More positive narratives about optical Quick Note

研报英文原文证据摘录

More positive narratives about optical Quick Note

Global Markets Research

WIN Semiconductors 3105.TWO 3105 TT 26 July 2026

EQUITY: TECHNOLOGY

RatingMore positive narratives about optical Remains Neutral

Target price TWD 590.00 RemainsQuick Note

Closing price TWD 341.50 24 July 20263Q26E revenue guidance lower but GM in line; maintain Neutral

Win Semi reported in-line 2Q26 GM of 28.2% (vs. guidance of high-20%; standalone GM

was 32.6%) with fab utilization rate improving to 65% from 60% in 1Q26. A strong opex

control (14% of revenue) drove OPM up to 14.1% and an earnings beat (Fig.1). Research Analysts

Management expects low-teens q-q revenue growth in 3Q26E with GM at low-30% (Fig.2 Semiconductor

), believing optical will lead sequential growth in 3Q26E, followed by infrastructure, while Aaron Jeng, CFA - NITB

cellular and Wi-Fi will be flat to slightly up. A richer product mix given that infrastructure aaron.jeng@nomura.com

revenue has risen to levels similar to that of cellular and falling depreciation (c.TWD700- +886(2) 21769962

800mn per quarter) remain the near-term drivers to Win Semi’s GM improvements, in our Eric Chen, CFA - NITB

view, and the company continues to deliver decent executions on both ends. During the eric.chen@nomura.com

earnings call, we think management was more optimistic, delivering a firm tone about its +886(2) 21769965

optical foundry business progress. The stock currently trades at 29x 2027F EPS or 3.1x Vivian Yang - NITB

2027F BVPS. We are currently reviewing our earnings model. vivian.yang@nomura.com

+886(2) 21769970

More positive developments in the optical foundry

Optical foundry booked the most significant q-q revenue growth in 2Q26 as photodetector

(PD) started volume production for a major customer in the latter part of the quarter.