SemiFive "Margins up, revenue mix still in transition" (Buy) Gaudois

研报英文原文证据摘录

SemiFive "Margins up, revenue mix still in transition" (Buy) Gaudois

Global Research

26 May 2026ab

SemiFive Equities

KoreaMargins up, revenue mix still in transition

Semiconductors

12-month rating Buy

1Q26 consolidated margins surprise to the upside

SemiFive's most recent set of results (1Q26 revs/OP Won47.9bn/Won0.1bn vs UBSe of 12m price target Won44,000

Won51.2bn/Won(4.7)bn) surprised on the upside with (1) gross margin reaching 42%, Prior : Won40,000

a level that the company has initially indicated as a long term goal, and (2) operating

Price (22 May 2026) Won36,250

margin turning positive for the first time, primarily on the back of favourable product

mix in Prototype and Analog Bits revenues. New orders grew 28% QoQ to Won55.4bn, RIC: 490470.KQ BBG: 490470 KS

indicating strong customer engagement and a healthy pipeline of orders that would

Trading data and key metrics

begin translating into revenues in 2H26 given average turnaround times of 2-6 months.

52-wk range Won48,800-20,500

For the rest of 2026, SemiFive expects revenues to continue to grow significantly YoY as

more projects enter mass production, with margins likely to be more variable depending Market cap. Won1,227b/US$0.81b

on product mix. Shares o/s 33.9m (ORD)

Free float 51%

All eyes on Production revenues Avg. daily volume ('000) 1,772

We believe the key debate for the stock going forward will likely shift to the earnings Avg. daily value (m) Won62,906.3

trajectory of its core design business (ex-Analog Bits), which is still loss making with an Common s/h equity (12/26E) Won233b

OPM of -17%. Whilst losses continue to narrow rapidly as the company gains scale at P/BV (12/26E) 5.3x

the top line, we note this being driven primarily by Prototype revenues (Won28.2bn in Net debt to EBITDA (12/26E) NM