WinWay Technology Co Ltd: May sales came in better than feared; OW

研报英文原文证据摘录

WinWay Technology Co Ltd: May sales came in better than feared; OW

Update

June 9, 2026 08:42 AM GMT

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

Equity Analyst

May sales came in better than Tiffany.Yeh@morganstanley.comCharlie Chan +886 2 7712-3032

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

feared; OW Daniel Yen, CFA

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

What's new? Winway reported May sales of NT$1,073mn, +8.5%M/M and +120%Y/

Morgan Stanley Asia Limited+

Y, better than buyside expectations of flat M/M. This was mainly helped by the

Daisy Dai, CFA

gradual ramp of new socket capacity and strong demand from NVIDIA AI GPU/CPU, Equity Analyst

AMD CPU, and Google TPU, although probe card contribution was lower. Daisy.Dai@morganstanley.com +852 2848-7310

Henry Zhao

Stay OW: We continue to expect 2Q revenue growth of 15-20% Q/Q, implying Research Associate

Henry.Zhao@morganstanley.com +852 2239-7731

strong June sales of +40% M/M, as new socket capacity comes fully online to

support the strong backlog and incremental MEMS probe card revenue. The share Morgan Stanley Taiwan Limited+

Lucas Wang

price has pulled back amid investor concerns over weak May sales, which we see as Research Associate

a good entry point at 42x 2026e EPS. Lucas.Wang@morganstanley.com +886 2 2730-2875

Ethan Jia

Research Associate

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

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

Greater China Technology Semiconductors | Taiwan

Stock Rating Overweight

Industry View Attractive

Price target NT$15,000.00

Up/downside to price target (%) 74

Shr price, close (Jun 9, 2026) NT$8,610.00

52-Week Range NT$11,490.00-

1,000.00

Sh out, dil, curr (mn) 37

Mkt cap, curr (mn) NT$314,980

EV, curr (mn) NT$312,301