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Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Will Semiconductor (603501 CH)

Technology

AceCamp International

Fundamentals set to recover from 2Q23 - AceCamp expects non-recurring net profit to reach RMB0.4bn/0.7bn/0.9bn in 2Q/3Q/4Q23; FY estimates are RMB15bn/31bn/44bn/56bn (2023-26). Recent channel checks further support their bullish view as the semiconductor company continues to benefit from 1) secular growth of automotive CIS, CIS for VR/MR/AR, and medical CIS and 2) its market share gain in automotive ICs and driver ICs. The stock has the potential to trade at 30x 2025 PE (RMB1,42bn) vs. M/cap of RMB1,10bn.

Edition: 152

- 20 January, 2023