WinWay Technology Co Ltd: Correction: Aggressive Expansion Plans Support Strong Revenue Visibility; Stay OW

研报英文原文证据摘录

WinWay Technology Co Ltd: Correction: Aggressive Expansion Plans Support Strong Revenue Visibility; Stay OW

Idea

May 27, 2026 01:29 AM GMT

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

Equity Analyst

Correction: Aggressive Tiffany.Yeh@morganstanley.comCharlie Chan +886 2 7712-3032

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

Expansion Plans Support Strong Daniel Yen, CFA

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

Revenue Visibility; Stay OW Morgan Stanley Asia Limited+

Daisy Dai, CFA

What’s Changed Equity Analyst

WinWay Technology Co Ltd (6515.TW) From To Daisy.Dai@morganstanley.com +852 2848-7310

Price Target NT$12,000.00 NT$15,000.00

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

Greater China Technology Semiconductors | Taiwan

Reaction to earnings

Stock Rating Overweight

Strengthens our thesis Modest upside Modest revision higher Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target NT$15,000.00

consensus EPS Up/downside to price target (%) 68

Shr price, close (May 26, 2026) NT$8,905.00

Source: Company data, Morgan Stanley Research

52-Week Range NT$11,490.00-

996.00

Larger package sizes, aggressive pogo pin capacity expansion, Sh out, dil, curr (mn) 37

Mkt cap, curr (mn) NT$325,772

rising self-sufficiency, MEMS probe card growth, and EV, curr (mn) NT$323,093

Avg daily trading value (mn) NT$3,547

hypersocket/CPO upside support strong revenue visibility

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

through 2030. We lift our PT by 25% to NT$15,000.

EPS (NT$)** 46.60 94.88 205.18 436.93

Prior EPS (NT$)** - 94.54 181.10 348.14

1Q26 beat (Pulse): North America contributed 81% of revenue, led by AI demand. EPS (NT$)§ 45.92 91.93 183.83 301.42