By Bingyan Wang


Will Semiconductor's shares tumbled in early trade in China Tuesday after the company posted sharply lower profits for the first half of the year.

Shares of the Shanghai-listed Chinese electronic components maker dropped 7.0% to CNY93.01. By comparison, the city's main stock index which was off just 0.1%.

The company reported after the market closed Monday that its net profit for the first half of the year dropped 93%, compared with the same period a year earlier, to 153.1 million yuan ($21.1 million). Revenue declined 20% from a year earlier to CNY8.86 billion.

However, Citi analysts believe the second quarter may have marked a bottom for the company as it has finished clearing its smartphone CMOS image sensor inventory and new products are likely to help the company regain its smartphone CIS market share in the mid- and high-end market.

"New Android flagship releases in 2H23, including the Huawei 5G model, would make positive share catalysts," said Citi's analysts in a note. The investment bank maintained a buy rating on the stock though it lowered its stock target price to CNY125 from CNY130.


Write to Bingyan Wang at bingyan.wang@wsj.com


(END) Dow Jones Newswires

08-14-23 2355ET