstanley.com | +852 3963-2287 |
| Henry Zhao | Henry Zhao | Henry Zhao | |
| Research Associate Henry.Zhao@morganstanley.com | Research Associate Henry.Zhao@morganstanley.com | Research Associate Henry.Zhao@morganstanley.com | +852 2239-7731 |
| WinWay Technology Co Ltd (6515.TW, 6515 | WinWay Technology Co Ltd (6515.TW, 6515 | WinWay Technology Co Ltd (6515.TW, 6515 | TT) |
| Greater China Technology Semiconductors Stock Rating | Greater China Technology Semiconductors Stock Rating | Greater China Technology Semiconductors Stock Rating | Overweight |
| Industry View | Industry View | Industry View | Attractive |
| Price target | Price target | Price target | NT$12,000.00 |
| Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | 38 |
| Shr price, close (May 22, 2026) | Shr price, close (May 22, 2026) | Shr price, close (May 22, 2026) | NT$8,700.00 |
| 52-Week Range | 52-Week Range | 52-Week Range | NT$11,490.00- |
| Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | 36 |
| Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | NT$310,112 |
| EV, curr (mn) | EV, curr (mn) | EV, curr (mn) | NT$307,433 |
| Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | NT$3,526 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e 12/28e |
| EPS (NT$)** | 46.60 | 94.54 | 181.10 348.14 |
| Prior EPS (NT$)** EPS (NT$)§ | - 45.92 | - 91.93 | - - 183.83 301.42 |
| Revenue, net (NT$ mn) | 7,857 | 14,599 | 24,480 40,875 |
| EBITDA (NT$ mn) | 2,328 | 4,040 | 7,911 15,246 |
| ModelWare net inc (NT | 1,673 | 3,380 | 6,474 12,446 |
| $ mn) | $ mn) | $ mn) | |
| P/E | 60.9 | 92.0 | 48.0 25.0 |
| P/BV | 15.9 | 36.1 | 24.7 15.3 |
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36KB | 真資料圖 | 穎崴股價走勢圖，橫軸 06/01 2023 至 06/01 2026，縱軸 0-16000，藍線為股價（末端約9,000-10,000），淺藍線為另一序列（末端上衝至萬元以上），右上角紅色虛線標示目標價 12000 與「O/A」評等記號 |