Wiwynn Corporation
ConvictionContext
ODM-direct: designs and manufactures hyperscale servers, storage and full AI racks sold directly to cloud service providers (no channel, no own-brand premium); low-margin, high-volume, working-capital-intensive pass-through of GPU/component costs with value-add in system design, rack integration and liquid cooling
Revenue
FY2025: NT$950.7B~US$32B), +163.7% YoY; TTM ~NT$1.06TRev growth
+163.7% FY2025+62.0% YoY in Q1 2026; company expects shipment volume to keep growing double-digit in 2026 on the tripled baseGross margin
8.3% FY20257.2% in Q4 2025); 7.6% Q1 2026 (mix shift to GPU-cost-heavy AI racks compresses percentage margin while gross profit dollars growOp margin
6.7% FY20255.6% Q4 2025); 6.3% Q1 2026Capex intensity
Low single-digit % of revenuecapex tripled to ~NT$18B (announced Mar-2025) for the global capacity build (Texas ~US$300M plant, Kaohsiung Lujhu, Malaysia/Johor, Mexico, Czech Republic for Europe), with 2026 expansion continuing across the Americas and Asia and a further European addition plannedMarket cap
~US$32BTWD ~937-943B; TWSE: 6669, price TWD 5,015-5,040 as of 2026-07-09/10The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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