卓胜微：LT growth intact; D/G to HOLD as the company goes through business model transformation

4 Nov 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Maxscend (300782 CH) LT growth intact; D/G to HOLD as the company goes through business model transformation Maxscend released its 3Q24 results. Revenue declined by 23% YoY/1% QoQ to RMB1.1bn, driven by a weaker seasonality as smartphone demand is not showing strong recovery. NP declined by 84% YoY/55% QoQ to RMB71mn, mainly due to GPM erosion (down 4.3ppts sequentially to 37.1%) on 1) fab ramp-up, 2) an unfavora ...