Goldman Sachs maintains Buy on Wiwynn, highlighting rack-level CPO and liquid-cooling expansion opportunities in AI servers

Overview

This report is a company research note on Wiwynn published by Goldman Sachs after its Computex Taipei visit on 2026-06-02. The report focuses on Wiwynn's showcase and business opportunities in AI server rack-level architecture, optical interconnect/CPO, high-voltage power architecture, and advanced liquid-cooling solutions. Goldman Sachs believes that upgraded AI server rack specifications, liquid-cooling penetration, and CPO scaling could strengthen Wiwynn's expansion opportunities among GPU and ASIC customers, and therefore maintains its Buy rating.

Core views

The core views include: first, Wiwynn has full rack integration capabilities and can leverage its joint design capabilities with Wistron to serve AI training and inference platforms such as NVIDIA Vera Rubin NVL72 and AMD Helios; second, liquid-cooling capability is a key support for high-power AI systems, and the company showcased a 6kW-class dual-sided liquid-cooling solution and Diamond Composite microchannel design; third, the CPO trend is benefiting from AI scale-up demand, and the company is advancing high-bandwidth, low-power interconnect solutions by integrating Ayar Labs optical engines and ELSFP light sources; fourth, Goldman Sachs believes EPS growth remains the main driver of share price performance.

Analysis framework

The analysis is primarily based on booth research at Computex 2026, management commentary, product showcases, and Goldman Sachs' existing valuation framework. On valuation, Goldman Sachs uses 18.6x 2027E P/E as the basis for the 12-month target price, with this multiple derived from the correlation between EPS growth and P/E multiples of PC/server peers.

Methodology notes

• Target price valuationP/E valuation method

  18.6x 2027E P/E

  Goldman Sachs' 12-month target price of NT$7,147 for Wiwynn is based on 18.6x 2027E P/E, with this multiple derived from the correlation between EPS growth and P/E multiples of PC/server peers.

• Equity factor frameworkGS factor profile

  Growth, financial returns, valuation multiples, and composite factors

  The GS factor profile compares stocks horizontally across growth, financial returns, valuation multiples, and composite indicators; growth uses forward sales, EBITDA, and EPS growth, financial returns use ROE, ROCE, and CROCI, and valuation multiples use indicators such as P/E, P/B, dividend yield, EV/EBITDA, and EV/FCF.

• M&A scenarioM&A Rank

  M&A likelihood score

  Goldman Sachs' M&A Rank uses levels 1 to 3 to assess the probability of a company becoming an acquisition target; if a company is rated level 1 or 2, M&A factors may be incorporated into the target price, while level 3 typically does not affect the target price.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Wiwynn (6669.TW)

  Subject company of the report; Goldman Sachs maintains a Buy rating

  Strengths

  Has rack-level AI server integration capabilities, expansion opportunities with GPU/ASIC customers, liquid-cooling solutions, and CPO ecosystem partnerships.

  Weaknesses

  Business performance remains highly dependent on AI server demand, the recovery pace of general-purpose servers, and the competitive landscape among server ODMs.

  Comparison

  Goldman Sachs derives its target price using the correlation between EPS growth and P/E multiples of PC/server peers, indicating that its valuation is benchmarked within the server hardware peer framework.

  Risks

  AI server demand growth comes in below expectations, general-purpose server demand recovers more slowly than expected, and server ODM competition intensifies.

• AMD.US

  Ecosystem-related platform supplier; the report mentions the AMD Helios rack-level solution

  Strengths

  AMD Helios was used in Wiwynn's rack-level AI training/inference showcase, reflecting Wiwynn's ability to support multi-platform customers and architectures.

  Weaknesses

  The report does not provide an independent investment rating or financial forecast for AMD.

  Comparison

  AMD and NVIDIA are both mentioned as part of Wiwynn's AI server platform showcase.

  Risks

  In this report, AMD is mentioned only as supply-chain-related information and should not be extrapolated as Goldman Sachs' investment view on AMD.

Key data

• Report date2026-06-02 11:01PM HKTThe report header shows Equity Research.
• Research institutionGoldman SachsThe research team is from Goldman Sachs Global Investment Research.
• AnalystsAllen Chang；Verena Jeng；Ting SongThe report discloses that all three authors are from Goldman Sachs (Asia) L.L.C.
• RatingBuyBoth the report title and the valuation section show that the Buy rating is maintained.
• 12-month target priceNT$7,147The target price is based on 18.6x 2027E P/E.
• Disclosed priceNT$5,475.00The company-specific disclosure section lists the corresponding price for Wiwynn.
• Implied upsideabout 30.5%Calculated from the target price of NT$7,147 relative to NT$5,475.00, without separately factoring in dividends.
• AI server showcaseNVIDIA Vera Rubin NVL72；AMD HeliosWiwynn showcased rack-level solutions for AI training and inference.
• Liquid-cooling solution6kW-class dual-sided liquid cooling；Diamond Composite microchannel designUsed to support the cooling needs of high-power AI systems.
• CPO ecosystem partnersAyar Labs；Browave；FOCI；SenkoThe company emphasized working with industry partners to advance CPO applications in AI scale-up.

Impact & implications

The report's implications for Wiwynn are broadly positive: as AI servers expand from standalone machines to rack-level systems, higher requirements are placed on full-rack design, power supply, thermal management, optical interconnect, and customer coordination capabilities, which are exactly Wiwynn's areas of strength. If CPO and liquid cooling are adopted more quickly in AI scale-up, Wiwynn could benefit from higher-spec server racks, broader GPU/ASIC customer coverage, and higher system integration value content.

Risks

• AI server demand growth is weaker than expected.
• General-purpose server demand recovery is slower than expected.
• Competition in the server ODM market intensifies.

What to watch

• Whether upgrades in AI server rack-level specifications continue to drive order growth and value expansion for Wiwynn.
• The pace of CPO adoption in AI scale-up, as well as the progress of partnerships with Ayar Labs and others.
• The mass-production and customer validation pace of liquid-cooling solutions in high-power AI systems.
• Whether the mix of GPU and ASIC customers continues to diversify.
• Whether the recovery in general-purpose server demand improves the non-AI server business base.
• Whether competition among server ODMs compresses margins or weakens the target price assumptions.