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

<ul><li>OmniVision reported 1H25 results. 1H revenue rose 15% YoY to RMB14.0bn, led by double-digit growth in Analog Solutions (+21% YoY) and Distribution (+42% YoY).</li><li>During the period, gross margin remained stable at 30.5% (+1.3 ppts YoY), while net profit surged by 48% YoY to RMB2.0bn.</li><li>NPM improved to 14.5% (from 11.3% in 1H24), reflecting operating leverage and cost control. The sales of OV’s core business, CIS, reached a record RMB10.3bn (+11% YoY), with auto, security, emerging IoT, and medical CIS growing 30%, 17%, 249%, and 68% YoY, respectively, offsetting weakness in mobile CIS (-19% YoY). </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.

OmniVision reported 1H25 results. 1H revenue rose 15% YoY to RMB14.0bn, led by double-digit growth in Analog Solutions (+21% YoY) and Distribution (+42% YoY).During the period, gross margin remained stable at 30.5% (+1.3 ppts YoY), while net profit surged by 48% YoY to RMB2.0bn.NPM improved to 14.5% (from 11.3% in 1H24), reflecting operating leverage and cost control. The sales of OV’s core business, CIS, reached a record RMB10.3bn (+11% YoY), with auto, security, emerging IoT, and medical CIS growing 30%, 17%, 249%, and 68% YoY, respectively, offsetting weakness in mobile CIS (-19% YoY). 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.

OmniVision (603501 CH) - Solid 1H25 Results; Maintain BUY

<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...

<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

<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”

China

Will Semiconductor Co.,Ltd. Shanghai manufactures image sensor products 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. Will Semiconductor Shanghai markets its products worldwide.

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Will Semiconductor (603501 CH)

OmniVision (603501 CH) - Solid 1H25 Results; Maintain BUY

OmniVision reported 1H25 results. 1H revenue rose 15% YoY to RMB14.0bn, led by double-digit growth in Analog Solutions (+21% YoY) and Distribution...

CMB International

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

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

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

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