Melexis Model update after FY23 results
We updated our model after Melexis FY23 results. 4Q23 sales came out at the high end of the guidance at € 250.5m but profitability was just below our and CSS forecasts as Melexis has initiated an organizational update. The OpEx linked to this strategic project (KBCSe € 4m) were included in 4Q23.Although FY24 can be seen as a transition year in their automotive business, Melexis aim to grow in this segment (still >90% of sales) at a 10% CAGR by 2030 with innovative solutions for powertrain, thermal management, battery, e-braking, e-steering, and lighting applications. Beyond automotive, Melexis will expand its presence with four emerging product lines: sustainable world, alternative mobility, robotics, and digital health. Melexis aims for 15% or higher annual sales growth in these areas by 2030.
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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