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.

Thematic (Sector/Industry)

<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

Equity Bottom-Up

<ul><li>BOEVx will report 1H24 results in Aug. We estimate 1H24 revenue to grow 15% YoY driven by high-end displays, overseas client orders and Chengdu plant rampup, while net profit decline may narrow to -16% YoY (vs -18%/-19% YoY in 2H23/1H23) given inventory digestion offsetting better utilization.</li><li>For 2H24E, we expect revenue/net profit to improve due to order seasonality, better product mix and rising UTR.</li><li>We lower FY24-26E EPS by 17-30% to factor in ASP/margin weakness offsetting stronger shipments and market share gains. </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 1H24 results in Aug. We estimate 1H24 revenue to grow 15% YoY driven by high-end displays, overseas client orders and Chengdu plant rampup, while net profit decline may narrow to -16% YoY (vs -18%/-19% YoY in 2H23/1H23) given inventory digestion offsetting better utilization.For 2H24E, we expect revenue/net profit to improve due to order seasonality, better product mix and rising UTR.We lower FY24-26E EPS by 17-30% to factor in ASP/margin weakness offsetting stronger shipments and market share gains. 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) - Margin Weakness Priced In; Expect Gradual ASP/Margin Recovery in 2H

<ul><li>We hosted BOEVx at CMBI Technology Corporate Day on 26 Jun.</li><li>Overall, mgmt. expects larger and high-end displays remain the major upgrade trend and BOEVx is well positioned to benefit given its industry leadership position. Mgmt.</li><li>guided overall sales growth to outperform the market and NPM recovery on track in FY24E driven by ASP hikes, better operating efficiency, overseas orders and rapid growth of system products. </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.

We hosted BOEVx at CMBI Technology Corporate Day on 26 Jun.Overall, mgmt. expects larger and high-end displays remain the major upgrade trend and BOEVx is well positioned to benefit given its industry leadership position. Mgmt.guided overall sales growth to outperform the market and NPM recovery on track in FY24E driven by ASP hikes, better operating efficiency, overseas orders and rapid growth of system products. 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) - Large-Size/High-End Display Demand

<ul><li>BOEVx delivered flattish revenue in 2023 while net profit dropped 18% YoY due to EBITDA margin pressure on lower ASP and higher depreciation.</li><li>For 2H23, we are encouraged by its NPM recovery to 4.9% (vs 3.9% in 1H23), given improving yield and operation efficiency at the Chengdu plant.</li><li>For 2024, mgmt. is positive on highend product growth, rising UTR and expansion of overseas customers. </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 delivered flattish revenue in 2023 while net profit dropped 18% YoY due to EBITDA margin pressure on lower ASP and higher depreciation.For 2H23, we are encouraged by its NPM recovery to 4.9% (vs 3.9% in 1H23), given improving yield and operation efficiency at the Chengdu plant.For 2024, mgmt. is positive on highend product growth, rising UTR and expansion of overseas customers. 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) - Focus on High-End Demand and Overseas Demand to Drive Recovery

<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 Limited designs, manufactures, and sells small-to-medium sized LCDs (liquid crystal displays) and related products. The Company offers displays for dashboards, clock, rear seat, power meter, washing machines, ovens, blood glucose meters, dental instruments, and label printers. BOE Vanitronix markets its products worldwide.

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BOE Varitronix (710 HK)

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

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

CMB International