External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Maxscend Microelectronics  L / Equity Bottom-Up

<ul><li>Maxscend released 2Q25 results. Revenue was RMB948mn in 2Q25, up 25% QoQ from a low base in 1Q but down 13% YoY, reflecting continued softness in end-market demand and intensified competition.</li><li>During the period, GPM fell to 27% (-4ppt/-14ppt vs. 1Q25/2Q24) in 2Q25, missing BBG consensus estimates of 34%, due to 1) ongoing price pressure, 2) impact from depreciation, and 3) lower-than-expected fab utilization. Net loss widened to RMB101mn in 2Q (NLM: -11%) from -RMB47mn in 1Q (NLM: -6%).</li><li>We cut our 2025/26E revenue forecasts by 21%/22% to reflect weaker-than-expected demand and persistent pricing pressure. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maxscend released 2Q25 results. Revenue was RMB948mn in 2Q25, up 25% QoQ from a low base in 1Q but down 13% YoY, reflecting continued softness in end-market demand and intensified competition.During the period, GPM fell to 27% (-4ppt/-14ppt vs. 1Q25/2Q24) in 2Q25, missing BBG consensus estimates of 34%, due to 1) ongoing price pressure, 2) impact from depreciation, and 3) lower-than-expected fab utilization. Net loss widened to RMB101mn in 2Q (NLM: -11%) from -RMB47mn in 1Q (NLM: -6%).We cut our 2025/26E revenue forecasts by 21%/22% to reflect weaker-than-expected demand and persistent pricing pressure. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maxscend (300782 CH) - Margin Headwinds Persist from Business Model Transition...

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.</li>
<li>A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. </li>
<li>China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.</li>
</ul>


During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.
A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. 
China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.


More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

<ul><li>Maxscend released its FY24 results. Revenue went up by 2.5% YoY to RMB4.5bn, missing CMBI estimates/BBG consensus by 2%/1%.</li><li>NP declined significantly by 64.2% YoY to RMB402mn, missing CMBI estimates/BBG consensus by 28%/21%.</li><li>GPM/NPM declined by 7.0ppt/16.7ppt to 39.5%/9.0% in FY24 (vs. 46.4%/25.6% in FY23) due to margin pressure from subsidiary Xinzhuo’s ramp-up as the company transitions from a fabless model to a fab-lite strategy. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maxscend released its FY24 results. Revenue went up by 2.5% YoY to RMB4.5bn, missing CMBI estimates/BBG consensus by 2%/1%.NP declined significantly by 64.2% YoY to RMB402mn, missing CMBI estimates/BBG consensus by 28%/21%.GPM/NPM declined by 7.0ppt/16.7ppt to 39.5%/9.0% in FY24 (vs. 46.4%/25.6% in FY23) due to margin pressure from subsidiary Xinzhuo’s ramp-up as the company transitions from a fabless model to a fab-lite strategy. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maxscend (300782 CH) - LT Prospects Intact; Maintain HOLD on Continued Margin Pressure

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

OmniVision Integrated Circuits Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">OmniVision Integrated Circuits Group (603501 CH)</a>, a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     </li>
<li>OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.</li>
<li>The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. </li>
</ul>



OmniVision Integrated Circuits Group (603501 CH), a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     
OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.
The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. 


OmniVision H Share Listing: The Investment Case

<ul><li>We highlight a growing divergence within the analog semiconductor space.</li><li>The power management IC (PMIC) and signal chain markets are stabilizing after a severe downturn, entering a cyclical recovery phase.</li><li>In contrast, the mobile radio frequency front-end (RFFE) market remains under pressure, while automotive RFFE emerges as a key strategic growth frontier.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We highlight a growing divergence within the analog semiconductor space.The power management IC (PMIC) and signal chain markets are stabilizing after a severe downturn, entering a cyclical recovery phase.In contrast, the mobile radio frequency front-end (RFFE) market remains under pressure, while automotive RFFE emerges as a key strategic growth frontier.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Analog sector – PMIC recovery underway; RF in transition

China

Maxscend Microelectronics Company Limited operates as an electrical components manufacturing company. The Company produces and sells smart phone radio frequency (RF) switches, low noise amplifiers, RF front end chips, and other products. Maxscend Microelectronics provides products for automotive, smart phone, and infrastructure areas.

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Maxscend Microelectronics L (300782 CH)

Maxscend (300782 CH) - Margin Headwinds Persist from Business Model Transition...

We also lower GPM projections by 9ppts/7ppts to 32%/37% in 2025/26E, factoring in near-term margin headwinds from elevated depreciation.

CMB International

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction. During the period, global semi equipment and manufacturing...

Andrew Lu

Maxscend (300782 CH) - LT Prospects Intact; Maintain HOLD on Continued Margin Pressure

Maxscend released its FY24 results. Revenue went up by 2.5% YoY to RMB4.5bn, missing CMBI estimates/BBG consensus by 2%/1%.

CMB International

Semiconductors - Analog sector – PMIC recovery underway; RF in transition

The power management IC (PMIC) and signal chain markets are stabilizing after a severe downturn, entering a cyclical recovery phase.

CMB International

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Maxscend (300782 CH) - Margin Headwinds Persist from Business Model Transition...

We also lower GPM projections by 9ppts/7ppts to 32%/37% in 2025/26E, factoring in near-term margin headwinds from elevated depreciation.

CMB International

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction. During the period, global semi equipment and manufacturing...

Andrew Lu

Maxscend (300782 CH) - LT Prospects Intact; Maintain HOLD on Continued Margin Pressure

Maxscend released its FY24 results. Revenue went up by 2.5% YoY to RMB4.5bn, missing CMBI estimates/BBG consensus by 2%/1%.

CMB International

OmniVision H Share Listing: The Investment Case

OmniVision, a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion. In this note, I discuss the...

Arun George

Semiconductors - Analog sector – PMIC recovery underway; RF in transition

The power management IC (PMIC) and signal chain markets are stabilizing after a severe downturn, entering a cyclical recovery phase.

CMB International