WinWay Technology Co Ltd: No Changes in Fundamentals With Continual Ramp Up in Socket Capacity; OW

研报英文原文证据摘录

WinWay Technology Co Ltd: No Changes in Fundamentals With Continual Ramp Up in Socket Capacity; OW

Update

May 22, 2026 11:15 AM GMT

Morgan Stanley Taiwan Limited+MWinWay Technology Co Ltd | Asia Pacific Tiffany Yeh

Equity Analyst

No Changes in Fundamentals Tiffany.Yeh@morganstanley.comCharlie Chan +886 2 7712-3032

Charlie.Chan@morganstanley.com +886 2 2730-1725

With Continual Ramp Up in Daniel Yen, CFA

Daniel.Yen@morganstanley.com +886 2 2730-2863

Socket Capacity; OW Morgan Stanley Asia Limited+

Daisy Dai, CFA

What's new? Winway shares fell 8.5% today vs. the Taiex up 2.2%, mainly on Equity Analyst

Daisy.Dai@morganstanley.com +852 2848-7310

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). Morgan Stanley Taiwan Limited+

Lucas Wang

Our view: Our checks suggest no major changes in Winway’s Vera CPU market share Research Associate

Lucas.Wang@morganstanley.com +886 2 2730-2875

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 Morgan Stanley Asia Limited+

Ethan Jia

view this pullback as a good entry point to accumulate a stock that enjoys longer

Research Associate

testing time and larger package size upgrades. The company will host its earnings Ethan.Jia@morganstanley.com +852 3963-2287

call next Tuesday, where we expect discussion of the future capacity plan and a CPO Henry Zhao

revenue update. ResearchHenry.Zhao@morganstanley.comAssociate +852 2239-7731

WinWay Technology Co Ltd (6515.TW, 6515 TT)

Greater China Technology Semiconductors | Taiwan

Stock Rating Overweight

Industry View Attractive

Price target NT$12,000.00

Up/downside to price target (%) 38