Stock Price Falls Below 1900 Yuan, Brokerage Still Calls 3010 Yuan
AI server indicator Wiwynn (6669) has seen its stock price weaken recently, falling below the 1900 yuan mark. However, the local brokerage has not turned bearish, citing improved customer order visibility and continued expansion of revenue scale. It therefore raised its diluted EPS forecasts for 2026 and 2027 to 143.16 yuan and 241.16 yuan, and, on the grounds that the current P/E ratio of about 8 to 9 times is at a low valuation range, assigned a 12.5x P/E ratio to derive a target price of 3010 yuan.
Q3 Revenue of 4346 Billion Beats Expectations, Gross Margin Revised Up to 8.9%
According to the brokerage report, Wiwynn's September revenue reached 1726 billion yuan, up 19.6% MoM and 100% YoY; third-quarter revenue reached 4346 billion yuan, up 56.2% QoQ and 63% YoY, representing 135% of the brokerage's estimate and 128% of market consensus, far exceeding expectations, mainly benefiting from strong shipments of Meta general-purpose servers and AWS T3 air-cooled racks. The brokerage also raised its third-quarter gross margin forecast from 8.1% to 8.9%, due to a higher share of general-purpose servers and improved product mix, with estimated quarterly EPS of about 45.56 yuan.
As for the fourth quarter, liquid-cooled racks will only ramp up gradually from year-end to the first half of 2027, but shipment momentum for T3 air-cooled racks and general-purpose servers remains strong, with revenue estimated at 4666 billion yuan, up 7.4% QoQ and 59.5% YoY; gross margin forecast was raised from 7.3% to 8.2%, with EPS of about 45.18 yuan. The brokerage believes that in the second half of 2026, driven by the dual engines of ASIC air-cooled racks and general-purpose servers, operating results will be significantly better than in the first half.
Liquid-Cooling Penetration Targeting 70%, T4 and MI450 to Take Over in 2027
According to supply chain checks, AWS T3 liquid-cooled racks initially suffered from production line ramp-up issues, and the customer has revised down this year's shipment plan, but shipments in 2027 are still expected to rise quarter by quarter, with liquid-cooling penetration on the chip side rising to 50% to 70%. In addition, since liquid-cooled racks are priced at 3 to 4 times or more than air-cooled racks, they are expected to become the main engine of revenue growth next year. In addition, Wiwynn continues to participate in the design of AWS next-generation T4 racks, with a chance to adopt a full liquid-cooled architecture, expected to ship in 2028.
The Meta MI450 rack project is concentrated for delivery in 2027, with a single-rack price of about 4.5 million to 5 million US dollars and an estimated order size of about 5000 to 7000 racks; in addition, a new Oracle VR200 order of about 2500 racks is expected to start contributing to revenue in 2027. As order profiles from various customers become clearer, the brokerage has sharply raised its revenue forecasts for Wiwynn for 2026 and 2027 from the original 1.27 trillion yuan and 2.38 trillion yuan to 1.46 trillion yuan and 3.07 trillion yuan. Although the 2027 gross margin forecast was lowered from 7.1% to 6.5%, the significant expansion of revenue scale should still drive notable profit growth. Considering the expanded share capital after stock dividend distribution, diluted EPS was raised accordingly.