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原始內容
M July 24, 2026 11:35 AM GMT
WIN Semiconductors Corp | Asia Pacific
Laser Business Needs More Time; UW
Still need more time for laser business: AI-related optical business reached highsingle digits of total revenue in 2Q26, mostly from driver IC and PD. However, it will still take time for CW (continuous wave) lasers to be qualified, and the company does not expect significant CW or electro -absorption modulated laser (EML) revenue until late 2027 or 2028 given that EML has not yet entered mass production, something management noted after the call. This is in line with our view that Lumentum (LITE.O, covered by Meta Marshall) will not outsource CW lasers or EML to WIN Semi soon.
3Q26 revenue still driven by traditional peak season: WIN guided for 3Q26 revenue to grow in low-teens % Q/Q given traditional smartphone peak season and increasing ramp of PD. Gross margin could reach low-30s% from higher UTR.
2Q26 EPS beat came mostly from non-op: 2Q26 gross margin was largely in line with consensus estimates while slightly higher than we expected. Utilization rate remains at 60-70%. The EPS beat came mostly from non-operating income.
Increasing inventory: The company shared the increasing inventory in 2Q is the build for 2H peak season and to avoid supply-chain disruptions from geopolitical tensions, while the substrate price hike should be minimal.
Exhibit 1 : WIN Semi: 2Q26 Earnings Review
| (NT$ mn) | 2Q26 | 2Q26 | 2Q26 | 2Q26 | 2Q26 |
|---|---|---|---|---|---|
| (NT$ mn) | Actual | Q/Q | Y/Y | MS Est. | Consensus |
| Revenue | 5,257 | 14.5% | 39.1% | 5,130 | 5,267 |
| GM (%) | 28.2% | 191bps | 979bps | 27.7% | 28.2% |
| Opex | (743) | -4.5% | -9.0% | (809) | (843) |
| OPM (%) | 14.1% | 472bps | 1,726bps | 11.9% | 12.2% |
| EPS (NT$) | 2.30 | 83.5% | -332.4% | 1.69 | 1.47 |
Source: Company Data, Visible Alpha, Morgan Stanley Research estimates
Update
| Morgan Stanley Taiwan Limited+ Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com | +886 2 2730-1725 |
|---|---|
| Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-2863 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com Morgan Stanley Taiwan Limited+ | +852 2848-7310 |
| Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
| Lucas Wang Research Associate Lucas.Wang@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-2875 |
| Henry Zhao Research Associate Henry.Zhao@morganstanley.com Ethan Jia | +852 2239-7731 |
WIN Semiconductors Corp (3105.TWO, 3105 TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Underweight |
|---|---|
| Industry View | Attractive |
| Price target | NT$300.00 |
| Up/downside to price target (%) | (12) |
| Shr price, close (Jul 24, 2026) | NT$341.50 |
| 52-Week Range | NT$637.00-80.30 |
| Sh out, dil, curr (mn) | 424 |
| Mkt cap, curr (mn) | NT$144,733 |
| EV, curr (mn) | NT$141,899 |
| Avg daily trading value (mn) | NT$5,349 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 3.98 | 6.35 | 8.89 | 12.87 |
| Revenue, net (NT$ mn) | 16,639 | 20,285 | 24,345 | 28,758 |
| EBITDA (NT$ mn) | 4,711 | 6,023 | 8,085 | 9,777 |
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