Winbond Electronics Corp: Asia AI Summit 2026 Feedback

研报英文原文证据摘录

Winbond Electronics Corp: Asia AI Summit 2026 Feedback

Update

May 28, 2026 03:09 PM GMT

Morgan Stanley Taiwan Limited+MWinbond Electronics Corp | Asia Pacific Daniel Yen, CFA

Equity Analyst

Asia AI Summit 2026 Feedback Daniel.Yen@morganstanley.comCharlie Chan +886 2 2730-2863

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

Financials: For 2H26, the company expects continued revenue and GM

Morgan Stanley Asia Limited+

improvements. The memory/logic revenue mix could reach 65%/35%. It is optimistic

Daisy Dai, CFA

on long-term memory GM. Equity Analyst

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

DRAM: Current D4/LPD4 capacity is 15kwpm; D3/D2 capacity is 10kwpm; 16nm

Morgan Stanley Taiwan Limited+

capacity is expected to expand from 2-3kwpm currently to 5kwpm in 2H and

Tiffany Yeh

16kwpm in 1H27, migrating from 20nm capacity. It is optimistic on 3Q pricing. 8Gb Equity Analyst

DRAM is to start shipments in 2/3Q. Tiffany.Yeh@morganstanley.com +886 2 7712-3032

Lucas Wang

Flash: Current NOR capacity is 30kwpm; SLC NAND capacity is 15kwpm; additional Research Associate

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

10kwpm capacity expansion for both NOR and SLC NAND, roughly 5kwpm each. The

NOR Q/Q ASP increase is expected to be meaningful in 2Q, with continued price

Ethan Jia

hikes in 2H. NOR content in a Vera Rubin rack is 500-600 dies. Research Associate

Ethan.Jia@morganstanley.com +852 3963-2287

CUBE: Meaningful revenue is expected from 2027, with GM initially similar to the

current company level. Winbond Electronics Corp (2344.TW, 2344 TT)

Greater China Technology Semiconductors | Taiwan

See also Old Memory – Upside Surprise Ahead

Stock Rating Overweight

Industry View Attractive

Price target NT$222.00

Up/downside to price target (%) 54