Third-Quarter Profit Jumps, EPS Reaches 7.58元
Memory maker Winbond held an earnings call on 11月3日, reporting third-quarter consolidated revenue of 823.31億元, up 37.6% QoQ and 278.2% YoY, with gross margin climbing to 70.6%, net profit attributable to parent of 354.22億元, up 45.7% QoQ and 1,103.5% YoY, and EPS of 7.58元. Cumulative EPS for the first three quarters reached 15.32元, including 2.25元 in Q1 and 5.4元 in Q2, with Q3 up about 40.4% from Q2, showing a quarter-by-quarter upward trend.
Strong Memory Business Momentum, Computing Applications Up 66% QoQ
Third-quarter memory business revenue reached 742.84億元, up 43.7% QoQ and 425.6% YoY; gross profit was 548.72億元, up 51% QoQ and 663.9% YoY; operating profit was 444.54億元, up 51.2% QoQ and 959.7% YoY, serving as the main profit driver. By application, computing applications led with 66% QoQ growth, followed by communications at 55% QoQ, while automotive and industrial, and consumer electronics grew 36% and 35% respectively. Customized memory benefited from strong DDR4 and LPDDR4 demand and volume ramp of 20nm products, with revenue up 50% QoQ and over 6-fold YoY; 16nm process has begun contributing revenue and is expected to expand further in 2027年; Flash business grew about 34% QoQ, mainly driven by high-density NOR Flash and SLC NAND demand.
DRAM and Flash Prices to Rise Further in Q4, Tighter Supply in 2027
General Manager Chen Pei-ming said DRAM and Flash prices still have upward momentum in the fourth quarter, though price trends may diverge by product. Among them, DRAM contract prices are expected to keep rising, but gains may narrow from Q3; high-capacity NOR Flash, supported by AI servers, automotive and networking demand, still has upside room, and the SLC NAND market outlook for next year remains positive. On the supply side, as international memory makers allocate more capacity to high-end products, supply room for legacy DRAM and other products is being squeezed, and with new capacity unable to come online quickly, memory supply in 2027年 may be tighter than this year, with tight supply-demand conditions potentially extending into 2028年. On the demand side, AI servers and related infrastructure continue to drive procurement, but PC, mobile phone and other consumer electronics markets are affected by rising component prices, with some customers starting to slow orders. The company therefore maintains growth expectations for Q4 operations, but growth may not be as strong as in the first three quarters.
731.63億元 Investment to Expand Kaohsiung 12-Inch Fab
To meet long-term operations and capacity needs, the board approved a capital expenditure plan of about 731.63億元 for expanding the 12-inch wafer fab in the Southern Taiwan Science Park Kaohsiung campus and purchasing production equipment, covering fab construction, facility systems and equipment procurement, with investments to be deployed progressively from this year 11月. Funding sources include internal funds and bank financing. The company said it will advance the expansion plan in line with market demand and product布局, and continue to enhance memory supply capacity.
2元 Interim Dividend, Ex-Dividend on 11月18日
The board also resolved to distribute 2026年 first-half earnings, with a cash dividend of 2元 per share, totaling about 94.41億元. The ex-dividend trading day is set for 11月18日; investors must buy and hold by 11月17日 to participate; the ex-dividend record date is 11月24日, with cash dividends expected to be paid on 12月17日. Winbond shares closed down 16元 at 146元 today, down 9.88%. After the strong earnings report, expansion plan and dividend resolution announced after the close, whether it can drive the share price to stabilize and rebound is drawing close market attention.