28 Oct 2024 CMB International Global Markets | Equity Research | Company Update Wingtech (600745 CH) Both semi/ODM segments showed turnaround signals with sequential growth Wingtech released 3Q24 results and we attended the mgmt. call. Q3 revenue was RMB19.6bn (a record quarterly revenue since 2020), up 28.7% YoY/12.9% QoQ, beating Bloomberg consensus by 16%. GPM was 11% vs. 9.2%/9.7% in 1Q/2Q24, beating consensus of 10.5%. Net profit was RMB274mn, turning positive after Q2 loss (-RMB3mn). Both ODM and semi ...