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闻泰科技(600745) Wingtech received an official notice from the UK government on 17 Nov that the Company was required to sell at least 86% stake of its Newport Wafer Fab (“NWF”) (acquired in 2021 with 100% ownership). Wingtech believes the order has no significant impact on operations. Potential loss may incur if future transaction price is lower than the acquisition price but the impact should be limited. NWF’s revenue accounted for less than 1% of total 2022-24E revenue.We expect the overall impact is trivial. We removed NWF from our estimates and revised down 2022-24E EPS by 1%-2%. Maintain BUY and slightly adjusted TP to RMB88.6, based on same 25x 2023E P/E. The divesture of NWF’s stake will have trivial impact on Wingtech.According to Wingtech, NWF recorded RMB318mn sales (0.76% of total revenue) and generated a loss of RMB35mn during 9M22. Based on our model, the business is est. to contribute no more than 1% of our forecasted 2022-24E revenue. Therefore, we think it is reasonable to believe that such order has no significant impact on Wingtech’s operations. The order would reinforce China’s semiconductor self-sufficiency trend,which makes Wingtech’s semi IDM business more valuable as future acquisitions of global semi assets by Chinese companies seem impossible. Wingtech acquired Nexperia, a semi IDM business producing discrete and MOSFET components and analog & logic ICs that meet the stringent standards set by the Automotive industry in 2019. Nexperia’s products lead in several markets: 1) No.1 in small-signal diodes; 2) No.1 in ESD protection devices; 3) No.2 in PowerMOS automotive; 4) No.2 in Logic devices and 5) No.3 in small-signal MOSFETs. Similar opportunities would be unlikely to occur in near term considering rising protectionism and extensively usage of “national security”. Following the localization trend, we think Wingtech’s semi IDM business is more valuable due to supply chain security and resource scarcity. Maintain BUY with adjusted TP of RMB88.6. We think Wingtech is better positioned during recent semi rally as its demand from downstream market is still resilient. Upside catalysts: 1) new 12-inch factory to begin production; 2) ODM and optical modules’ new projects to begin mass production. Downside risks: 1) macro challenges such as overseas inflation and slowdown in economic growth and 2) delay/disruption in operations.
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（以下内容从招银国际《NWF divesture order will have trivial impact on operation; Will reinforce self-sufficiency trend》研报附件原文摘录）闻泰科技(600745) Wingtech received an official notice from the UK government on 17 Nov that the Company was required to sell at least 86% stake of its Newport Wafer Fab (“NWF”) (acquired in 2021 with 100% ownership). Wingtech believes the order has no significant impact on operations. Potential loss may incur if future transaction price is lower than the acquisition price but the impact should be limited. NWF’s revenue accounted for less than 1% of total 2022-24E revenue.We expect the overall impact is trivial. We removed NWF from our estimates and revised down 2022-24E EPS by 1%-2%. Maintain BUY and slightly adjusted TP to RMB88.6, based on same 25x 2023E P/E. The divesture of NWF’s stake will have trivial impact on Wingtech.According to Wingtech, NWF recorded RMB318mn sales (0.76% of total revenue) and generated a loss of RMB35mn during 9M22. Based on our model, the business is est. to contribute no more than 1% of our forecasted 2022-24E revenue. Therefore, we think it is reasonable to believe that such order has no significant impact on Wingtech’s operations. The order would reinforce China’s semiconductor self-sufficiency trend,which makes Wingtech’s semi IDM business more valuable as future acquisitions of global semi assets by Chinese companies seem impossible. Wingtech acquired Nexperia, a semi IDM business producing discrete and MOSFET components and analog & logic ICs that meet the stringent standards set by the Automotive industry in 2019. Nexperia’s products lead in several markets: 1) No.1 in small-signal diodes; 2) No.1 in ESD protection devices; 3) No.2 in PowerMOS automotive; 4) No.2 in Logic devices and 5) No.3 in small-signal MOSFETs. Similar opportunities would be unlikely to occur in near term considering rising protectionism and extensively usage of “national security”. Following the localization trend, we think Wingtech’s semi IDM business is more valuable due to supply chain security and resource scarcity. Maintain BUY with adjusted TP of RMB88.6. We think Wingtech is better positioned during recent semi rally as its demand from downstream market is still resilient. Upside catalysts: 1) new 12-inch factory to begin production; 2) ODM and optical modules’ new projects to begin mass production. Downside risks: 1) macro challenges such as overseas inflation and slowdown in economic growth and 2) delay/disruption in operations.
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