Winbond Electronics Corp (2344 TT, NT$155.00) - Waiting for investors to regain confidence in AI hardware

研报英文原文证据摘录

Winbond Electronics Corp (2344 TT, NT$155.00) - Waiting for investors to regain confidence in AI hardware

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Source: CMoney giants to shift their business focus to related product segments. The specialty memory

market is indirectly benefiting from the spillover effect caused by tight supply. The

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announcement pointed out that downstream demand has been somewhat suppressed due

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Rating Buy Buy to the sharp rise in memory prices, and as marginal capacity increases in the specialty

Target price 208 183 14 memory market in the future, prices will see a considerable pullback. Based on various

EPS forecast 27.74 24.35 14 sources, we believe NOR Flash prices are diverging. Chinese manufacturers’ price

Target PE 7.5 7.5 increases are rapidly converging, while Taiwanese manufacturers still see significant price

hikes in 2H26. The reason is that Taiwanese manufacturers focus on server, networking,Financial summary Year-end: Dec 31

NT$mn FY26F FY27F FY28F and automotive markets, while Chinese manufacturers focus on the consumer market,

Net sales 268,374 448,386 414,731 leading to the divergence in NOR price trends.

YoY growth (%) 200.2 67.1 -7.5

Op profit 150,251 279,788 200,777

YoY growth (%) 2,614.8 86.2 -28.2 3Q26 ASP expected to rise over 30% QoQ, EPS estimated to reach NT$9.45

Net profit 124,827 233,236 167,245 The specialty DRAM and SLC markets in which Winbond operates are experiencing severe

YoY growth (%) 3,050.7 86.8 -28.3

supply shortages in 3Q26, with prices expected to rise by 30% or more QoQ. For NOR

EPS (NT$) 27.74 51.83 37.17

DPS (NT$) 10.0 20.0 16.0 Flash, strong stocking by major CSP customers is crowding out capacity for other

PE (x) 6.2 3.3 4.6 applications, resulting in overall price increases similar to those seen in DRAM.