Melexis FIRST LOOK : 1Q25 - managing the present and preparing the future
1Q25 sales were in line with expectations. Amid more volatile market conditions, Melexis remain fully focused on the things within its control, managing the present and preparing the future. Melexis 1H25 outlook is in line with expectations in spite of the recent weakening of the USD. Melexis expect that they will progressively convert the increased number of new products and design wins into sales.Despite a weaker USD, Melexis confirms its outlook for sales to be around €400 for 1H25 (so just above €200m for 2Q25 in line with our € 200.3m and CSS € 201m). For the same reason, Melexis now expects a gross profit margin around 39% (previously around 40%) and 1H25 EBIT-margin around 15% (previously around 16%). For FY25 as a whole, Melexis is not giving an outlook (recall that at the moment of the FY24 results they indicated that 2H25 sales were expected to grow significantly compared to 1H25) except that they expects Capex to be around €50m (this is stable versus previous guidance).
We reiterate our € 70 Target Price and Buy rating.
Melexis designs, develops, tests and markets advanced integrated circuits primarily for the automotive industry. Co. sells its products to a wide customer base in the automotive, medical and industrial markets in Europe, Asia and North America. Co.'s main products are Hall effect ICs, Pressure and Acceleration Sensors, Sensor Interface ICs, Automotive Systems-on-a-Chip, Embedded Microcontrollers, Bus System Chips, Optical and Infrared sensors. In each case the products are primarily developed for automotive applications and designated lead customers with subsequent use in commercial and industrial applications.
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