过渡痛持续存在；等待并持有

Transition pains persist; wait andHOLD Maxscend released its FY25results.Revenue declined by 17% to RMB3.7bn(9% below BBG consensus and ours), while net loss was RMB293mn.GPMdeclined by 13.8ppts to 25.7% (1ppt below BBG consensus/6pptsbelow ours)due to 1) low utilization rates at both 6-inch(~50%)and 12-inch(30-40%)fabs,2)anunfavorable product mix due tothedelay in higher-margin module rampand a greater contribution from lower-value products,and3) increased raw Target PriceRMB91.00(Previous TPRMB81.50)Up/DownsideCurrent PriceRMB101.98 material costs driven by AI-related demand crowding.More fundamentally, theCompany remains in a transition phase toward a fab-lite model with elevateddepreciation and ramp inefficiencies continuing to pressure near-termearnings.Maintain HOLD on the Company with TP revised toRMB91, corresponding China Semiconductors Kevin ZHANG(852) 3761 8727kevinzhang@cmbi.com.hk Aaron GUO(852) 3916 3715aaronguo@cmbi.com.hkStock Data Revenue mix gradually improving on L-PAMiD ramp, though stillbelow potential.We view L-PAMiD as the key driver of medium-termrecovery, given its successful entry into domestic tier-1 supply chains andclear advantages in cost, size, and integration via bare-die packaging. InFY25, RF module mix increased to 45% (from 42% in FY24), althoughabsolute revenue declined 11% YoY due to delayed ramp and supplyconstraints earlier in the year. Meanwhile,RF discrete revenue mix fell to 1Q26earnings showed early signs of stabilization,but marginpressure persists.Revenue grew 9% YoY to RMB828mn but declined14% QoQ due to seasonality, while GPM fell to 18.5% (vs. 31% in 1Q25and22.8% in 4Q25)in 1Q26, reflecting continued low utilization, elevateddepreciation, and ongoing pricing pressure as the Company prioritizesshare gains. We expect revenue to gradually recover through 2026 on L- 12-inch Xinzhuo fab a long-term strategic asset with limited near-termcatalysts.The fab has reached stable mass production with competitiveyields and supports key processes such asSOI(silicon on insulator)andheterogeneous integration, enabling internalization of high-value modules. Source: FactSet MaintainHOLD with TPrevised to RMB91, corresponding to rollover2027EEV/EBITDA of 45x(prev. 45x 2026E EV/EBITDA)as we expect salesto stabilize on L-PAMiD ramp while profitability remains constrained by lowutilization and elevated depreciation, both of which are unlikely to materiallyimprove within 2026.However, we think the Company deserves a premiumto peers dueto its unique positioning as a vertically integrated, full-stackRFFE player while most other peers remain fabless or partially integrated. Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or inpart, certifies that with respect to the securities or issuerthat the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The HongKong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report3 business days after the date of issue of this report; (3) serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM Ratings BUY: Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM OUTPERFORM:Industry expected to outperform the relevant broad market benchmark over next 12 monthsMARKET-PERFORM:Industry expected to perform in-line with the relevant broad market benchmark over next 12 monthsUNDERPERFORM:Industry expected to underperform the relevant broad market benchmark over next 12 months Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result