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Gianmarco Bonacina

Gianmarco Bonacina

Research Analyst at Banca Akros

Milan, IT

Gianmarco Bonacina is the Director of Research - Equity at Banca Akros, where he leads equity research activity with a specialization in Italian mid-cap companies, particularly in sectors such as technology and industrials. He covers notable companies including Technoprobe and Spindox, where his reports influence target pricing and investment recommendations, with a recent example being a reiterated 'Buy' rating with a €15.50 target on Spindox in late 2024. Bonacina began his finance career in 1999 at Citigroup in London, later holding analyst and portfolio manager roles at Anima SGR, and spent 18 years at Equita as Deputy Head of Equity Research before joining Banca Akros in April 2024. He holds a degree in Business Administration from Bocconi University and is recognized in professional circles for his in-depth equity analysis, though specific performance and licensing metrics are not publicly disclosed.

Gianmarco Bonacina's questions to STMicroelectronics (STM) leadership

Question · Q2 2025

Gianmarco Bonacina of Banca Akros asked how a stronger euro impacts the company's long-term gross margin model and inquired about the effectiveness of the 'China for China' strategy against the trend of Chinese automakers prioritizing domestic chips.

Answer

President & CFO Lorenzo Grandi acknowledged the original margin model was based on a weaker euro but noted significant levers for improvement remain, like eliminating unused capacity charges. President & CEO Jean-Marc Chery expressed confidence that the 'China for China' strategy, which includes local design and manufacturing, will mitigate risks and allow ST to be perceived as a local player. Revenue from Chinese HQ customers is about 13-14% of the total.

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Question · Q2 2025

Gianmarco Bonacina of Banca Akros asked about the potential for gross margin expansion at higher revenue levels given the stronger euro, and inquired about ST's strategy to counter Chinese automakers prioritizing domestic chips.

Answer

President & CFO Lorenzo Grandi acknowledged the negative FX impact but noted significant margin leverage remains from eliminating unused capacity charges and improving product mix. President & CEO Jean-Marc Chery detailed the "China for China" strategy, including local design and manufacturing, to be perceived as a local player and mitigate risks. Sales to Chinese customers represent 13-14% of total revenue.

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