侠盾研报网,专业研报大数据平台,收录各类研报、行业研报、券商研报、股票分析报告、行业研究报告等,已收录投研文档共计 32140772 份!
您当前的位置:首页 > 研报 > 公司调研 > 研报详情

招银国际-卓胜微-300782-1H22 profit alert: weak 2Q market dragged performance-220713

上传日期:2022-07-13 13:35:00  研报作者:Lily Yang,Alex Ng,Lana Lin  分享者:3210717   收藏研报

【研究报告内容】


  卓胜微(300782)
  Maxscend announced its 1H22 profit alert. Preliminary 1H22 revenue is est. tobe RMB2,235mn, showing 5.3% YoY decline. 1H22 NP to shareholders isexpected to drop 29.7%-24.7% YoY to RMB713mn-RMB764mn. We believe thisreflects a weak consumer electronic market in 2Q. However, the outlook forsmartphone market is grim and market uncertainties remain high. We cutFY22/23 NP forecasts by 26%/28%, and trim our TP to RMB138. Maintain BUY.
  Weak 2Q consumer electronic market is well expected. For 2Q, revenue(RMB905mn) fell 23.1% YoY and 32% QoQ and NP to shareholders (midpoint est: RMB279mn) dropped 46.5% YoY and 39.2% QoQ. 1H22revenue/NP accounted for 43%/41% of our full year forecasts. NPM dropped3.7% YoY to 30.8% in 2Q (vs. 46.1%/34.5% in FY21/1Q22). We believe theresults are largely due to a weak market and sector-wide high level ofinventory.
  The outlook for smartphone market is grim and market uncertaintiesremain high. We think the headwind for consumer market (such assmartphone, PC, etc.) will persist into 2H22, particularly in Android market. Inaddition, the unfavorable market condition will affect the Company’sprofitability due to weakening consumer spending. Accordingly, we cutFY22/23 NP forecasts by 26%/28%.
  Riding on the tailwind of localization trend with boarder portfolio of RFcomponents. Maxscend also announced a significant breakthrough of SAWfilter development and production. The self-designed and produced SAWfilters have completed small-scale production and are expected to begin massproduction in 3Q. We believe the self-developed SAW filter products willimprove Maxscend’s competitiveness in RF market. Moreover, the trend oflocalization stays intact. We are optimistic in Maxscend’s long-term outlookgiven its leading domestic market position and broader spectrum of offerings.
  Maintain BUY with new TP of RMB138. TP of RMB138 is based on 36x FY22EP/E (~1SD below 2-yr avg). Potential risks include 1) weaken consumer demand,2) intensified competition, 3) slower-than-expected R&D and 4) furtherdeteriorated marco environment. Potential upside includes M&A opportunity.
 报告详细内容请查阅原报告附件
侠盾智库研报网为您提供《招银国际-卓胜微-300782-1H22 profit alert: weak 2Q market dragged performance-220713.pdf》及招银国际相关公司调研研究报告,作者Lily Yang,Alex Ng,Lana Lin研报及卓胜微300782电子设备上市公司个股研报和股票分析报告。
标签:国际
本网站用于投资学习与研究用途,如果您的文章和报告不愿意在我们平台展示,请联系我们,谢谢!