China Resources Microelectronics_Solid near-term demand priced in
2025-02-28 05:14
abc 25 February 2025 Global Research China Resources Microelectronics Solid near-term demand priced in Solid near-term outlook, but likely priced in by the market We lower our 2024-26E earnings to factor in 1) more conservative GP margin (cut assumptions by 0.6-0.8ppt) and 2) the negative impact of two 12-inch fabs' ramp-up on CR Micro's bottom line. Despite the solid near-term outlook of the company's quarterly revenue/earnings YoY growth, we keep our Neutral rating unchanged. This is mainly due to: 1) pri ...