Winbond: 2Q26 beat; new Greenfield announced; constructive outlook on Si Cap; OW

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

07 August 2026

Winbond

2Q26 beat; new Greenfield announced; constructive

outlook on Si Cap; OW

Winbond’s 2Q26 results showed 4%/12% revenue and EPS beat vs. consensus.

Winbond believes the supply tightness will be more serious in 2027 than in 2026.

Winbond’s Kaohsiung Fab Module A DRAM capacity remains on track to reach

24kwpm wafer-in by end-2026, while it announced a Greenfield expansion of

Module B (50-60kwpm total capacity, divided into phases) with production from

4Q29. Key demand drivers include eSSD DRAM, AI server NOR flash, SLC

NAND, CUBE and silicon capacitor (Si Cap). Winbond is very constructive about

its Si Cap business ramp, driven by its world No.1 capacitance density, Foundry

business model (making all MLCC players as potential customers) and already

sold-out capacity. The Si Cap ramp would make Winbond a critical player in

advanced packaging. We remain positive on Winbond for its strong earnings power

(JPMe 2027E EPS NT$60) and its rising AI exposure (DRAM, flash, WoW and Si

Cap). Maintain OW with Dec-26 PT of NT$360 (6x 2027E P/E).

2Q26 beat. EPS of NT$5.4 beat consensus by 12%. Rev of NT$59.8bn grew

56% QoQ and 185% YoY. GM of 66.2% beat consensus by 1.1ppt and grew

12.9ppts QoQ. Memory made up 86% of the revenue mix (DRAM 53%, NOR

flash 23% and NAND flash 11%) and registered 70% GM (vs 57% in 1Q26).

DRAM revenue rose 78% QoQ, with bit ASP up ~100% (including like-forlike price hikes and a favorable product mix toward LPDDR) and bit shipments

down low teens. Flash revenue rose 65% QoQ, with bit ASP up low 40% and

bit shipments up mid teens.

Greenfield expansion - Kaohsiung Fab Module B. Kaohsiung Fab Module

B could house new capacity of 50-60kwpm in total, given the cleanroom size

2x vs. Module A, but the expansion will be phase by phase subject to customer

demand and LTAs. Winbond plans to kick off the construction in Jan 2027, start

equipment installment for the first phase in Jan 2029, and start production in

4Q29 (wafer out in 2030). Winbond will provide DRAM 16nm,14nm and (in

the longer term) 12nm. Winbond will also procure EUV for Module B phase

2. Total Capex was not yet revealed.

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