WINGTECH(SH:600745) Hua Er Jie Jian Wen·2025-10-25 01:37Core Viewpoint - A control struggle has emerged around Nexperia, a leading semiconductor supplier, due to political intervention, leading to export license suspensions for its Chinese factory and potential production halts in the global automotive supply chain [1][2]. Group 1: Company Performance - On October 24, the company reported that its semiconductor business generated 49.29% of global revenue from the Chinese market, highlighting its role as a growth core [2][4]. - The third-quarter semiconductor revenue increased by 12.2% year-on-year, with a gross margin of 34.56%, resulting in a net profit of 7.24 billion yuan [4]. - The company achieved a total revenue of 44.27 billion yuan in the third quarter, a significant decline of 77.38% year-on-year, while net profit attributable to shareholders surged by 279.29% to 10.40 billion yuan [2][3]. Group 2: Market Dynamics - The automotive sector within the semiconductor business saw revenue growth exceeding 26%, driven by demand for electric vehicles and AI-related products [4]. - The company noted that the Chinese market remains its fastest-growing region, contributing significantly to overall revenue, while other regions showed varied growth patterns [4]. Group 3: Control Issues and Risks - The company expressed uncertainty regarding the continuation of its semiconductor business's positive momentum due to the ongoing control issues surrounding Nexperia, which could lead to potential revenue and profit adjustments if control is not restored by the end of 2025 [5][6]. - Nexperia China has publicly stated that decisions made by the Dutch headquarters regarding management changes lack legal validity in China, emphasizing its operational independence [9][11].