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.

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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...

<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

Thematic (Sector/Industry)

<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

<ul><li>Maxscend released its 3Q24 results. Revenue declined by 23% YoY/1% QoQ to RMB1.1bn, driven by a weaker seasonality as smartphone demand is not showing strong recovery.</li><li>NP declined by 84% YoY/55% QoQ to RMB71mn, mainly due to GPM erosion (down 4.3ppts sequentially to 37.1%) on 1) fab ramp-up, 2) an unfavorable product mix towards higher module shipments, and 3) USD/RMB FX impacts.</li><li>NPM dropped to 6.6% from 14.3%/32.1% in 2Q24/3Q23 on lower GPM, higher R&amp;D costs (up 66% YoY) and asset impairment loss. </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 3Q24 results. Revenue declined by 23% YoY/1% QoQ to RMB1.1bn, driven by a weaker seasonality as smartphone demand is not showing strong recovery.NP declined by 84% YoY/55% QoQ to RMB71mn, mainly due to GPM erosion (down 4.3ppts sequentially to 37.1%) on 1) fab ramp-up, 2) an unfavorable product mix towards higher module shipments, and 3) USD/RMB FX impacts.NPM dropped to 6.6% from 14.3%/32.1% in 2Q24/3Q23 on lower GPM, higher R&amp;D costs (up 66% YoY) and asset impairment loss. 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.

<ul><li>Maxscend reported 1H24 results. Revenue grew 37% YoY to RMB2.3bn from a low base in 1H23, driven by clients’ restocking behavior.</li><li>GPM declined to 42.1%, down 6.9ppt from 1H23. Margin erosion was mainly due to 1) an unfavorable revenue mix towards higher module sales, 2) ramp up in fab production and 3) intensified competition.</li><li>Despite a slow recovery in consumer demand and prolonged replacement cycle of handsets, we expect Maxscend to outperform its peers, with its unique fab-lite model to support 1) supply chain security, 2) better product performance and 3) potential in cost optimization once utilization reaches a higher level. </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 reported 1H24 results. Revenue grew 37% YoY to RMB2.3bn from a low base in 1H23, driven by clients’ restocking behavior.GPM declined to 42.1%, down 6.9ppt from 1H23. Margin erosion was mainly due to 1) an unfavorable revenue mix towards higher module sales, 2) ramp up in fab production and 3) intensified competition.Despite a slow recovery in consumer demand and prolonged replacement cycle of handsets, we expect Maxscend to outperform its peers, with its unique fab-lite model to support 1) supply chain security, 2) better product performance and 3) potential in cost optimization once utilization reaches a higher level. 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) - Revenue Grew While GPM Deteriorated

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

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

Maxscend (300782 CH) - LT Growth Intact

Maxscend released its 3Q24 results. Revenue declined by 23% YoY/1% QoQ to RMB1.1bn, driven by a weaker seasonality as smartphone demand is not...

CMB International

Maxscend (300782 CH) - Revenue Grew While GPM Deteriorated

Maxscend reported 1H24 results. Revenue grew 37% YoY to RMB2.3bn from a low base in 1H23, driven by clients’ restocking behavior.

CMB International

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