2 Sep 2024 CMB International Global Markets | Equity Research | Company Update Maxscend (300782 CH) Revenue grew while GPM deteriorated due to intense competition and capacity ramp-up Maxscend reported 1H24 results. Revenue grew 37% YoY to RMB2.3bn from a low base in 1H23, driven by clients' restocking behavior. GPM declined to 42.1%, down 6.9ppt from 1H23. Margin erosion was mainly due to 1) an unfavorable revenue mix towards higher module sales, 2) ramp up in fab production and 3) intensified competition. ...