Aleksander Peterc +33 1 57 29 45 25 aleksander.peterc@bernsteinsg.com 7 July 2025 Global Semiconductors and Semiconductor Capital Equipment Global Semis: May 2025 WSTS Tracker - Sales up 9.5% MoM, slightly better than typical (+8.2% MoM) & up 18.5% YoY Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Mark Li +852 2123 2645 mark.li@bernsteinsg.com Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com Zheng Cui +852 21 ...

Group 1 - Visteon Corporation (NASDAQ: VC) is a significant player in the automotive technology sector, focusing on digital cockpit solutions and vehicle electronics [1] - The company is capitalizing on trends in the automotive industry, particularly in the areas of vehicle connectivity and advanced electronics [1] Group 2 - The analysis highlights the importance of fundamental analysis in evaluating publicly listed companies, emphasizing the need to assess whether a stock is undervalued or overvalued for informed long-term investment decisions [1]

Company Overview - QuickLogic (QUIK) closed at $6.41, reflecting a -4.47% change from the previous day, underperforming the S&P 500's loss of 0.33% [1] - The stock has increased by 13.35% over the past month, outperforming the Computer and Technology sector's gain of 5.24% and the S&P 500's gain of 4.07% [1] Financial Performance - QuickLogic is expected to report an EPS of -$0.07, indicating a 40% decline compared to the same quarter last year [2] - Revenue is projected to be $4 million, showing a 3.15% decrease from the year-ago quarter [2] - For the entire year, the Zacks Consensus Estimates forecast earnings of -$0.02 per share and revenue of $22.75 million, reflecting changes of -150% and +13.12% respectively compared to the previous year [3] Analyst Estimates - Recent adjustments to analyst estimates for QuickLogic are important as they reflect the changing dynamics of short-term business patterns [4] - Upward revisions in estimates indicate analysts' positive outlook on the company's operations and profit generation capabilities [4] - The Zacks Rank system, which incorporates these estimate changes, currently ranks QuickLogic at 3 (Hold) [6] Industry Context - QuickLogic operates within the Electronics - Semiconductors industry, which is part of the Computer and Technology sector [7] - The industry has a Zacks Industry Rank of 87, placing it in the top 36% of over 250 industries [7] - Historically, the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Group 1 - The U.S. government is shifting funding from traditional fighter planes to drone manufacturers, creating excitement among investors [1] - Kratos Defense & Security has seen a 13% increase in stock price following a Pentagon memo emphasizing the need for advanced uncrewed systems [1] - The company has a history of volatility in the defense sector, with a steady business in electronics systems and target practice drones for the military [3] Group 2 - Kratos has developed "loyal wingman" drones, such as the Valkyrie, designed to enhance combat capabilities alongside piloted F-35s [4] - The U.S. Secretary of Defense has issued memos prioritizing drone development to compete with Russia and China, which could benefit Kratos' programs [5] - Kratos shares have nearly doubled in 2025 and increased by 240% over the past five years, but the stock appears expensive based on current business [6] Group 3 - If the Valkyrie or similar drones are integrated into the Air Force fleet, there is significant potential for further stock price growth [7] - Investors are advised to be cautious and consider keeping Kratos stock as a small part of a diversified portfolio due to associated risks [7]

In the latest close session, Sony (SONY) was down 2.07% at $24.65. The stock trailed the S&P 500, which registered a daily gain of 0.28%. On the other hand, the Dow registered a gain of 0.43%, and the technology-centric Nasdaq increased by 0.09%. The stock of electronics and media company has fallen by 2.86% in the past month, lagging the Consumer Discretionary sector's gain of 5.57% and the S&P 500's gain of 4.37%.The investment community will be closely monitoring the performance of Sony in its forthcomin ...

Company Overview - Walmart is the world's largest retailer by revenue, utilizing scale and operational efficiency to offer a wide range of products at competitive prices [4] - The company employs an omnichannel strategy that integrates physical stores with digital platforms to enhance customer reach and convenience [4] - Walmart's extensive global presence and diversified offerings solidify its strong market position in the consumer defensive sector [4] Financial Performance - As of July 8, 2025, Walmart's market capitalization is $774.9 billion, with a trailing twelve months (TTM) revenue of $685.1 billion and a net income of $18.82 billion [2] - The company's dividend yield stands at 0.96%, and it has a forward price/earnings ratio of 37.4 [2][10] - Walmart's stock price increased by 39.9% over the past year, outperforming the S&P 500 by 28 percentage points during the same period [6] E-commerce Growth - Walmart's total sales grew by 4% year over year in the first quarter, while global e-commerce sales surged by 22%, marking the first profitable quarter for its e-commerce business [8] - E-commerce is expected to be a key growth driver for Walmart, contributing to both sales and margins [8] - The company is also exploring new profit streams such as membership and digital advertising, which are anticipated to enhance its margins [8] Investment Insights - Walmart has demonstrated significant stock performance, with its shares more than doubling in value over the past three years [5] - Despite a high price-to-earnings (P/E) ratio of nearly 42, Walmart is considered a long-term winner for both growth and income investors, being recognized as a Dividend King with 52 consecutive years of dividend increases [10]

7月8日，A股全线飘红！ 截至午盘收盘，上证指数早盘上涨20.03点，涨幅为0.58%；深证成指上涨132.74点，涨幅为1.27%；创业板指上涨48.03点，涨幅为2.26%。 A股超3900个股上涨。 下跌方面，电力股展开调整，迪森股份跌超5%。 盘面上，PCB概念股大涨，逸豪新材、奕东电子等十余股涨停。光伏概念股走强，亚玛顿涨停，实现五天四板。创新药、铜缆高速连接、稀土 永磁等概念股也涨幅居前，电力、银行、港口等板块跌幅居前。 消费电子活跃，工业富联涨停。 | < W | 消费电子产业指数(8841278) | | | | --- | --- | --- | --- | | | 4398.61 78.40 +1.81% | | | | 资料 | 成分 资讯 | | 相关 | | 工业富联 | 26.38 | 10.01% | | | 601138.SH | | | | | 景旺电子 | 50.22 | 9.29% | | | 603228.SH | | | | | 乐鑫科技 | 147.75 | 8.07% | | | 688018.SH | | | | | 沪电股份 | 48.88 | 6.72% | ...

Core Viewpoint - Linkage Global Inc reported a significant decline in total revenues and net loss for the first half of 2025, primarily due to a sharp drop in cross-border sales, while integrated e-commerce services showed substantial growth. Financial Performance - Total revenues decreased by approximately $1.30 million, or 27.02%, from approximately $4.80 million for the six months ended March 31, 2024, to approximately $3.50 million for the same period in 2025 [3] - Revenues from cross-border sales fell by approximately $3.74 million, or 82.35%, from approximately $4.54 million to approximately $0.80 million [4] - Revenues from integrated e-commerce services surged by $2.44 million, or 930.08%, from approximately $0.26 million to $2.70 million [5] Cost and Profitability - Cost of revenues fell 80.34%, from approximately $4.09 million to approximately $0.80 million, mainly due to reduced cross-border sales costs [7] - Gross profit increased by approximately $1.99 million, or 280.57%, from approximately $0.71 million to approximately $2.70 million, driven by the new fully managed e-commerce business [8] - Cross-border sales margin improved from 12.70% to 21.31%, while integrated e-commerce services margin rose from 50.67% to 93.56% [9] Operating Expenses - Operating expenses rose by 91.01%, from approximately $2.27 million to approximately $4.34 million, primarily due to higher general and administrative expenses [10] - Selling and marketing expenses dropped 31.15%, from approximately $0.23 million to approximately $0.16 million [11] Net Loss - Net loss increased by approximately $1.68 million, or 119.62%, from approximately $1.41 million to approximately $3.09 million [14] Other Financial Metrics - Non-operating income rose from $998 to approximately $0.39 million, while net interest expenses increased significantly from approximately $0.06 million to approximately $1.50 million due to the issuance of $10 million in convertible bonds [12] - Income tax provision decreased by approximately $0.56 million, resulting in approximately $0.34 million of tax expenses for the six months ended March 31, 2025 [13]

Company Overview - Precision Optics (POCI) is a vertically integrated optics company focused on micro-optics and imaging technologies for the healthcare and defense/aerospace industries[7] - The company's business model involves close collaboration with medical device and defense companies from the early design stages through manufacturing[13, 14] - The company has launched Unity CMOS Imaging Platform to drive growth in development pipeline[11] Financial Performance - The company's revenue has grown from $3.9 million in 2016 to $19.1 million in 2024[51] - The company's gross margin was 30.3% in 2024[54] - The company's adjusted EBITDA was -$1.55 million in 2024[57] Recent Orders and Backlog - The company announced a $9 million production order in May 2024 for a single-use cystoscopy program[47] - The company has minimum purchase commitments of nearly $4 million per year through calendar year 2026 for a top tier aerospace program[47] - The company's current customer program backlog is $6.6 million, expected to be delivered over the next 12 months (as of April 2025)[47] Growth Strategy - The company aims to continue and expand production lines for record backlog, especially for two recent large programs[48] - The company intends to advance pipeline projects to commercialization and expand the pipeline with new development programs leveraging the Unity Platform[48]

Core Insights - Kitron has secured a EUR 4 million order for electronics modules intended for airborne radar applications in the US market, indicating a strong position in the defense sector [1] - The production will utilize Kitron's existing manufacturing capacity in Europe, with deliveries expected to commence in 2026 [1] Company Overview - Kitron is a prominent Scandinavian electronics manufacturing services company, operating in sectors such as Connectivity, Electrification, Industry, Medical devices, and Defence/Aerospace [2] - The company has a workforce of approximately 2,400 employees and reported revenues of EUR 647 million in 2024 [2]