External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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

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Willsemi (603501 CH) - Expect Sequential Improvement Ahead