Ambarella Inc.

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SKU: AMBA Category:

Description

This is our first report on Ambarella, a renowned semiconductors player that saw a watershed moment in 2022 with a slew of significant accomplishments. The company is particularly known for its semiconductor solutions for video that enable high-definition (HD) and ultra HD compression, image processing, and deep neural network processing. Ambarella saw its computer vision (CV) revenue more than tripled to more than 25% of total revenue in the year, driving blended ASPs higher. Computer vision made a significant contribution to their operating results for the first time, allowing the company’s non-GAAP operating margin to increase to 19% from 4% the year before. As expected, CV revenue from Wave 2 smart home became material during the year, and the management announced that CV revenue from Wave 3 automotive also became material. Besides, the team expects mass production of CV5, Ambarella’s first 5-nm SoC, in the second half of the fiscal year 2023. While CV3, their second 5-nanometer SoC, is expected to sample this year with a 10 billion transistor automotive domain controller tape out. New AI camera IoT applications, such as robotics and video conferencing, have also provided growth opportunities to the company. Overall, the company intends to keep investing heavily to maintain its leadership position. We initiate coverage on Ambarella with an ‘Outperform’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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