Melexis Takeaways from London TMT Conference 2026

研报英文原文证据摘录

Melexis Takeaways from London TMT Conference 2026

J P M O R G A N Europe Equity Research

21 May 2026

Melexis Neutral

MLXS.BR, MELE BB

Takeaways from London TMT Conference 2026 Price (20 May 26):€77.85

Price Target (Dec-27):€67.00

We hosted Melexis CFO Karen van Griensven and IR Director Philip Ludwig at European Tech Hardware &

our European TMT conference today in London. Our takeaways are: Payments

Craig A McDowell AC

• Expecting gradual market recovery: CFO van Griensven outlined an (44-20) 7742-4576

expectation for continued quarter-on-quarter improvement based on customer craig.mcdowell@jpmorgan.com

forecasts - noting that forecasts and actual orders are becoming increasingly J.P. Morgan Securities plc

aligned. Destocking at customers has largely played out, apart from at the

Specialist Sales contact details:

company’s largest customer, and in China where customer inventory continues

to move lower. Management expect drivers, thermal management, and Scott Silver - Specialist Sales -

European TMT

inductive position sensors to be significant drivers of growth in the forecast

(44-20) 7134-0412

period. scott.silver@jpmorgan.com

• Pricing - unlike peers not yet raising prices: Management noted that they

have not yet sent letters to customers raising prices, the reason being that they

have only recently agreed price declines (Melexis’ product categories have

lagged the cycle). Management recognised that there is a window of

opportunity to raise prices given market-wide price increases; however, unlike

some peers which can justify raising prices given spillover from AI, this is not

the case for Melexis (although they could justify higher prices given gold price

increases, testing costs, etc.).

• China market: Management outlined a view that they do not expect much in