Winway Technology Co. (6515.TW): June earnings miss driven by product mix; favorable long term TAM expansion intact; reiterate Buy

研报英文原文证据摘录

Winway Technology Co. (6515.TW): June earnings miss driven by product mix; favorable long term TAM expansion intact; reiterate Buy

Goldman Sachs Winway Technology Co. (6515.TW)

We believe the key driver remains continued AI platform migration, which is translating

into significantly higher socket content through increasing pin counts. Across several

major next-generation CPU, AI GPU and AI ASIC projects that we monitor, we are

already seeing pin-count increases of at least 30% for one of its key AI GPU

customers and with potentially doubling pin counts for another AI ASIC project.

Meanwhile, we believe HyperSocket adoption is progressing well during the current

NPI (new product introduction) cycle, with 50%+ of new customer programs

expected to adopt the new architecture. Given HyperSocket carries c.20-30% higher

ASP vs. coaxial sockets, we believe this should provide another structural content

expansion opportunity over the next several years.

Capacity expansion plan intact to support long-term AI demand

WinWay is on track to grow its capacity aggressively as current customer demand

continues to significantly exceed available industry supply while AI/HPC testing

complexity continues to increase. Specifically, WinWay is aiming to increase its

spring-probe pin capacity from 3.5mn pins per month by end-2025, to 9mn by

end-2026, and further expand to 14mn pins in 1H27, representing 157% YoY capacity

growth in 2026E followed by another 56% increase into 1H27. We now forecast

94.6%/74.3%/65.6% revenue YoY growth in 2026-28E, supported by continued

AI/HPC socket content expansion, stronger CPU demand driven by agentic AI, increasing

HyperSocket adoption, and ongoing capacity expansion. We therefore continue to view