Wiwynn (6669)

Equity Research 31 July 2026 | 10:31PM HKT

Wiwynn (6669.TW) New GPU and ASIC AI servers to drive growth ahead; TP up to NT$10,000; Buy

6669.TW 12m Price Target: NT$10,000.00 Price: NT$5,390.00 Upside: 85.5% BUY Allen Chang We are positive on Wiwynn and expect its revenues to grow at 32% | Goldman Sachs (Asia) L.L.C. CAGR in 2026-28E driven by (1) customers’ AI spending, which we Verena Jeng expect aggregate capex from leading US CSPs to grow at 21% CAGR | Goldman Sachs (Asia) L.L.C. in 2026-28E (Global Server TAM June updates), (2) potential further customer expansion in leading US CSPs on its strong R&D and Yifan Hu | Goldman Sachs (Asia) L.L.C. resources focus on servers, (3) potential AI server SKU expansion (e.g. AMD AI server racks), and (4) solid demand from general servers driven by agentic AI. We raise TP to NT$10,000 with net Key Data _____________________________________ Market cap: NT$942.4bn / $29.0bn income raised by 7% / 11% / 14% in 2026-28E and our target PE Enterprise value: NT$1.0tr / $31.1bn 3m ADTV: NT$10.4bn / $327.9mn multiple increased to 20.0x (vs. 15.8x previously). Maintain Buy. Taiwan Greater China Technology 3-month revenue preview: June revenue was NT$111bn (+33% M&A Rank: 3 Leases incl. in net debt & EV?: Yes MoM, +30% YoY), or 22% higher than our estimate, reflecting strong GS Forecast __________________________________ general servers demand driven by agentic AI. We expect sequential 12/25 12/26E 12/27E 12/28E

monthly revenue growth in Jul-Sep, supported by new generation of Revenue (NT$ mn) New Revenue (NT$ mn) Old 950,663.3 1,424,274.3 2,173,318.1 2,477,005.3 950,663.3 1,306,498.6 1,946,709.3 2,190,795.4 GPU and ASIC AI server models which carry better ASP and ongoing EBITDA (NT$ mn) 66,607.9 93,705.2 131,070.5 155,635.3 EPS (NT$) New general servers demand. The company’s 2Q26 revenues were +1% EPS (NT$) Old QoQ, given lower AI server contribution and general servers moving P/E (X) P/B (X) 4.1 6.0 4.7 3.7 to a consign business model under strong memory costs, and we Dividend yield (%) 5.3 3.8 5.4 6.3

expect 3Q26 revenues to grow at +28% QoQ with more AI servers CROCI (%)

ramping up. We expect potential further customer expansion in 3/26 6/26E 9/26E 12/26E

leading US CSPs and potential AI servers SKUs expansion to continue EPS (NT$)

support its growth in longer term. GS Factor Profile ______________________________ Growth

Percentile 20th 40th 60th 80th 100th

6669.TW relative to Asia ex. Japan Coverage 6669.TW relative to Greater China Technology

Source: Company data, Goldman Sachs Research estimates. See disclosures for details.

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Goldman Sachs Wiwynn (6669.TW)

Wiwynn (6669.TW) Income Statement (NT$ mn) ________________________________ BUY Rating since Oct 3, 2023 12/25 12/26E 12/27E 12/28E Total revenue 950,663.3 1,424,274.3 2,173,318.1 2,477,005.3 Cost of goods sold (872,209.3) (1,314,508.7) (2,019,425.2) (2,298,689.8) SG&A (5,118.6) (8,399.8) (12,658.1) (12,990.3) Ratios & Valuation __________________________________________ R&D (9,417.9) (12,156.5) (15,213.2) (15,605.1) 12/25 12/26E 12/27E 12/28E Other operating inc./(exp.) -- -- -- -- P/E (X) EBITDA 66,607.9 93,705.2 131,070.5 155,635.3 P/B (X) 4.1 6.0 4.7 3.7 Depreciation & amortization (2,690.4) (4,495.9) (5,049.0) (5,915.2) FCF yield (%) (1.1) (3.0) 4.3 6.8 EBIT 63,917.5 89,209.3 126,021.5 149,720.1 EV/EBITDAR (X) Net interest inc./(exp.) (881.4) (4,340.9) (2,408.8) (2,277.0) EV/EBITDA (excl. leases) (X) Income/(loss) from associates 179.6 -- -- -- CROCI (%) Pre-tax profit 66,052.3 86,401.8 123,612.7 147,443.0 ROE (%) Provision for taxes (14,934.2) (18,882.8) (27,194.8) (33,911.9) Net debt/equity (%) Minority interest…