Will Semiconductor Co.Ltd.Shanghai(603501) ( Will Semiconductor Co.Ltd.Shanghai(603501) )
Willsemi announced 1q22 Results. 1q22 Revenue / np to Shareholders declined 10. 8% / 13,9% yoy to rmb5583mn / rmb896mn, which accounted for 20% / 18% of our full year Forecasts. The Company expected NP to Shareholders will have 50% + qoq Growth in 2q22, Driven by Products Structure Adjustments and Market Recovery. Although we remain Position on willsemi ‘s long term Outlook, we expect short term performance is chargeing Under Current Market Environment. Maintain Buy with reduced TP of rmb200. 0.
1q22 results missed estimates. Although our previous Forecasts were more conservative than Consensus, 1q22 results still missed Expectations. Despídela de la fábrica de conservas de no – móvil CIS Growth, 1q22 ‘s revendedor 10,8% yoy. Mgmt. Attributed the decline to 1) further weakness insertphone Shipment and 2) lowered semi Distribution sales due to Logistic disruptions. GPM dropped 1.2% to 35.3% in 1q22 (vs. 36.5% in 4q21), impacted by clients’ Pricing Strategy Under share gain pressure.
Nivel alto de los inversores raised. El nivel de ingresos de la empresa era igual a ~ 4,6 x ventas mensuales en 4q21 y se incrementó a 5,7 x en 1q22. The Mgmt. Tener limpio que la mayoría de los inventores son productos estándar y no tendrá un compromiso de alto nivel. However, such level of inventory balance has surely caused Market Concerts, particularly Under Current Market sensent. En addition, there is the source of covid Cases and partial Lockdown measures may require the company to executively build up inventories to secure Productions, adding difficulty to offload inventories in near term.
Entorno de mercado bruto Esperamos un rendimiento corto para ser acusado. Por segmento, esperamos que el crecimiento en las entidades no gubernamentales siga siendo grande. 1q22 non – Mobile CIS is stimulated to grow 70% yoy, while full year Growth is forecasted at 36.1%. However, we have Cut our expectations for Mobile CIS sales, given lowered smartphone hipment Project. Sales from Mobile CIS is expected to decline 3.5% yoyin 2022 vs. Previous Forecast of 10% growth.
Maintain Buy with TP of rmb200. 0. We lowered our TP to rmb200 Based on 35x fy22e P / e multiple (vs. Prior 42x), given expressed Market sent and weakened Consumer confidence. Incluye: 1) economía mundial que se espera que continúe, 2) Nivel Superior de inventario y 3) interrupción posible en la logística y la producción.
