台湾半导体 - 功率半导体及测试接口供需进一步紧张的受益者

25 May 2026 Positive S/D backdrop for power semis & testing interfaceAs mentioned in thefeedback from our Hong Kong marketing(see report), we see more EquityTaiwanSemiconductors severe supply shortage in power semis and testing interface, as evidenced bylengthening lead time of delivery and order visibility. As a result, we reiterate Buy onSilergy and WinWay. Mike Yang>>Research AnalystMerrill Lynch (Taiwan)+886 2 2376 3729mike.c.yang@bofa.com Silergy: price hike confirmed; raise PO to NT$740 We raise POfor Silergy to NT$740 (from NT$630) based on 35x (was 30x) 2027E P/E,given a clearer outlook for price hike ahead. To elaborate, the company just confirmedraising its product ASP from July 1st2026, which in our view is driven by a morefavorable S/D (supply/demand) outlook from upstream manufacturers. Despite being afabless (chip-design) company, we are not concerned about Silergy’s capacity supportgiven its virtual IDM (integrated device manufacturer) business model. Further, weexpect a more meaningful supply from gen-5 platform in 2027, along with the ramp upof overseas capacity (in Japan, Singapore) by its key foundry partner. On datacenterbusiness with CSP (cloud service provider) customers, we expect a significantopportunity for Silergy from 2027, when the customers become more active in seekinglower cost solutions and look for the supply chain diversification. 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 WinWay: focus on L-T growth in testing socketWesee inflection in demand for WinWay’s testing sockets and pins, given the structural spec upgrades inABF (Ajinomoto build-up film) substrate(see report). In the near term,we note that a bigger MoM revenue increase in March was caused by the recognition inprobe card business, which also led to a bigger MoM revenue decline in April. Yet wepoint out that testing socket business remains a more meaningful growth driver forWinWay over the longer term (L-T), along with the increase in pin count and socketdemand per project. Given the robust demand growth in testing sockets withlengthening lead-time of delivery, WinWay will continue to ramp its capacity (now ~6mnpins per month), and in our view this should warrant continuous revenue growth toward2027-28. 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 Exhibit2:Summary of changes in PO and valuationWe lift P/E multiple applied for Silergy in this report Exhibit3:Table of recommendationStocks mentioned with ratings in this report Price objective basis & risk Silergy Corp. (SLEGF) We base our PO of NT$740 on 35x 2027E P/E (vs 52% EPS CAGR during 2026-28,implying 0.7x PEG). The target multiple is toward the low-to-mid-end of the company'shistorical trading range (10x-80x), and in our view is supported by a recovering operatingmargin of 27% and ROE of 20% in 2027-28E. Upside risks to our PO are: 1) Better-than-expected end-market demand, driven by stronger-than-expected recoveryin macro activities2) Smaller-than-expected pricing pressure with less competition from global analogleaders and Chinese domestic peers3) Faster-than-expected market share gain in power management under thesemiconductor localization theme in China, especially for Communication and Industrialbusiness. Downside risks to our PO are: 1) Stagnant market share especially in China semiconductor universe, given fiercer-than-expected competition from Chinese domestic power management peers2) Weaker-than-expected end demand to dampen the firm's revenue growth, especiallygiven its roughly 40% exposure to consumer market3) Lack of bundle solution such as RF and signal chain to penetrate further into mobileand communication products. WinWay Technology (XWCLF) Our PO NT$11,800 is based on 37x 2H27-1H28E P/E, which is at mid-to-high-end of thecompany's historical trading range (9-54x). In our view, such valuation multiple can besupported by 1) operating margin expansion to 40%, 2) ROE expansion to around 71%,3) free cash flow generation of NT$316/share in 2027-28, 4) net cash/share of aroundNT$31, and 5) its meaningful revenue exposure (higher than 50%) to AI/HPCapplications, where the growth is more structural. Downside risks are:1) slower capex growth by datacenter/hyperscale cloud service providers (CSPs), which will undermine the demand of AI GPU/ASIC and correspon