WIN Semiconductors draws split analyst views on AI optical and SpaceX growth
WIN Semiconductors reported resilient RF demand from iOS devices and Wi-Fi routers, alongside strong low-Earth-orbit communications demand. Daiwa Securities, Morgan Stanley, and Goldman Sachs issued sharply different ratings and price targets, with Morgan Stanley highlighting AI optical-networking and SpaceX V3 opportunities while Goldman expects meaningful laser-diode revenue only around 2028.
The divergent views highlight investor uncertainty over whether AI optical-networking and satellite-communications demand can offset mature-market weakness and the long certification cycle for WIN Semiconductors' new laser products.
穩懋近期舉辦第三季法說會，三間外資看法分歧，日系外資大和從買進降評至優於大盤、目標價 620 元；摩根士丹利（大摩）調升至優於大盤、目標價上調至 700 元；高盛則重申賣出，給予目標價 162 元。
穩懋表示，iOS 裝置及 Wi-Fi 路由器的射頻需求維持韌性，低軌衛星（LEO）通訊需求強勁；產品進度方面，PIN 二極體（PD）自 2026 年第二季末進入量產後，銷售持續攀升，有望進一步擴展至雷射二極體（LD），包括連續波雷射（CW）及電吸收調變雷射（EML），不過仍需一段時間完成客戶認證。
大和認為，穩懋經歷業務轉型後，基礎建設、光通訊與射頻（RF）三大成長動能逐步發酵，帶動獲利回升並進一步提升獲利能力。但股價下行風險在於原物料成本上漲，進一步加劇消費性市場需求疲弱狀況。
#WIN Semiconductors#SpaceX#AI optical networking#PIN diode#Laser diode#Daiwa Securities#Morgan Stanley#Goldman Sachs#Broadcom#Murata Manufacturing#Apple