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5 China MCU Localization: Key charts
6 China MCU Localization: Key tables
7 Greater China MCU: Order of Preference
8 Executive Summary (1/2)
9 Executive Summary (2/2)
10 China MCU is taking off
18 Global MCU market overview
20 Key debate #1: Could China MCU localization
accelerate in the next 5 years?
27 Debate #2: Which companies are the best proxies
in Greater China to play MCU uptrends?
31 Debate #3: Will the MCU market become
commoditized?
36 Where are we in the MCU upcycle?
37 GigaDevice - Earnings revisions and valuation
methodology
39 GigaDevice - Financial Statement
43 Sino Wealth: Our Top China Home Appliance
MCU Localization Play; Initiate at OW
44 Sino Wealth: Investment positives and concerns
47 Sino Wealth: Financial Summary
48 Sino Wealth: Earnings growth outlook
49 Sino Wealth: Valuation methodology
50 Sino Wealth: Company profile
52 Chipsea: The niche MCU player in China focusing
on healthcare market with high expectation;
initiate at UW
53 Chipsea: Investment Positives and Concerns
56 Chipsea: Financial Summary
57 Chipsea: Earnings Growth Outlook
58 Chipsea: Valuation Methodology
59 Chipsea: Company profile
62 Espressif - The largest China Wi-Fi MCU vendor,
but expectations already high; initiate at UW
63 Espressif: Investment Positives and Concerns
66 Espressif: Financial Summary
67 Espressif: Earnings Growth Outlook
68 Espressif: Valuation Methodology
69 Espressif: Company Profile
71 Shanghai Fudan: Key enabler of China
Urbanization 2.0, but high expectations will take
time to prove
72 Shanghai Fudan: Investment Positives and
Concerns
75 Shanghai Fudan Financial Summary
76 Shanghai Fudan: Earnings Growth Outlook
77 Shanghai Fudan: Valuation Methodology
78 Shanghai Fudan: Company Profile
80 Nuvoton: Undervalued interim proxy for China
MCU localization (OW)
81 Nuvoton: Investment Positives and Concerns
84 Nuvoton: Financial Summary
85 Nuvoton: Earnings Growth Outlook
86 Nuvoton: Valuation Methodology
87 Nuvoton: Company Profile