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

OmniVision Integrated Circuits Group (603501 CH)

<ul><li>Willsemi’s 1H23 revenue and net profit were RMB8.9bn and RMB153mn, down 20% and 93% YoY, respectively.</li><li>Margin continued to contract in 2Q23, suggesting the Company is marking efforts to digest inventory.</li><li>2Q NP was negative again, failing to continue its profitability from 1Q. </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’s 1H23 revenue and net profit were RMB8.9bn and RMB153mn, down 20% and 93% YoY, respectively.Margin continued to contract in 2Q23, suggesting the Company is marking efforts to digest inventory.2Q NP was negative again, failing to continue its profitability from 1Q. 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>Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.</li>
<li>We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.</li>
<li>We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. </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.


Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.
We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.
We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. 

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.

China Technology – Apple MR: Long-awaited next “iPhone moment”

<ul><li>Willsemi announced preliminary 2022 net income of RMB800 mn to RMB1,200 mn, showing 73.2% to 82.1% YoY decline.</li><li>Even a weak 4Q22 was already widely anticipated, the results came in significantly below our/consensus forecasts of RMB2.46 bn/RMB2.97 bn.</li><li>The mgmt. attributed the miss to 1) weak consumer electronic market demand (lower rev. and margin), 2) an inventory write down of RMB1.3 bn to RMB1.5 bn (as a result of high inventory base). We see no clear sign of recovery of consumer electronic demand in near-term, maintain HOLD and revise TP to RMB72.</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 preliminary 2022 net income of RMB800 mn to RMB1,200 mn, showing 73.2% to 82.1% YoY decline.Even a weak 4Q22 was already widely anticipated, the results came in significantly below our/consensus forecasts of RMB2.46 bn/RMB2.97 bn.The mgmt. attributed the miss to 1) weak consumer electronic market demand (lower rev. and margin), 2) an inventory write down of RMB1.3 bn to RMB1.5 bn (as a result of high inventory base). We see no clear sign of recovery of consumer electronic demand in near-term, maintain HOLD and revise TP to RMB72.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) – Preliminary 2022 Results Came in Below Estimate

<ul><li>Willsemi announced its 3Q22 results. 3Q revenue declined 26.5% YoY and 22.1% QoQ to RMB4.3bn.</li><li>NP to shareholders recorded a net loss of RMB120mn, a hard hit from smartphone market weakness and slow digestion of CIS inventory.</li><li>GPM dropped to 28.4% in 3Q (vs. 33.3%/34.5% in 2Q22 and 2021).</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 its 3Q22 results. 3Q revenue declined 26.5% YoY and 22.1% QoQ to RMB4.3bn.NP to shareholders recorded a net loss of RMB120mn, a hard hit from smartphone market weakness and slow digestion of CIS inventory.GPM dropped to 28.4% in 3Q (vs. 33.3%/34.5% in 2Q22 and 2021).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) – Sluggish 3Q22 Performance

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.

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Willsemi (603501 CH)

Margin continued to contract in 2Q23, suggesting the Company is marking efforts to digest inventory. 2Q NP was negative again, failing to continue...

CMB International

China Technology – Apple MR: Long-awaited next “iPhone moment”

We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.

CMB International

Willsemi (603501 CH) – Preliminary 2022 Results Came in Below Estimate

Even a weak 4Q22 was already widely anticipated, the results came in significantly below our/consensus forecasts of RMB2.46 bn/RMB2.97 bn.

CMB International

Willsemi (603501 CH) – Sluggish 3Q22 Performance

NP to shareholders recorded a net loss of RMB120mn, a hard hit from smartphone market weakness and slow digestion of CIS inventory.

CMB International