Wiwynn: Q2 preview: Drivers approaching for another inflection

研报英文原文证据摘录

Wiwynn: Q2 preview: Drivers approaching for another inflection

Global Research

17 July 2026ab

First Read

EquitiesWiwynn

Q2 preview: Drivers approaching for another Taiwan

inflection Electric Components & Equipment

12-month rating Buy

12m price target NT$7,000.00

Solid execution as server demand offsets consignment transition

Prior : NT$6,400

Wiwynn is our top ODM pick with catalysts for an inflection from ramping ASIC servers

in H226E with the Trainium 3 ramp, Helios racks from late 2026E, and continued strong Price (17 Jul 2026) NT$4,620

general server growth (60% of Q2 sales) into its top CSP accounts seeing rising agentic RIC: 6669.TW BBG: 6669 TT

workloads. We also see better margin support after customers started consigning

Trading data and key metrics

general server DRAM from April. Q2 sales were +1% QoQ, in line with UBS. Despite the

transition of memory (c.30% of general server component costs) to a consignment 52-wk range NT$5,790.00-2,445.00

model from April, robust general server units (>20% YoY) offset the headwind. Initial Market cap. NT$850b/US$26.3b

Trainium 3 shipments started initial mass production in June, while GB revenue faded Shares o/s 184m (ORD)

out and should see limited NVIDIA orders until VR200 ramps. We model Q2 GM/OpM Free float 43%

estimates at 8.4%/6.8%, up 80/50 bp QoQ, reflecting the positive impact from the Avg. daily volume ('000) 2,216

memory consignment. Avg. daily value (m) NT$11,025.9

Common s/h equity (12/26E) NT$162b

H226 revenue likely to accelerate on the ASIC ramp P/BV (12/26E) 5.3x

We maintain our Q326 revenue growth forecast at +20% QoQ, reflecting a strong Net debt to EBITDA (12/26E) NM

Trainium ramp and resilient general server demand that should continue through H226.

EPS (UBS, diluted) (NT$)