Attractive valuation; initiate coverage at Buy: Ties with key AI chips to drive growth in probe card and socket businesses; improving risk-reward

研报英文原文证据摘录

Attractive valuation; initiate coverage at Buy: Ties with key AI chips to drive growth in probe card and socket businesses; improving risk-reward

Global Markets Research

WinWay Technology 6515.TW 6515 TT 24 July 2026

EQUITY: OSAT

Attractive valuation; initiate coverage at Buy RatingStarts at Buy

Ties with key AI chips to drive growth in probe card and Target price Starts at TWD 8,315.00

socket businesses; improving risk-reward

Closing price TWD 6,500.00 22 July 2026

Initiate coverage with a Buy rating and a TP of TWD8,315, implying 28% upside

We initiate coverage of WinWay with a Buy rating along with our Anchor Report . Our positive

Implied upside +27.9%outlook for the company is premised on: 1) strong revenue growth prospects for its probe card

segment, driven by AI, high-end graphics and networking products; 2) several upcoming new

Market Cap (USD mn) 7,245.7

projects in the socket business, with WinWay enjoying a dominant share within leading GPU ADT (USD mn) 117.4

vendors, alongside share gains in the system-level-test (SLT) business; the upcoming TPU project

likely to augment growth as well; 3) more testing insertions such as burn-in (BI) and SLT being

added to the latest AI/HPC chips, and new testing processes such as functional burn-in being under Relative performance chart

consideration; 4) higher product value content led by requriements to address high pin count, larger

package size, higher speed/frequency, and heat density, etc (Fig. 1 ); 5) WinWay’s innovative

solutions such as HyperSocket potentially taking off in 2028F (Fig. 5 ); and 6) WinWay engaging in

high-profile CPO testing insertions, with opportunities for Insertion 3 and Insertion 4 (Fig. 9 - Fig. 13

), in our view. We expect revenues from the probe card and coaxial socket segments (already