闻泰科技(600745)公司资料

闻泰科技(600745) Wingtech announced its preliminary FY24 results. The company expects a netloss to be around RMB3.5-4.55bn (vs. RMB1.1bn NP in FY23). Mgmt. attributedthe NL primarily to 1) impairment related to the sale of ODM business announcedin Dec (link), 2) a write-down on deferred tax assets, and 3) further goodwillimpairments (RMB600mn/RMB500mn in 2022/23, with RMB200mn to be fullyimpaired in 2024). Despite short-term financial setbacks, we believe Wingtech isbetter-positioned for LT value creation as it moves forward with a lighter load asit transforms itself to a predominately semiconductor-focused company. MaintainBUY with TP unchanged at RMB52. Net loss in FY24 due to one-off impairments from ODM spin-off. PerCounterpoint, the top three ODM players (Longcheer, Huaqin, Wingtech)accounted for 75% of total market in 1H24 in China. Wingtech ranked thirdwith 17% share, down 3ppts vs. 1H23. Despite a challenging 1H24, its ODMbusiness continued to improve in 4Q (after +46%/15% YoY/QoQ in 3Q), witha record revenue (est. double-digit YoY and single-digit QoQ). Excluding theimpairments (ODM business spin-off, write-down on DTA, and goodwill), thesegment turned profitable in 4Q as mgmt. expected. However, ODM is a lowmargin business, with the top three ODM players in China seeing <3% NPMon average in 9M24. We see No.2 player Huaqin (603296 CH, NR) is activelydiversifying its business portfolio towards higher-margin opportunities(recently acquired 75% of HCTRobot). We believe Wingtech is betterpositioned now as it moves forward with a lighter load. Semi business continued to show resilience amid seasonal slowdown.Semi business revenue grew sequentially in FY24 (2Q/3Q: 10/15% QoQ).While 4Q24 sales faced seasonal softness, the business still recorded singledigit YoY (~7%) and flattish QoQ growth, driven by strong demand inconsumer, data center, and auto sectors. Notably, China contributed ~40%of total semi revenue, offsetting weakness overseas resulting from continuedinventory correction. 4Q GPM was near 2Q level (1Q/2Q/3Q: 31.0%/38.7%/40.5%). Mgmt. expects overseas auto OEMs to resume restocking in2025, with auto revenue currently accounting for 60% of total semi revenue. Looking forward, we expect to see more upside in Wingtech’s valuation,lifted by 1) increasing semiconductor revenue share, 2) robust domestic autodemand with gradual recovery overseas, and 3) a re-rating opportunity givenits business transformation to being a semi-centric company. Maintain BUY,with TP unchanged at RMB52, corresponding to 24.8x FY25E P/E, basedon unchanged financial forecasts. Potential risks include heightened USChina trade relations, unfavourable exchange rates, and weaker-thanexpected overseas auto inventory correction.

闻泰科技(600745) On December 31, 2024, Wingtech signed a “Letter of Intent for Sale” for ninewholly-owned ODM subsidiaries with Luxshare Limited in an all-cash deal. Thismove follows its recent addition to the US trade blacklist (news). According tomgmt., this transaction serves two primary purposes: (1) to align with the riskpreferences of certain ODM clients, and (2) to mitigate potential risks to itssemiconductor leg. The deal reflects a broader 2025 trend of event-driven M&Aopportunities in China's semiconductor sector amid strategic geopolitical shiftsand favourable policies, as indicated in our 2025 outlook report as a newinvestment theme (link). Maintain BUY on Wingtech, with TP unchanged atRMB52. The sale exclusively involves its Android-focused ODM business, aburden on the company’s financial performance and valuation.Together, these subsidiaries held a total asset value of RMB28.2bn as of9M24, representing 36.1% of the company’s total assets and over 50% oftotal revenue (triggering one of CSRC’s asset restructuring regulations) in3Q24. In 9M24, the ODM segment contributed ~79% of total revenue butrecorded a substantial net loss of RMB1.2bn. Wingtech will focus on its high-margin semiconductor business,Nexperia. In 9M24, semi segment generated RMB10.9bn in sales (~20%of total revenue), with GPM at 37% (RMB4bn) and NPM at 16%(RMB1.7bn), outperforming the company’s overall 9% GPM and 1% NPMduring the same period. In 2Q/3Q24, semi segment saw sequential growthof 6%/6%, driven by 1) strong domestic auto sales, recovering consumerelectronics and robust computing demand. We expect the company’s semisegment sales to grow by 11.8%/12.9% in FY25/26E, compared toBloomberg consensus of 9%/9%. Maintain BUY, with TP unchanged at RMB52, corresponding to 24.8xFY25E P/E. We expect this business transformation will lead to a highervaluation for Wingtech, as it has almost transformed into a predominatelysemi-focused company. The company currently trades at 17.7x/12.2xFY25/26E P/E, which is appealing comparing to its domestic peers thattrade at an average 25/26E P/E of 30.3x/23.8x. Potential risks include:heightened China-US trade relations, and unfavourable exchange rates.

闻泰科技(600745) 事件 闻泰科技发布2024年三季度报告：2024年前三季度公司实现营业收入531.61亿元，同比增长19.70%；实现归属于上市公司股东的净利润4.15亿元，同比减少80.26%；实现归属于上市公司股东的扣除非经常性损益的净利润0.71亿元，同比减少96.41%。 投资要点 营业收入稳定增长，净利润Q3扭亏为盈 2024年前三季度公司实现营收531.61亿元，同比增长19.70%。其中Q3实现营收195.71亿元，同比增长28.71%，归母净利润实现2.74亿元，同比减少67.43%，环比扭亏为盈，改善明显。Q3半导体业务环比稳健增长，主要是汽车及工业与电力领域的收入保持稳健，消费电子类的收入环比恢复较快，业务毛利率达到40.50%，同比环比均提升明显；产品集成业务部分新项目开始量产出货，收入同比、环比均实现较大幅度增长。 中低压价格企稳，出货量与盈利环比改善 功率半导体行业Q2中低压产品价格逐渐企稳，出货量与盈利情况环比改善。下游来看，新能源车渗透率不断提升，插电式混合动力（含增程）占比持续提升，销量同比增长约7成；工业市场在可再生能源装机规模不断突破和AI数据中心高速增长的带动下有所复苏；消费电子也将在AI的带动下，即将迎来AI手机、AI PC等终端设备的新一轮换机周期。随着产业链中消费电子、汽车电子、高性能计算等领域的快速回升，功率半导体景气度逐步恢复上行，公司业务受益增长。 公司多方举措成效显著，产品集成业务大幅减亏 产品集成业务2024年Q3实现营收157.3亿元，环比增长14.79%，毛利率为3.8%，净亏损3.57亿元，剔除可转债利息费用和汇兑损失影响，产品集成业务第三季度明显好转。公司多方位举措提升产品集成业务经营质量：1）紧抓市场机遇，服务于高ASP产品，客户新项目导入顺利，部分已量产出货；2）合作共赢提升产品毛利率，积极优化上下游合作业务；3）优化运营，降本增效，产品集成业务2024年前三季度三大费用率同比降低。展望未来，公司将依托手机平板等传统优势业务，持续提升市占率，并在车载与AIoT、家电等新业务上快速增长，该业务将得到实质性改善。 盈利预测 预测公司2024-2026年收入分别为702.60、771.03、851.53亿元，EPS分别为0.66、2.02、2.49元，当前股价对应PE分别为69、22、18倍。随着下游的逐步回暖，公司半导体业务稳健增长、产品集成业务持续改善，首次覆盖，给予“买入”投资评级。 风险提示 宏观经济的风险，产品研发不及预期的风险，行业竞争加剧的风险，下游需求不及预期的风险。

闻泰科技(600745) 投资摘要 事件概述 10月26日，公司发布2024年三季度报告。公司2024Q1-3实现营业收入531.61亿元，yoy+19.70%，其中2024Q3实现营业收入195.71亿元，yoy+28.71%；实现归母净利润4.15亿元，其中2024Q3实现归母净利润2.74亿元，环比增长2.77亿元，实现扭亏为盈。 分析与判断 电气化&AI驱动持续发展，半导体业务支撑业绩稳步改善。半导体业务受汽车及工业电力领域带动以及消费电子领域的复苏，2024Q3公司半导体业务实现营业收入38.32亿元，环比增长5.86%；2024Q3实现净利润6.66亿元，qoq+18.92%。闻泰科技在半导体零部件领域加速垂直整合，持续强化自身供应能力，打造安全可控的供应体系，并持续加大研发投入，培育自主创新能力与核心竞争力，随着电气化、AI驱动持续发展，公司各主要产品的单机使用量及使用价值也在不断上升，据公司表述，目前在已有电动车客户中公司单车芯片使用量最高可达约1000颗/车；且随着AI产业蓬勃发展，算力需求带动AI服务器快速发展，需求持续强劲；公司前瞻布局，配套AI服务器的MOS产品约10美元/台，远高于普通非AI服务器的1美元/台。在终端应用驱动下，2024Q3公司半导体业务逐步复苏，毛利率达到40.5%，同比增长2.8个百分点。我们认为，公司坚持打造并提升整机产品核心竞争力、响应市场新需求开发高ASP产品有望强化自身在全球功率半导体产业链的地位，半导体业务条线有望持续向好。 提质增效成果显现，产品集成业务多条线亮点频出。受新项目价格较低、部分原材料涨价以及工厂人力成本上升等因素影响，2024H1产品集成业务承压。进入三季度，公司重点强化内部管理、控费增效，使得2024Q1-3三大费用率同比下降；公司紧抓市场增量机遇，加快推动高ASP产品对接，部分新项目已开始量产出货，带动营收大幅增长，2024Q3公司产品集成业务实现营收157.30亿元，yoy+45.58%；在增收控费基础之上，公司积极优化供应链上下游协同，通过商务条款及新进供应商改善成本，不断提升产品综合毛利率，2024Q3产品集成业务毛利率逐步恢复至3.8%。我们认为，在当前消费电子板块持续复苏背景下，随着公司内部费用结构优化调整及新业务逐步落地，产品集成业务有望保持逐季改善势头。 投资建议 维持“买入”评级。我们调整公司2024-2026年归母净利润预测至8.18/20.10/31.62亿元，对应EPS分别为0.66/1.62/2.54元，对应PE估值分别为66/27/17倍。 风险提示 终端需求复苏不及预期、订单落地不及预期、行业竞争加剧