Inventory soared to a new high, MediaTek (2454) saw a sharp drop of 40% in profit in the fourth quarter of last year, revenue continued to decline in the first quarter, and is expected to recover in the second quarter. However, the foreign-funded legal person said that MediaTek’s 5G low-end, Samsung S23 light flagship model and VIVO flagship upgrade, and the diversified layout of power management products, the gross profit margin is supported. When the stock price retreats recently, buying points will emerge, maintaining better than the market. Performance rating, target price 850 yuan.
MediaTek enters the Samsung S23 light flagship! Foreign capital: pull back to buy point, target price 850 yuan.Photo by Chen Liyu
MediaTek released its financial forecast for the first quarter, estimated at 30.5 Taiwan dollars to the US dollar, the revenue in the first quarter will decrease by 6% to 14% quarterly, falling to the range of 93 billion to 101.7 billion yuan, and the gross profit rate will fall between 46% and 49% % range, relatively supportive. We will strictly control costs and operating expenses, and strive to keep the annual expenses and gross profit margin at the same level as last year. In other words, 49% of the gross profit margin will become a natural insurance.
Pu Deyu, an analyst at Haitong Securities, said that MediaTek’s financial forecast for the first quarter was lower than market expectations, and terminal demand picked up slowly, mainly because mobile phone brand manufacturers are not in a hurry to build inventory; but as inventory gets lower and China’s economy restarts, the demand trend will continue. Reversal, the momentum of China’s smartphone market this year will be stronger than expected.
In addition, MediaTek is driven by low-end 5G, high-end flagship models (i.e. cut into Vivo, Samsung S23 series), connectivity upgrades, and power management (PMIC) multi-theme applications. Rated on the performance of the broader market, with a target price of 850 yuan. However, considering the first-quarter performance, it lowered its profit per share forecast for this year by 2%.
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