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

Will Semiconductor   Shan / Equity Bottom-Up

<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><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 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