Quick Note - WIN Semiconductors (3105 TT) (Neutral) - Likely to benefit from SpaceX’s aggressive plans

研报英文原文证据摘录

Quick Note - WIN Semiconductors (3105 TT) (Neutral) - Likely to benefit from SpaceX’s aggressive plans

Global Markets Research

WIN Semiconductors 3105.TWO 3105 TT 13 June 2026

EQUITY: TECHNOLOGY

RatingLikely to benefit from SpaceX’s aggressive plans Remains Neutral

Target price TWD 590.00 RemainsQuick Note

Closing price

12 June 2026 TWD 505.00Upside from LEO could enhance profitability; stay Neutral on record valuation

In conjunction with our team’s GlobalSatellitesAnchorReport, we provide an update on

the low earth orbit (LEO) satellite radio frequency (RF) supply chain where Win Semi is a

crucial compound semi foundry partner for a few satellite RF component makers such as Research Analysts

Filtronic (FTC LN, Not rated; Fig.1). The satellites in orbit and the associated ground Semiconductor

terminals both require a broad range of RF signal chain components — from low noise Aaron Jeng, CFA - NITB

amplifiers (LNAs) and RF power amplifiers (PAs) to filters and switches. Furthermore, aaron.jeng@nomura.com

beamforming is crucial in satellite communication systems since it enhances signal power +886(2) 21769962

for better performance and efficiency. Every individual antenna element on a phased array Eric Chen, CFA - NITB

requires a dedicated signal path, and together, drives a bulk of demand for RF front-end eric.chen@nomura.com

and beamformer ICs. According to Qorvo (QRVO US, Not rated), most satellite +886(2) 21769965

deployments are on the L to Ka-band, but modern satellites are increasingly moving up Vivian Yang - NITB

the frequency bands toward the Q/V-band and E-band for more bandwidth and higher vivian.yang@nomura.com

data transmission throughputs (Fig.2). Similar to the evolution of cellular communications +886(2) 21769970