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)

<div><div><div><div><ul><li>Media stated that Apple will move part of its AirPods/Beats headphone production to India for the first time, as India continued to push for local manufacturing.</li><li>We believe this move is not surprising as Apple’s iPhone supplier, Wistron, started to assemble iPhones in India since 2017.</li><li>In addition, we expect Apple will start to build iPad/Watch in Vietnam as it continues to diversify its production bases. </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>

Media stated that Apple will move part of its AirPods/Beats headphone production to India for the first time, as India continued to push for local manufacturing.We believe this move is not surprising as Apple’s iPhone supplier, Wistron, started to assemble iPhones in India since 2017.In addition, we expect Apple will start to build iPad/Watch in Vietnam as it continues to diversify its production bases. 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 - Implications of AirPods/Beats Production Base Relocation to India

<div><div><div><div><ul><li>We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.</li><li>We estimate global/China smartphone market to decline 9%/15% YoY in FY22E. Recent reported data revealed that China smartphone sell-in/sell- through declined 31%/10% YoY in Jul (vs +9%/-8% in Jun), and global smartphone sell-through dropped 16.5% YoY in Jul (vs -16.1% in Jun).</li><li>For 4Q22E, we believe the only bright spot is iPhone supply chain restocking, and we prefer related names such as Luxshare for iPhone/Watch/AirPods OEM, Goertek for share gain in Watch/ AirPods, and FIT Hon Teng/Tongda for iPhone shipment upside. </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 expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.We estimate global/China smartphone market to decline 9%/15% YoY in FY22E. Recent reported data revealed that China smartphone sell-in/sell- through declined 31%/10% YoY in Jul (vs +9%/-8% in Jun), and global smartphone sell-through dropped 16.5% YoY in Jul (vs -16.1% in Jun).For 4Q22E, we believe the only bright spot is iPhone supply chain restocking, and we prefer related names such as Luxshare for iPhone/Watch/AirPods OEM, Goertek for share gain in Watch/ AirPods, and FIT Hon Teng/Tongda for iPhone shipment upside. 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 - China Smartphone: No Signs of Recovery in 4Q22E

Equity Bottom-Up

<ul><li>Apple’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac sales (+6%/13% YoY) and record Service revenue (+15% YoY), offsetting weakness in Greater China (-4% YoY) due to supply constraints on strong iPhone 16/17 demand.</li><li>For FY1Q26E (CY4Q25E), mgmt. guided for 10-12% YoY revenue growth, double-digit iPhone revenue growth and resilient GPM of 47-48%, which includes US$1.4bn tariff impact (vs US$1.1bn in 4Q).</li><li>We believe this set of robust guidance should alleviate market concerns, especially given ongoing supply constraints for iPhone 17 and reduction in channel inventories QoQ. </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>

Apple’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac sales (+6%/13% YoY) and record Service revenue (+15% YoY), offsetting weakness in Greater China (-4% YoY) due to supply constraints on strong iPhone 16/17 demand.For FY1Q26E (CY4Q25E), mgmt. guided for 10-12% YoY revenue growth, double-digit iPhone revenue growth and resilient GPM of 47-48%, which includes US$1.4bn tariff impact (vs US$1.1bn in 4Q).We believe this set of robust guidance should alleviate market concerns, especially given ongoing supply constraints for iPhone 17 and reduction in channel inventories QoQ. 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 - Apple FY4Q25 Read-Through: Resilient IPhone/Services Momentum...

<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><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 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><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>

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. manufactures and sells handset components and modules, and provides assembly services for mobile phones. The company offers one-stop product solutions leveraging electronic information, AI, 5G, and IoT technologies, with its business spanning smartphones, computers, new energy vehicles, smart home solutions, and communication equipment. It was incorporated in 2007 and is headquartered in Shenzhen, China.

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BYD Electronic (285 HK)

China Technology - Implications of AirPods/Beats Production Base Relocation to India

Media stated that Apple will move part of its AirPods/Beats headphone production to India for the first time, as India continued to push for local...

CMB International

China Technology - China Smartphone: No Signs of Recovery in 4Q22E

We expect global smartphone market to remain sluggish into 4Q22E, given weak consumer demand, macro uncertainties and lack of major spec upgrade.

CMB International

Technology - Apple FY4Q25 Read-Through: Resilient IPhone/Services Momentum...

Apple’s (AAPL US, NR) FY4Q25 (CY3Q25) results were solid, with revenue growth of 8% YoY and adjusted EPS growth of 13% YoY, driven by iPhone/Mac...

CMB International

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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