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

OmniVision Integrated Circuits Group / Equity Bottom-Up

<ul><li>Willsemi announced 1Q25 results. Revenue was RMB6.5bn, up 15% YoY and down 5% QoQ on normal seasonality.</li><li>The growth was largely driven by strong auto CIS demand from the accelerating "smart driving equality" trend.</li><li>The favourable product mix (higher auto CIS sales) and better supply chain mgmt. improved GPM to 31.0% in 1Q (vs. 29.0%/27.9% in 4Q24/1Q24).</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.

Willsemi announced 1Q25 results. Revenue was RMB6.5bn, up 15% YoY and down 5% QoQ on normal seasonality.The growth was largely driven by strong auto CIS demand from the accelerating "smart driving equality" trend.The favourable product mix (higher auto CIS sales) and better supply chain mgmt. improved GPM to 31.0% in 1Q (vs. 29.0%/27.9% in 4Q24/1Q24).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.

Willsemi (603501 CH) - Solid 1Q25 earnings driven by robust auto momentum; Maintain BUY

<ul><li>We have recently added Willsemi as one of our top picks, given that it is regarded as a true beneficiary of 1) AI apps proliferation among edge devices</li><li>2) accelerating penetration of ADAS/AD features on smart vehicles and</li><li>3) localization trend of semiconductors. The company’s CIS products are crucial in key end markets, including mobile/laptops, automobiles, AR/VR glasses and other AI-enabled products. </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 have recently added Willsemi as one of our top picks, given that it is regarded as a true beneficiary of 1) AI apps proliferation among edge devices2) accelerating penetration of ADAS/AD features on smart vehicles and3) localization trend of semiconductors. The company’s CIS products are crucial in key end markets, including mobile/laptops, automobiles, AR/VR glasses and other AI-enabled products. 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.

Willsemi (603501 CH) - True Beneficiary of Accelerating Domestic AI Innovation...

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

OmniVision Integrated Circuits Group / Technical Analysis

<ul>
<li>Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. </li>
<li>$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.</li>
<li>DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials</li>
</ul>


Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. 
$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.
DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials


More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

<ul><li>Willsemi released FY24 prelim results. Rev. is expected to grow by 20.9% to 22.8% YoY to the range of RMB25.4bn to RMB25.8bn, driven by a higher penetration rate of CIS products in high-end smartphone market (smartphone CIS: 52% of CIS revenue in 1H24) and autonomous driving (AD) tech (auto CIS: 31%).</li><li>Mid-point rev. was slightly below BBG consensus/our estimate by 3.2%/2.6%.</li><li>Net profit is expected to be between RMB3.2bn and RMB3.4bn, up 468% to 504% YoY, which mgmt.attributed to market share expansion (11% of global CIS market in 2023 per Yole) and improved GPM (9M24/FY23: 29.6%/21.8%). </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.

Willsemi released FY24 prelim results. Rev. is expected to grow by 20.9% to 22.8% YoY to the range of RMB25.4bn to RMB25.8bn, driven by a higher penetration rate of CIS products in high-end smartphone market (smartphone CIS: 52% of CIS revenue in 1H24) and autonomous driving (AD) tech (auto CIS: 31%).Mid-point rev. was slightly below BBG consensus/our estimate by 3.2%/2.6%.Net profit is expected to be between RMB3.2bn and RMB3.4bn, up 468% to 504% YoY, which mgmt.attributed to market share expansion (11% of global CIS market in 2023 per Yole) and improved GPM (9M24/FY23: 29.6%/21.8%). 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.

Willsemi (603501 CH) - Expect Sequential Improvement Ahead

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI</li>
<li>Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips</li>
<li>This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive</li>
</ul>


Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI
Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips
This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive


Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

China

OmniVision Integrated Circuits Group, Inc. manufactures image sensor and semiconductor products. The Company produces and sells complementary metal oxide semiconductors, protecting devices, power devices, power management integrated circuits, radio frequency devices, microphone sensors, and more. OmniVision Integrated Circuits Group markets its products worldwide.

OmniVision Integrated Circuits Group (603501 CH)

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OmniVision Integrated Circuits Group (603501 CH)

Willsemi (603501 CH) - Solid 1Q25 earnings driven by robust auto momentum; Maintain BUY

We maintain our FY25 revenue/NP forecasts at RMB32.1bn/RMB5.1bn, implying 25%/53% growth YoY. Willsemi is one of our top picks. Reiterate BUY with...

CMB International

Willsemi (603501 CH) - True Beneficiary of Accelerating Domestic AI Innovation...

We project Willsemi’s revenue to grow by 27% YoY to RMB33bn in 2025E, driven by 25%/40% YoY growth from mobile/auto CIS sales.

CMB International

More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

More Countries Breaking Out; Bullish Outlook Intact $ACWI $EAFE $EEM. More buys in China; Germany continues to lead Europe higher. Will...

Vermilion Research

Willsemi (603501 CH) - Expect Sequential Improvement Ahead

Willsemi released FY24 prelim results. Rev. is expected to grow by 20.9% to 22.8% YoY to the range of RMB25.4bn to RMB25.8bn, driven by a higher...

CMB International

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

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Willsemi (603501 CH) - Solid 1Q25 earnings driven by robust auto momentum; Maintain BUY

We maintain our FY25 revenue/NP forecasts at RMB32.1bn/RMB5.1bn, implying 25%/53% growth YoY. Willsemi is one of our top picks. Reiterate BUY with...

CMB International

Willsemi (603501 CH) - True Beneficiary of Accelerating Domestic AI Innovation...

We project Willsemi’s revenue to grow by 27% YoY to RMB33bn in 2025E, driven by 25%/40% YoY growth from mobile/auto CIS sales.

CMB International

More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

More Countries Breaking Out; Bullish Outlook Intact $ACWI $EAFE $EEM. More buys in China; Germany continues to lead Europe higher. Will...

Vermilion Research

Willsemi (603501 CH) - Expect Sequential Improvement Ahead

Willsemi released FY24 prelim results. Rev. is expected to grow by 20.9% to 22.8% YoY to the range of RMB25.4bn to RMB25.8bn, driven by a higher...

CMB International

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

​Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...