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 post-results NDR for BYDE in Hong Kong last week, to discuss 3Q25 results, 2026 guidance and industry outlook.</li><li>Overall, investors were interested in 1) BYDE’s product roadmap for major US client, 2) AI server product pipeline/ timeline (esp. GB300/Robin), and 3) automotive segment outlook and shipment. For 2026, mgmt. expects revenue growth with margin recovery, driven by major US client’s new product cycle (foldable phone/smart home), NEV product rampup and AI server client wins in multiple products (liquid cooling, power, HVDC).</li><li>We are positive on BYDE as a key beneficiary of iPhone form factor changes and growth opportunities in global AI server market.</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 post-results NDR for BYDE in Hong Kong last week, to discuss 3Q25 results, 2026 guidance and industry outlook.Overall, investors were interested in 1) BYDE’s product roadmap for major US client, 2) AI server product pipeline/ timeline (esp. GB300/Robin), and 3) automotive segment outlook and shipment. For 2026, mgmt. expects revenue growth with margin recovery, driven by major US client’s new product cycle (foldable phone/smart home), NEV product rampup and AI server client wins in multiple products (liquid cooling, power, HVDC).We are positive on BYDE as a key beneficiary of iPhone form factor changes and growth opportunities in global AI server 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.

BYDE (285 HK) - NDR Takeaways: Apple/AI Server/Auto to Accelerate Revenue Growth in 2026

<ul><li>BYDE reported in-line 3Q25 revenue but earnings were dragged by weaker smartphone components (iPhone casing), new intelligent product revenue decline and lower GPM, while NEV biz maintained stable growth.</li><li>During investor call, mgmt. guided flattish revenue/GPM in 4Q25E due to iPhone component drag and AI server project delay, and expected stronger revenue growth in 2026 driven by component upgrade (foldable phone), new smart home product launch, NEV high-end products ramp-up and AI server project shipment (liquid cooling, HVDC, power).</li><li>We lower our FY25-27E EPS by 8-14% to factor in 3Q results and CE mix impact, and we remain positive on BYDE’s growth opportunities in NEV/AI server growth in FY26-27E. </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.

BYDE reported in-line 3Q25 revenue but earnings were dragged by weaker smartphone components (iPhone casing), new intelligent product revenue decline and lower GPM, while NEV biz maintained stable growth.During investor call, mgmt. guided flattish revenue/GPM in 4Q25E due to iPhone component drag and AI server project delay, and expected stronger revenue growth in 2026 driven by component upgrade (foldable phone), new smart home product launch, NEV high-end products ramp-up and AI server project shipment (liquid cooling, HVDC, power).We lower our FY25-27E EPS by 8-14% to factor in 3Q results and CE mix impact, and we remain positive on BYDE’s growth opportunities in NEV/AI server growth in FY26-27E. 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.

BYDE (285 HK) - 3Q25 Dragged by Smartphone Components...

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at the December 2025 index capping flows.</li>
<li>We have also presented our index change expectations for the next semiannual index review which will take place in March 2026.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at the December 2025 index capping flows.
We have also presented our index change expectations for the next semiannual index review which will take place in March 2026.


Quiddity Leaderboard HSIII Dec25/Mar26: Expected ADDs Strongly Outperforming Expected DELs

<ul><li>We visited BYDE’s mgmt. recently in Shenzhen. Overall, mgmt. remains positive on BYDE's business outlook in 2025-27, backed by 1) US client's new product (smart home, foldable phone) and share gains (iPad, cover glass),</li><li>2) automobile business (RMB30bn/40bn sales in 2025/26E) with ADAS/cockpit/thermal/smart suspension product ramp-up,</li><li>3) AI server business (RMB3bn/10bn sales in 2025/26E) focusing on OEM (enterprise/China CSP) and liquid cooling components (US CSP).</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 visited BYDE’s mgmt. recently in Shenzhen. Overall, mgmt. remains positive on BYDE's business outlook in 2025-27, backed by 1) US client's new product (smart home, foldable phone) and share gains (iPad, cover glass),2) automobile business (RMB30bn/40bn sales in 2025/26E) with ADAS/cockpit/thermal/smart suspension product ramp-up,3) AI server business (RMB3bn/10bn sales in 2025/26E) focusing on OEM (enterprise/China CSP) and liquid cooling components (US CSP).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.

BYDE (285 HK) - Apple Order Win, Auto Rapid Ramp-Up and AI Server Biz Expansion

<ul><li>BYDE’s share price declined 8% yesterday (28 Apr) due to flattish 1Q25 earnings dragged by weaker high-end smartphone demand and potential tariff impact on Apple assembly business.</li><li>1Q25 GPM recovered 0.4ppts QoQ to 6.3% but down 0.6ppts YoY. 1Q25 earnings reached 10%/11% of our/consensus FY25E estimates, largely in-line with 14%/11% in 1Q24/1Q23.</li><li>Looking ahead, mgmt. maintained positive guidance for 2025: 1) Apple assembly growth and better profitability of component, 2) stable Android biz, 3) strong automotive demand and 4) server/robots ramp-up in FY25-26E. </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.

BYDE’s share price declined 8% yesterday (28 Apr) due to flattish 1Q25 earnings dragged by weaker high-end smartphone demand and potential tariff impact on Apple assembly business.1Q25 GPM recovered 0.4ppts QoQ to 6.3% but down 0.6ppts YoY. 1Q25 earnings reached 10%/11% of our/consensus FY25E estimates, largely in-line with 14%/11% in 1Q24/1Q23.Looking ahead, mgmt. maintained positive guidance for 2025: 1) Apple assembly growth and better profitability of component, 2) stable Android biz, 3) strong automotive demand and 4) server/robots ramp-up in FY25-26E. 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

BYD Electronic International Co., Ltd. researches, develops, manufactures handset components such as handset casings and handset keypads and modules for handset manufacturers.  The Company also provides assembly services comprising assembly service and PCB assembly service to global handset manufacturers.

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BYD Electronics (285 HK)

BYDE (285 HK) - NDR Takeaways: Apple/AI Server/Auto to Accelerate Revenue Growth in 2026

We are positive on BYDE as a key beneficiary of iPhone form factor changes and growth opportunities in global AI server market. Maintain BUY with...

CMB International

BYDE (285 HK) - 3Q25 Dragged by Smartphone Components...

BYDE reported in-line 3Q25 revenue but earnings were dragged by weaker smartphone components (iPhone casing), new intelligent product revenue...

CMB International

Quiddity Leaderboard HSIII Dec25/Mar26: Expected ADDs Strongly Outperforming Expected DELs

The March 2026 expected ADDs have been outperforming the expected DELs over the last few weeks and this could continue over the next few weeks.

Janaghan Jeyakumar, CFA

BYDE (285 HK) - Apple Order Win, Auto Rapid Ramp-Up and AI Server Biz Expansion

Overall, mgmt. remains positive on BYDE's business outlook in 2025-27, backed by 1) US client's new product (smart home, foldable phone) and share...

CMB International

BYDE (285 HK) - 1Q25 Earnings Flat YoY

BYDE’s share price declined 8% yesterday (28 Apr) due to flattish 1Q25 earnings dragged by weaker high-end smartphone demand and potential tariff...

CMB International

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