Wiwynn (6669)

Equity Research 21 September 2026 | 6:21AM HKT

Wiwynn (6669.TW): New ASIC and GPU AI server racks in expansion; Aug strong beat; TP up to NT$3,777; Buy

Wiwynn delivered strong Aug revenues, which were 27% ahead of our estimates, Allen Chang | reflecting strong general servers demand from US leading CSPs, and its major Goldman Sachs (Asia) L.L.C. customers’ new ASIC AI servers ramping up. We expect sequential revenues growth Verena Jeng to continue through Dec 2026, leading 3Q26 / 4Q26 revenues to grow at +46% / | Goldman Sachs (Asia) L.L.C. +22% QoQ, driven by (1) major customers’ new ASIC AI servers ramping up, across air-cooled and liquid-cooled, (2) general servers end demand remaining solid on agentic AI, (3) new GPU-powered AI server racks entering mass production in 4Q26 across NVIDIA and AMD platforms, and (4) potential new customers in ASIC AI servers. Maintain Buy with TP raised to NT$3,777 (21.5x 2027E P/E vs. +32% EPS YoY in 2027-28E).

Exhibit 1: Wiwynn monthly revenues and YoY trend

NT$m 180, Monthly revenues YoY (RHS) 250%

Oct (E) Feb Apr Feb Apr Sep (E) May Aug Sep Oct Nov Dec Aug Nov (E) Jan Mar Jun Jul Jan Mar May Jun Jul

Source: Company data, Goldman Sachs Global Investment Research

Ongoing capacity expansion: As we highlighted in Aug (report link), Wiwynn announced a 2H26 capex budget of US$942m, implying 2026 capex could be up to NT$40bn (US$1.3bn). On Sep 16, the company announced equipment procurement of US$16m (NT$512m), reflecting the strong AI demand and the company’s commitments on capacity expansion. We estimate the company’s capex at NT$44bn in 2026E, and to stay at a similar high level through 2028E, supporting its production sites diversification across the US, Mexico, and Malaysia, AI servers expansion from ASIC to GPU-powered, and products expansion across different ASICs and GPUs, along with further customers penetration.

Earnings revision: We factor in August revenues, and change our net income by +7% / +5% / +3% in 2026-28E. The change is mainly on revenues: we raise 2026-28E revenues by 8% / 7% / 5%, reflecting the strong beat of Aug revenues driven by

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Goldman Sachs Wiwynn (6669.TW)

growing AI demand, which is also driving its general servers growth. Our EPS are reduced as we update the share count, reflecting the company’s stock split that started from Sept 2026. The mathematical effect on our EPS is around 66%.

Exhibit 2: Wiwynn monthly revenues preview

Jul-26 Aug-26 Sep-26(E) Oct-26(E) Nov-26(E) Dec-26(E) 2Q26 3Q26E 4Q26E Rev (NT$m) 117,686 144,312 145,269 148,174 162,991 185,683 278,153 407,266 496,848 YoY 39% 50% 68% 62% 68% 78% 26% 53% 70% MoM/ QoQ 6% 23% 1% 2% 10% 14% 1% 46% 22% GS estimates (NT$m) 114,056 113,567 278,153 Act vs. GS 3% 27% 0%

Source: Company data, Goldman Sachs Global Investment Research

Exhibit 3: Earnings revision 2026E 2027E 2028E NT m Old New Chg Old New Chg Old New Chg Revenue 1,345,219 1,458,774 8% 2,225,997 2,386,515 7% 2,602,185 2,722,865 5% GP 108,262 115,637 7% 157,326 166,198 6% 188,908 197,008 4% OP 87,927 93,605 6% 130,347 137,216 5% 160,271 164,309 3% Net income 66,155 70,486 7% 96,461 101,101 5% 117,637 121,059 3% EPS (diluted, NT$) % % % Margins GM 8.0% 7.9% 7.1% 7.0% 7.3% 7.2% OPM 6.5% 6.4% 5.9% 5.7% 6.2% 6.0% NM 4.9% 4.8% 4.3% 4.2% 4.5% 4.4%

Source: Company data, Goldman Sachs Global Investment Research

Exhibit 4: Wiwynn P&L (NT$ m) 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26E 4Q26E E 2027E 2028E Revenue 170,655 220,744 266,824 292,440 276,508 278,153 407,266 496,848 241,901 360,541 950,663 1,458,774 2,386,515 2,722,865 Gross profit 14,849 18,943 23,532 21,129 20,881 25,763 36,451 32,542 22,657 37,400 78,454 115,637 166,198 197,008 Operating…