Goldman Sachs: The contribution of new optical products is limited. Although the core business has improved, the valuation is still high. Reiterate sell (Goldman Sachs)
Goldman Sachs pointed out that Wenmao Semiconductor's core business performance exceeded expectations due to product portfolio optimization.
Goldman Sachs pointed out that Wenmao Semiconductor's core business performance exceeded expectations due to product portfolio optimization. However, although new optical products have higher gross profit margins, their short-term contribution is limited, and AI-related businesses can only reach scale in the long term. Based on this, Goldman Sachs reiterated its "sell" rating, believing that the downside risk to the stock price remains significant. One-sentence conclusion: Wenmao Semiconductor's short-term performance improvement will not change the structural difficulties faced by its core business. The contribution of new business is limited, the current valuation lacks fundamental support, and the risk-return ratio is poor. Positive/negative: negative for Stable Semiconductor (3105.TWO). The current stock price may have partially reflected Q2's performance exceeding expectations, but Goldman Sachs believes that the long-term growth prospects and valuation pressure of the core business have not yet been fully reflected in the risks. Catalyst: Signals of recovery in smartphone market demand, especially the Cellular PA business. High volume progress of new optical products among key customers. When can AI-related businesses achieve large-scale revenue?