WIN Semiconductors Corp: Undergoing transformation led by LEO and optical

研报英文原文证据摘录

WIN Semiconductors Corp: Undergoing transformation led by LEO and optical

26E (NT$) 6.64 8.01 20.7%

stage. However, Win mentioned that the order scale of this customer (likely a Adj. EPS - 27E (NT$) 9.77 10.83 10.8%

major US design house) alone is capable of driving AI-related optical comm

to reach a high-single-digit mix of total revenue in 2H26e, which has more than Quarterly Forecasts (FYE Dec)

doubled vs 2025. We are modelling 50+/25%+ growth for Win’s optical Adj. EPS (NT$)

business in 2026/27e, with the AI optical mix reaching double digit of total rev 2025A 2026E 2027E

Q1 0.03 1.26A 2.29

in 2027e. In addition, Win also has multiple optical projects ongoing – Q2 (1.00) 2.30A 2.67

including a short distance VCSEL laser chip project and long distance EML Q3 2.52 2.12 2.90

laser chip project that have entered mass production in 2025. Meanwhile, there Q4 2.42 2.33 2.97

are more projects in the early stages, including the CW laser project with a FY 3.99 8.01 10.83

major US optical chip IDM (mass production should take place in YE27). As Style Exposure

the largest compound semi foundry globally (with decent optical chip

capabilities), we don’t rule out the possibility of Win capturing more projects.

• LEO growth on track; return to the expansion cycle. On the LEO front, we

believe the LEO mix has reached double-digits, which is much earlier than our

previous expectation of 2027e. We believe the strong demand brought by LEO

together with optical could drive Win’s overall UTR to 70%+ in 3Q26 (65%

in 2Q). The steadily rising UTR also drives Win Semi to return to the expansion

cycle – although no massive capacity expansion yet, the company has started

to conduct project-based capex starting 2H25, for de-bottleneck purpose for

LEO and optical chips.