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>We hosted an investor call with BOE Varitronix during our Corporate Day on 1 Dec.</li><li>BOEVx’s strong 1H22 revenue/net profit growth of 51%/164% YoY was mainly driven by solid demand of auto display module, mass production of new capacity and ASP hike of auto display products.</li><li>Net margin improved 2.2ppts HoH given operating leverage and economies of scale.</li></ul><p><em>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.</em></p>

We hosted an investor call with BOE Varitronix during our Corporate Day on 1 Dec.BOEVx’s strong 1H22 revenue/net profit growth of 51%/164% YoY was mainly driven by solid demand of auto display module, mass production of new capacity and ASP hike of auto display products.Net margin improved 2.2ppts HoH given operating leverage and economies of scale.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) – Chengdu Auto Display Plant to Drive Growth in FY23E

Thematic (Sector/Industry)

<div><div><div><div><ul><li>We see emerging opportunities for high-quality companies after recent sector pull-back (30-40% in past three months), as most stocks under our coverage are trading below 1-SD of its 5-year average.</li><li>We believe near-term concerns over weak macro, inflation, geopolitical risks, RMB depreciation are largely priced in.</li><li>We suggest to accumulate quality names with higher exposure to structural growth drivers, including AR/VR, auto-related and Apple share gain. </li></ul></div></div></div></div><p><em>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.</em></p>

We see emerging opportunities for high-quality companies after recent sector pull-back (30-40% in past three months), as most stocks under our coverage are trading below 1-SD of its 5-year average.We believe near-term concerns over weak macro, inflation, geopolitical risks, RMB depreciation are largely priced in.We suggest to accumulate quality names with higher exposure to structural growth drivers, including AR/VR, auto-related and Apple share gain. 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.

China Technology - Emerging Opportunities to Accumulate Quality Names in AR/VR

<ul><li>BOE Varitronix (BOEVx) is the global largest automotive display leader capturing 18% market share in 1H22 (by shipment area).</li><li>Leveraging BOE Group’s leading technology and strong client base, BOEVx is rapidly transforming into an integrated automotive smart cockpit display solution provider.</li><li>Backed by its <span style="font-size: var(--content-font-size);">industry leadership and solid product roadmap, we believe BOEVx is well positioned to benefit from upgrade trend in the booming smart cockpit market.</span></li></ul><p><em>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.</em></p>

BOE Varitronix (BOEVx) is the global largest automotive display leader capturing 18% market share in 1H22 (by shipment area).Leveraging BOE Group’s leading technology and strong client base, BOEVx is rapidly transforming into an integrated automotive smart cockpit display solution provider.Backed by its industry leadership and solid product roadmap, we believe BOEVx is well positioned to benefit from upgrade trend in the booming smart cockpit market.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) – Global auto display leader riding on smart cockpit trend

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) – Chengdu Auto Display Plant to Drive Growth in FY23E

BOEVx’s strong 1H22 revenue/net profit growth of 51%/164% YoY was mainly driven by solid demand of auto display module, mass production of new...

CMB International

China Technology - Emerging Opportunities to Accumulate Quality Names in AR/VR

We suggest to accumulate quality names with higher exposure to structural growth drivers, including AR/VR, auto-related and Apple share gain.

CMB International

BOE Varitronix (710 HK) – Global auto display leader riding on smart cockpit trend

BOE Varitronix (BOEVx) is the global largest automotive display leader capturing 18% market share in 1H22 (by shipment area).

CMB International