External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>BOEVx will report 2H25/FY25E results in mid-March, and we estimate FY25E revenue/net profit of HK$14,533mn/378mn (+8%/-3% YoY), implying 2H25E revenue/net profit of HK$7,863mn/198mn (+8%/-10% YoY), with profit mainly dragged by domestic destocking pressure, yields in new Vietnam/Chengdu plants, and system business profitability.</li><li>Looking into 2026, we are positive on BOEVx’s earnings recovery, backed by overseas share gains, Vietnam capacity ramp, margin improvement from the Chengdu plant and system business.</li><li>We revise down FY25-27E EPS by 5-7% to reflect near-term domestic headwinds and pricing pressure, and</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BOEVx will report 2H25/FY25E results in mid-March, and we estimate FY25E revenue/net profit of HK$14,533mn/378mn (+8%/-3% YoY), implying 2H25E revenue/net profit of HK$7,863mn/198mn (+8%/-10% YoY), with profit mainly dragged by domestic destocking pressure, yields in new Vietnam/Chengdu plants, and system business profitability.Looking into 2026, we are positive on BOEVx’s earnings recovery, backed by overseas share gains, Vietnam capacity ramp, margin improvement from the Chengdu plant and system business.We revise down FY25-27E EPS by 5-7% to reflect near-term domestic headwinds and pricing pressure, andContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BOE Varitronix (710 HK) - Near-Term Earnings Dragged by Pricing Pressure and New Plant Profitability

<ul><li>BOEVx posted 1H25 revenue growth of 8% YoY driven by high-end auto products and system business segment, while net profit growth of 5% YoY was mainly dragged by higher depreciation expense and staff cost, partly offset by government grant and investment income.</li><li>During the earnings call, mgmt. guided stronger 2H25E revenue with stable NPM, thanks to China order wins, product expansion and less intensified competition.</li><li>In the longer term, we remain positive on BOEVx as the global No.1 automotive display leader to benefit from overseas expansion, three-step strategies and capacity ramp-up. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BOEVx posted 1H25 revenue growth of 8% YoY driven by high-end auto products and system business segment, while net profit growth of 5% YoY was mainly dragged by higher depreciation expense and staff cost, partly offset by government grant and investment income.During the earnings call, mgmt. guided stronger 2H25E revenue with stable NPM, thanks to China order wins, product expansion and less intensified competition.In the longer term, we remain positive on BOEVx as the global No.1 automotive display leader to benefit from overseas expansion, three-step strategies and capacity ramp-up. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BOE Varitronix (710 HK) - 1H25 Dragged by Higher Costs...

Thematic (Sector/Industry)

<ul><li>Following our note last week, we received investor questions focused on 1) “20% US content rule” exemptions, 2) impact of China 34% tariff' on the US, 3) Vietnam proposed 0% tariff, 4) de-minimis rule removal, 5) bottom-fishing opportunities, and 6) company feedback/response on the new tariff. Below we offer perspectives on investor FAQs regarding the implications.</li><li>Despite sector valuation still being 15-20% away from the historical trough now, we would start to look for some quality names to accumulate on further weakness, including Xiaomi, AAC, Sunny Optical, BYDE and Q-tech.</li><li>“20% US content rule” exemptions in “Annex III” sub-document? The US White House published a sub-document, Annex II, for the US Reciprocal Tariffs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Following our note last week, we received investor questions focused on 1) “20% US content rule” exemptions, 2) impact of China 34% tariff' on the US, 3) Vietnam proposed 0% tariff, 4) de-minimis rule removal, 5) bottom-fishing opportunities, and 6) company feedback/response on the new tariff. Below we offer perspectives on investor FAQs regarding the implications.Despite sector valuation still being 15-20% away from the historical trough now, we would start to look for some quality names to accumulate on further weakness, including Xiaomi, AAC, Sunny Optical, BYDE and Q-tech.“20% US content rule” exemptions in “Annex III” sub-document? The US White House published a sub-document, Annex II, for the US Reciprocal Tariffs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - US Tariff Updates: Addressing FAQs After a Volatile Day

<ul><li>BYD announced plans to offer its “God’s Eye” advanced intelligent driving system on all models priced above RMB100k and 3 models priced below 100k, during its “Vehicle Intelligent Strategy” event in Shenzhen on 10 Feb.</li><li>Initial rollout includes 21 models, all equipped with industry-leading specs with endto-end LLM, 5 mm-wave radars, 12 cameras and 12 ultrasonic radars.</li><li>We believe BYD’s acceleration of intelligent driving with strong new model pipeline will boost adoption of intelligent driving in China, and key beneficiaries include BYDE (ADAS/domain controller), Sunny Optical/Q-tech/Cowell (1415 HK, NR)/AAC (camera/LiDAR/radar), BOEVx (display), AAC Tech (acoustics) and Luxshare/FIT (connector).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYD announced plans to offer its “God’s Eye” advanced intelligent driving system on all models priced above RMB100k and 3 models priced below 100k, during its “Vehicle Intelligent Strategy” event in Shenzhen on 10 Feb.Initial rollout includes 21 models, all equipped with industry-leading specs with endto-end LLM, 5 mm-wave radars, 12 cameras and 12 ultrasonic radars.We believe BYD’s acceleration of intelligent driving with strong new model pipeline will boost adoption of intelligent driving in China, and key beneficiaries include BYDE (ADAS/domain controller), Sunny Optical/Q-tech/Cowell (1415 HK, NR)/AAC (camera/LiDAR/radar), BOEVx (display), AAC Tech (acoustics) and Luxshare/FIT (connector).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - Intelligence Driving: Implications of BYD’s “vehicle Intelligence Strategy” Event

<ul>
<li>Texas Instruments (TI) reported in-line 3Q23 results but weaker 4Q23 guidance.</li>
<li>3Q revenue declined 14% YoY to US$4.5bn and EPS dropped 25% YoY, mainly due to weakness across segments except auto business.</li>
<li>Looking into 4Q23E, mgmt. expects industrial segment weakness to broaden and post-pandemic recovery in China is weaker-than-expected, while automotive growth will continue. </li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Texas Instruments (TI) reported in-line 3Q23 results but weaker 4Q23 guidance.
3Q revenue declined 14% YoY to US$4.5bn and EPS dropped 25% YoY, mainly due to weakness across segments except auto business.
Looking into 4Q23E, mgmt. expects industrial segment weakness to broaden and post-pandemic recovery in China is weaker-than-expected, while automotive growth will continue. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Implications of Texas Instruments 3Q23: Weaker Industrial, Destocking and Slower China Recovery

Hong Kong

BOE Varitronix is an investment holding company that designs, manufactures, and sells liquid crystal displays and related products. Its core business focuses on automotive display modules and industrial displays, including TFT products, touch panel display modules, and monochrome displays for applications such as automotive digital instrument clusters, white goods, and medical devices. The company was founded in 1978 and is headquartered in Kwun Tong, Hong Kong.

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BOE Varitronix (710 HK)