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Hiwin TechnologiesHiwin Technologies 2049
Country国家 Taiwan台湾
Systems系统 Muscle肌肉
Bottlenecks瓶颈 P14 Actuators, reducers, encoders执行器、减速器与编码器
Market cap市值 Live, via TradingView.实时数据，来自 TradingView。
Ball screws, linear guideways and crossed-roller bearings for machine tools and semiconductor equipment, plus single/multi-axis robots; H1 2026 net income +130.8% YoY as orders outran shipments from June.
滚珠丝杠、直线导轨与交叉滚子轴承，主要用于工具机与半导体设备，兼产单轴与多轴机器人；FY2026 上半年净利同比 +130.8%，6 月起订单已超过出货。
What it doesBall screws, linear guideways and crossed-roller bearings for machine tools and semiconductor equipment, plus single/multi-axis robots; H1 2026 net income +130.8% YoY as orders outran shipments from June.
在干什么滚珠丝杠、直线导轨与交叉滚子轴承，主要用于工具机与半导体设备，兼产单轴与多轴机器人；FY2026 上半年净利同比 +130.8%，6 月起订单已超过出货。
Name sheetHiwin Technologies
Why it mattersThe strongest Taiwan candidate for the Muscle thesis: a direct global competitor to THK -- already on this site's factory map -- in the identical product lines of ball screws, linear guides and, from 2026, planetary roller screws, the humanoid linear-actuator format for which Schaeffler is otherwise the only mapped supplier. Robotics revenue share is still small but has risen every quarter disclosed (11% in Q4 2025 to 12% in Q1 2026), against a company-wide backdrop of orders now running ahead of shipments.
为何重要Muscle 系统中最强的台湾候选：直接对标已在本站工厂图谱上的 THK，产品线完全重叠——滚珠丝杠、直线导轨，以及 2026 年起的行星滚柱丝杠，这正是舍弗勒之外本站唯一覆盖的人形直线执行器格式。机器人营收占比仍小，但已披露的每一季都在上升（2025 Q4 的 11% 升至 2026 Q1 的 12%），且公司整体订单自 6 月起已超过出货。
Caveat
For H1 2026 (six months to June 2026, reported 2026-08-12), consolidated revenue was NT$13.887bn (+18% year over year) and net income NT$1.427bn (+130.8% YoY), EPS NT$4.03 versus NT$1.75 in H1 2025. Q2 2026 alone: revenue NT$7.508bn (+26.7% YoY, +17.7% QoQ), net income NT$847m (+526.7% YoY, +46.3% QoQ), gross margin 34.17% -- a 15-quarter high.
July 2026 revenue was NT$2.681bn (+33.9% YoY), a fifth straight monthly increase, and January-July cumulative revenue reached NT$16.569bn (+20.3% YoY). Chairman Cho Wen-heng described orders exceeding shipments since June 2026, production lines running full overtime, and lead times extending to 5.5 months for ball screws and 3.5-4 months for linear guides.
Within this, Taiwanese trade press (Digitimes, paywalled beyond the headline) reports the robotics-product revenue share rose from 11% in Q4 2025 to 12% in Q1 2026 on wafer-handling-robot and transfer-platform demand -- a press-reported figure, not a segment Hiwin itself breaks out in its financial statements. The company's own tone on humanoids is notably more conservative than the equity narrative around the name: at the May 2026 earnings call, the Chairman said humanoid robots for AI applications remained 'in the sampling phase, with at most small-batch production in 2026,' with real volume not expected before 2027; logistics robots, entering small-batch production this year, are the nearer-term product.
Ball screws (23% of Q1 2026 revenue) and linear guides (60%) remain overwhelmingly the base business, sold into machine tools and semiconductor capital equipment as much as into robots -- so most of the current earnings recovery is a semicap/machine-tool cycle story, not a robotics one. Planetary roller screws and integrated joint modules, the components this site's Muscle thesis identifies as scarce, are launching in 2026 with no disclosed revenue yet.
风险提示
FY2026 上半年（截至 2026 年 6 月，2026-08-12 公布）：合并营收 138.87 亿新台币（同比 +18%），净利 14.27 亿新台币（同比 +130.8%），EPS 4.03 元（2025 上半年为 1.75 元）。仅第二季：营收 75.08 亿元（同比 +26.7%，环比 +17.7%），净利 8.47 亿元（同比 +526.7%，环比 +46.3%），毛利率 34.17%，创 15 季新高。
7 月营收 26.81 亿元（同比 +33.9%），连续第五个月增长；1-7 月累计营收 165.69 亿元（同比 +20.3%）。董事长卓文恒表示 6 月起订单已超过出货，产线满载加班，滚珠丝杠交期已拉长至 5.5 个月，直线导轨 3.5-4 个月。
与此同时，台湾产业媒体（Digitimes，全文需付费）报导机器人相关产品营收占比从 2025 Q4 的 11% 升至 2026 Q1 的 12%，主要来自晶圆传送机器人与移载平台需求——这是媒体报导的数字，公司本身财报并未单独披露该分部。公司对人形机器人的口径明显比市场叙事保守：在 5 月的法说会上，董事长表示人形机器人应用仍处于“送样阶段，2026 年至多小批量生产”，真正放量要到 2027 年之后；物流型机器人今年进入小批量生产，是更近期的产品。
滚珠丝杠（2026 Q1 占营收 23%）与直线导轨（60%）仍是绝对主力业务，主要卖给工具机与半导体资本设备，而非机器人——因此当前获利复苏很大程度上是半导体设备/工具机周期故事，而非机器人故事。本站 Muscle 论点认定稀缺的行星滚柱丝杠与一体化关节模组要到 2026 年才开始推出，目前尚无已披露营收。
ProductBall screws, linear guideways, crossed-roller bearings, single/multi-axis robots; planetary roller screws and joint modules from 2026
Value accrualContent per axis/joint in precision linear motion, and qualification with machine-tool, semiconductor-equipment and robot OEMs
Key riskH1 2026 revenue NT$13.887bn (+18% YoY), net income NT$1.427bn (+130.8% YoY), EPS NT$4.03. Robotics is a rising but still low-teens share of revenue (12% in Q1 2026, press-reported, not company-disclosed); the base business (ball screws, linear guides) is machine-tool and semiconductor-capex cyclical, and current lead-time extension and order strength are attributed by management mainly to that cycle, not to humanoid demand.
Key riskFY2026 上半年营收 138.87 亿新台币（同比 +18%），净利 14.27 亿元（同比 +130.8%），EPS 4.03 元。机器人业务占比正在上升但仍是低两位数（2026 Q1 为 12%，为媒体报导数字，非公司自行披露）；基础业务（滚珠丝杠、直线导轨）随工具机与半导体资本支出周期波动，管理层将当前交期拉长与订单强劲主要归因于该周期，而非人形机器人需求。
Bottlenecks瓶颈 P14 Actuators, reducers, encoders执行器、减速器与编码器
- Class
- public
- Country
- TW
- HQ
- Taichung, Taiwan
- Layer
- Actuation / Linear motion & precision transmission
- Systems
- muscle
- Caveat stance
- watch
- Ticker
- 2049
- Exchange
- TWSE
- Valuation tier
- 2
- Last verified
- 2026-08-26
- Sources
- S-PUB-030
- Translated fields
- what_it_does_en · why_it_matters_en · caveat_en · key_risk_en
- Chain position
- upstream
COMPANY RESEARCH公司研究 Commercial evidence商业证据 Expand +展开 + Collapse −收起 −
- Customer and task
- 客户与任务
- Not yet assessed in this structured record.本结构化记录尚未评估。
- Deployment and payment
- 部署与付款
- Not yet assessed in this structured record.本结构化记录尚未评估。
- Task results and human assistance
- 任务结果与人工协助
- Not yet assessed in this structured record.本结构化记录尚未评估。
- Cost and repeat purchases
- 成本与复购
- Not yet assessed in this structured record.本结构化记录尚未评估。
- What the evidence cannot establish
- 证据的局限
- Not yet assessed in this structured record.本结构化记录尚未评估。