Citi lifts Wiwynn target price to NT$3,200 on AI server projects
Citi Research reiterated a Buy rating on server maker Wiwynn and raised its target price from NT$3,184 to NT$3,200, TechNews reported. Citi estimates Wiwynn's third-quarter 2026 revenue at NT$434.6 billion, up 56% quarter on quarter and 63% year on year, with general servers and AI ASIC servers each accounting for about half of revenue, and after-tax profit of NT$21.48 billion. The report forecasts another 20% sequential revenue gain in the fourth quarter as AI server projects including AMD Helios and VR200 racks for Oracle enter mass production, and projects Helios shipments of 5,000 racks in 2027.
Citi expects AI ASIC servers to be Wiwynn's main growth engine in the fourth quarter, while general server shipments remain slightly constrained by component shortages.
外資花旗（Citi Research）發布最新研究報告指出，儘管市場近期對零組件短缺與 AI 需求中斷心存疑慮，但對伺服器大廠緯穎的新一波 AI 專案前景保持樂觀，重申「買進」投資評等，並將目標價由 3,184 元上調至 3,200 元。
報告指出，緯穎 2026 年第 3 季營運表現亮眼，預估單季營收將達新台幣 4,346 億元，季增 56%、年增 63%，優於市場預期。主要動能來自強於預期的普通伺服器需求，以及 AI 特殊應用晶片（ASIC）伺服器的拉貨，預估一般伺服器與 AI ASIC 各佔營收約五成。第 3 季預估稅後淨利達 214.8 億元，季增 44%，亦比市場共識高出 9%。
展望第 4 季，花旗預估緯穎營收將進一步季增 20%。雖然一般伺服器出貨仍受零組件短缺微幅限制，但 AI ASIC 伺服器供應鏈受阻較小，將成為第 4 季的主要成長引擎。此外，包括 AMD Helios 以及供給 Oracle 的 VR200 等重大 AI 伺服器專案，自第 4 季起將正式開始量產上路，帶動營運逐季向上。