测试接口：鉴于更稳健的增长前景上调MPI和WinWay的目标价

Testing interface: raise PO on MPI andWinWay given firmer growth outlook Price Objective Change 20April 2026 See positives from TSMC comments & AI server growthWe see positives for the testing interface industry from the supplychain updates recently, including: 1) a solid demand outlook for HPC (high performance computing)stated byTSMC (see our 16 April report); and 2) a robust growth for AI server despitememory costs (see ourIT Hardware Industry report). Accordingly, we reiterate our Buyratings on both MPI and WinWay. Our earnings estimates for MPI are unchanged but weraise our PO from NT$5,200 to NT $6,200, now based on 40x 2028E P/E (vs 2H27-1H28E previously) as we roll forward our valuation. We raise our 2026/27/28E EPS forWinWay by 3%/16%/23% to reflect 1) a beat in 1Q26 revenue, and 2) a more aggressivecapacity expansion plan on testing socket pins. Accordingly, our WinWay PO rises fromNT$10,000 to NT$11,800, based on unchanged 37x 2H27-1H28E P/E. EquityAsia-PacificSemiconductors Mike Yang>>Research AnalystMerrill Lynch (Taiwan)+886 2 2376 3729mike.c.yang@bofa.com Haas Liu>>Research AnalystMerrill Lynch (Taiwan)+886 2 2376 3727haas.liu@bofa.com Cathy Hsu>>Research AnalystMerrill Lynch (Taiwan)+886 2 2376 3726cathy.hsu3@bofa.com MPI: key projects drive growth before CPO ramp Near-term, we see strengthening demand from TPU (tensor processing unit) project,which could fuel MPI’s revenue momentum into 2Q-3Q26, following the commencementof shipments from 1Q26. Given an increasing demand forecast, we believe the probecard shipment for such project by MPI could last into 4Q26, with revenue recognitionlikely spilling over into early-2027. Following that, we see a likelihood of the companystarting shipments for next-generation (v9) from late-2026/early-2027, and we expect itto keep the majority share (of probe card for wafer sorting) in TPU v9. In terms of CPO(co-packaged optics), we note that the pricing for its equipment could be ~US$1mn/unit,and we keep our expectation of a more concrete revenue contribution from 1H27. Glossary AI–artificial intelligence CPU/GPU–central/graphicprocessing unit WinWay: flag upside from further pin capacity rampOn top of solid demand growth outlook from AI accelerators, WinWay alsoshared the GM–gross margin benefits from strengthening demand in the CPU market (seeUS Semiconductors report).In the near term, we believe its GM for probe card business is on track to return to ~30%level in 1Q26, which could buoy the GM recovery from the trough in 2H25. In the longterm, we do not expect a meaningful impact on the testing socket demand from thedesign change (if any) of GPU. Based on the current (internal) capacity forecast, we seeincremental upside vsour previous expectations (see our 24 March report), and weexpect the pin capacity (for testing socket) to reach 9-10mn/12-13mn units per monthby end-2026/2027. After that, we believe the incremental capacity will likely come fromthe new site in Kaohsiung, which is likely to complete the construction by end-2027. This research report provides general information only. No part of this report may be usedor reproduced or quoted in any manner whatsoever in Taiwan by the press or otherpersons without the express written consent of BofA Securities.>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have aconflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 7 to 10. Analyst Certification on page 4. PriceObjective Basis/Risk on page 4.12960668 Exhibit3:Earnings estimate changes–WinWayWeraise 2027/28E EPS by16%/23%after baking in the assumptions ofstronger revenue growth and higher gross margin Exhibit4:BofAe vs consensus–WinWayWe are 11%/26% ahead of consensus for 2026/27E EPS, given our assumptions of stronger revenue growth and higher gross margin Exhibit6:Stocks mentionedPrices and ratings for stocks mentioned in this report Price objective basis & risk MPI Corporation (XMJCF) Our PO NT$6,200 is based on 40x 2028E P/E, which is at the high-end of the company'shistorical trading range (10x-40x). In our view, the valuation multiple is underpinned by1) 61% earnings CAGR in 2026-28E, 2) operating margin of 38-39% in 2027-28E, 3)ROE of 53% in 2027-28E, 4) net cash of NT$31/share, and 5) free cash flow generationof NT$136/share in 2027-28E. Downside risks to our PO are: 1) slower end market demand, which may undermine the company's revenue growth andoperating leverage2) customers' switch fr