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序号	证券代码	证券简称	研究机构	最新评级	目标价	报告日收盘价	预期涨幅	盈利预测	报告日期	报告摘要
25年EPS	26年EPS	27年EPS
1	600745	闻泰科技	招银国际	买入	52.00	33.85	54%	0.73	2.10	3.05	2025-01-20	报告摘要
Entering 2025 with a clean slate,with the worst left behind 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.

序号

证券代码

证券简称

研究机构

最新评级

目标价

报告日收盘价

预期涨幅

盈利预测

报告日期

报告摘要

25年EPS

26年EPS

27年EPS

600745

闻泰科技

招银国际

买入

52.00

33.85

54%

0.73

2.10

3.05

2025-01-20

报告摘要

Entering 2025 with a clean slate,with the worst left behind

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.