Everwin Precision: Leveraging Apple's Hardware Ambitions for Supply Chain Dominance

The tech world is abuzz with whispers of Apple's next moves: a cost-conscious MacBook lineup and a bold foray into smart glasses. While the spotlight remains on Apple's product strategies, investors should look upstream to the supply chain. One name stands out: Everwin Precision, a Taiwanese precision machining firm poised to capitalize on Apple's aggressive hardware roadmap. With its role as a reference design supplier for both Apple's 2026 budget MacBook and 2027 smart glasses, Everwin is set to ride a wave of revenue and profit growth that could make it a standout play in the Asian supply chain. Let's dissect why.

The MacBook Catalyst: Scalability and Share Gains

Apple's 2026 budget MacBook—expected to begin mass production in late 2025 or early 2026—is not just a product refresh; it's a strategic pivot. Priced to compete with Windows laptops, this 13-inch model powered by the A18 Pro chip targets a broader consumer base, with Apple aiming to push MacBook shipments back to 25 million units annually by 2026 (up from ~20 million in 2023). The new model alone is projected to account for 5–7 million units, a figure that demands significant manufacturing capacity.

Here's where Everwin shines. Already supplying casings for the MacBook Pro, the firm is now set to expand its role to the MacBook Air in 2026 and become the primary supplier for the new budget model. Analyst Ming-Chi Kuo estimates this will drive 15–20% year-over-year revenue growth for Everwin in 2026, with profit margins rising by 30–40% as higher-margin MacBook casings displace lower-margin consumer electronics components.

The timing is critical. Revenue recognition for the budget MacBook will begin in 2026, aligning with Apple's aggressive ramp-up. For investors, this means Everwin's earnings could see a step change by late 2026, with its stock price potentially lagging behind until the market fully appreciates the scale of the opportunity.

The Smart Glasses Inflection Point: A New Supply Chain Frontier

While the MacBook is a near-term catalyst, Apple's 2027 smart glasses represent a longer-term structural opportunity. These glasses—projected to ship 3–5 million units in their first year—will lack a display but feature audio playback, camera functionality, and AI environmental sensing. Their frames and temples, produced via 3D printing, will require precision engineering and material expertise.

Everwin's role as the reference design supplier for these components is no accident. The firm's ability to scale complex, high-precision parts at competitive costs has already earned it Apple's trust. The glasses' reliance on magnesium alloy and 3D-printed materials—technologies Everwin has mastered—ensures its position as an indispensable partner.

The financial upside here is twofold:
1. Revenue Diversification: Smart glasses will add a new product category to Everwin's portfolio, reducing reliance on cyclical PC demand.
2. Margin Expansion: The high R&D and precision required for 3D-printed frames could command premium pricing, further boosting profit margins.

The Investment Thesis: Why Everwin Is a Supply Chain Winner

Everwin's value proposition hinges on early supplier lock-in and operational scalability:
- Lock-In Advantage: Apple's supplier selection process is notoriously rigorous. By securing a reference design role, Everwin has de facto exclusivity in critical components, deterring competitors from replicating its technology quickly.
- Volume Synergy: The 2026 MacBook and 2027 smart glasses are both high-volume, Apple-branded products. Everwin's existing manufacturing footprint and relationships with Apple's logistics arm position it to scale without incremental costs.

Critics may argue that supply chain plays are cyclical. But consider this: Apple's $2.5 trillion market cap and its relentless push into wearables (e.g., AirPods, Apple Watch) create a moat. The smart glasses' potential to replace earbuds and smartphones in specific use cases adds another layer of growth.

Risks to Consider

• Supply Chain Disruptions: Global logistics or component shortages could delay production. However, Everwin's proximity to Apple's Taiwan-based suppliers mitigates this risk.
• Apple's Execution: Delays in the MacBook or smart glasses timelines could compress margins. Yet Kuo's track record on Apple predictions (e.g., M-series chip adoption) lends credibility to his timelines.
• Market Adoption: Smart glasses face competition from Meta, Google, and Samsung. However, Apple's ecosystem integration and brand equity give it an edge.

Conclusion: Position for 2026 Earnings

Investors should act now. Everwin's valuation—currently at 12x 2026E EPS—is reasonable given its growth trajectory. The 2026 earnings season will be pivotal: strong MacBook sales and early smart glasses engineering wins could trigger a re-rating.

Actionable Idea: Buy Everwin Precision stock ahead of its Q4 2025 and Q1 2026 earnings, with a target price of NT$500–600 (up from current ~NT$400). Pair this with a long position in Apple's supply chain ETFs (e.g., TAN) to hedge against stock-specific risks.

The era of Apple's “next big thing” is here—and Everwin is building the foundation.

Note: Always conduct independent research and consult a financial advisor before making investment decisions.