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闻泰科技(600745) Wingtech announced its 2Q22 results. 2Q revenue/NP to shareholders grew7.2%/16.9% YoY and -7.5%/35.1% QoQ to RMB13.7bn/679mn. By segment,semi IDM/ODM sales grew 13.7% YoY and 7.8% YoY in 1H22, which werelargely in line. Optical modules business’ profitability was improving and wesuggest to eye on the new projects with key overseas clients. Maintain BUY, withunchanged TP of RMB93.12. Semi IDM business delivered stellar growth, benefiting from strongdemand for auto/industrial products. 1H22 semi revenue grew 13.7% YoYto RMB7.7bn, of which 72% were from auto and industrial (up 5% comparedwith FY21). Profitability continues to improve as NPM jumped to 22.7% in1H22 vs. 19.1% in FY21. Looking forward, we expect the strong demand fromauto/industrial markets will continue to drive segment growth. In the near term,auto semi is still in short supply. We see the price of power semi componentsis largely stable or still shows an upward trend. In the long-term perspective,Wingtech plans to mass-produce IGBT products in 2022/23, expanding itsproduct offering and catching the tailwind of surging demand for auto powersemi. ODM business is satisfactory considering mobile weakness. 1H22 ODMsales grew 7.8% YoY, which seems satisfactory given Android smartphoneshipment declined by 10.6% YOY in 1H22. However, net profit was -RMB216mn due to early stage of non-mobile projects. Optical module business’ profitability turned positive in 2Q. Thesegment’s net profits were RMB-39mn and RMB2mn in 1Q and 2Q. 2Q’spositive NPM reflected improving profitability, but there was also FX impact.We believe the breakeven may come in 2H22. Looking forward, we wouldwatch closely for new projects with key overseas clients, which will help thesegment business to grow. Maintain BUY with unchanged TP of RMB93.12. We think share price looksattractive given most bad news are priced in. Upside catalysts: 1) new 12-inch factory to begin production in 2H; 2) ODM’s new projects to contribute in2H. Downside risks: 1) macro challenges such as overseas inflation andslowdown in economic growth; and 2) easing auto semi shortage.
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（以下内容从招银国际《2Q results in line; Maintain BUY》研报附件原文摘录）闻泰科技(600745) Wingtech announced its 2Q22 results. 2Q revenue/NP to shareholders grew7.2%/16.9% YoY and -7.5%/35.1% QoQ to RMB13.7bn/679mn. By segment,semi IDM/ODM sales grew 13.7% YoY and 7.8% YoY in 1H22, which werelargely in line. Optical modules business’ profitability was improving and wesuggest to eye on the new projects with key overseas clients. Maintain BUY, withunchanged TP of RMB93.12. Semi IDM business delivered stellar growth, benefiting from strongdemand for auto/industrial products. 1H22 semi revenue grew 13.7% YoYto RMB7.7bn, of which 72% were from auto and industrial (up 5% comparedwith FY21). Profitability continues to improve as NPM jumped to 22.7% in1H22 vs. 19.1% in FY21. Looking forward, we expect the strong demand fromauto/industrial markets will continue to drive segment growth. In the near term,auto semi is still in short supply. We see the price of power semi componentsis largely stable or still shows an upward trend. In the long-term perspective,Wingtech plans to mass-produce IGBT products in 2022/23, expanding itsproduct offering and catching the tailwind of surging demand for auto powersemi. ODM business is satisfactory considering mobile weakness. 1H22 ODMsales grew 7.8% YoY, which seems satisfactory given Android smartphoneshipment declined by 10.6% YOY in 1H22. However, net profit was -RMB216mn due to early stage of non-mobile projects. Optical module business’ profitability turned positive in 2Q. Thesegment’s net profits were RMB-39mn and RMB2mn in 1Q and 2Q. 2Q’spositive NPM reflected improving profitability, but there was also FX impact.We believe the breakeven may come in 2H22. Looking forward, we wouldwatch closely for new projects with key overseas clients, which will help thesegment business to grow. Maintain BUY with unchanged TP of RMB93.12. We think share price looksattractive given most bad news are priced in. Upside catalysts: 1) new 12-inch factory to begin production in 2H; 2) ODM’s new projects to contribute in2H. Downside risks: 1) macro challenges such as overseas inflation andslowdown in economic growth; and 2) easing auto semi shortage.
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