【招银国际】闻泰科技（600745）-Resilient 1Q semiconductor sales; nonprofitable ODM business to be deconsolidated-250429（6页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 29 Apr 2025 CMB International Global Markets|Equity Research|Company Update Wingtech(600745 CH)Resilient 1Q semiconductor sales;non-profitable ODM business to be deco

2、nsolidated Wingtech released its 1Q25 earnings.Revenue declined by 19.4%YoY to RMB13.1bn,while net profit surged by 82.3%YoY to RMB261mn.GPM recovered to 14.0%(vs.9.1%/9.2%in 4Q24/1Q24).By segment,ODM/semi accounted for 72%/28%of 1Q sales.The company has entered a transformation phase following the

3、divestment of its ODM business.With a focus now solely on the semi segment,we expect it will be the core growth driver,benefitted by 1)strong growth in AI servers,2)recovering demand from consumer and industrial markets,3)growing penetration of EVs and increasing dollar content per NEV(US$20-US$30 p

4、er ICE vehicle vs.up to US$100 per EV),and 4)emerging demand drivers such as humanoid robotics.Maintain BUY with TP unchanged at RMB52.Semi segment delivered resilient growth,with revenue up 8.4%YoY to RMB3.7bn in 1Q25,benefitted by volume surge(1Q shipment reached three-year high).Mgmt.said the com

5、panys capacity was close to full utilization.By geography,China(47%of FY24 segment revenue)outperformed at 24%YoY in 1Q25 with increasing demand from multiple markets,such as recoveries in industrial,consumer,auto markets and strong growth in AI DC and server demand.The company continues to expand i

6、ts analog IC portfolio,targeting the commercialization of more than 200 new SKUs in 2025.We expect Wingtechs semi sales to reach RMB16.3bn(up 11%YoY)in 2025,with GPM remaining stable at 38.5%.We forecast its semi segments NP to be RMB2.6bn in 2025,implying 16%NPM(vs.15.9%/15.6%in 2023/24).ODM busine