Summary of the Conference Call on Greater China Technology Semiconductors Industry Overview - The focus is on the Greater China Technology Semiconductors industry, specifically the performance of GigaDevice Semiconductor Beijing Inc and other MCU companies in the region [1][5]. Key Points 1. **GigaDevice MCU Spot Price**: The preliminary spot price for GigaDevice's MCU in April 2025 is reported to be flat month-over-month (M/M) [1][5]. 2. **Share Price Performance**: The share prices of MCU companies in Greater China are analyzed in relation to GigaDevice's spot price, indicating a correlation between the two [1][4]. 3. **Market Sentiment Indicator**: GigaDevice's MCU spot price serves as a sentiment indicator for the MCU market, despite accounting for less than 10% of the total MCU market [4][5]. 4. **Data Sources**: The data is sourced from BOM.ai and Refinitiv, with the share price performance indexed to August 1, 2019, for comparative analysis [3][4]. 5. **Valuation Methodology**: The price target for GigaDevice is set at Rmb130, based on a residual income model with key assumptions including a cost of equity of 8.9%, a payout ratio of 40%, and a medium-term growth rate of 18% [9]. 6. **Risks**: - **Upside Risks**: Include a NOR up-cycle driven by stronger demand and superior chip design leading to increased exposure to low-density NOR [11]. - **Downside Risks**: Include a NOR down-cycle due to weaker demand and inferior chip design leading to increased exposure to mid/high-density NOR [11]. Additional Insights - The report emphasizes the importance of GigaDevice's pricing trends as a leading indicator for investor sentiment and market dynamics within the semiconductor sector [4][5]. - Analysts involved in the report include Charlie Chan, Daisy Dai, and Tiffany Yeh, among others, indicating a collaborative effort in the research [5][67]. - The industry view is categorized as "In-Line," suggesting that the performance of the semiconductor sector is expected to align with broader market trends [5]. This summary encapsulates the essential insights and data from the conference call, providing a comprehensive overview of the current state and outlook of the Greater China Technology Semiconductors industry.