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>BYDE’s 1Q23 revenue/NP growth of 26%/155% YoY beat market expectations, mainly driven by Apple share gain, household energy storage &amp; automotive ramp and improving utilization.</li><li>During earnings call, mgmt. guided 1) gradual recovery for Android business in 2H23E on mid to high-end model demand, 2) share gain in Apple OEM/components; 3) residential energy storage with 50- 100% YoY; and 4) auto segment with 100%+ YoY in FY23E.</li><li>We adjusted FY23/24E EPS by 1-2% to reflect better GPM recovery. </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 1Q23 revenue/NP growth of 26%/155% YoY beat market expectations, mainly driven by Apple share gain, household energy storage &amp; automotive ramp and improving utilization.During earnings call, mgmt. guided 1) gradual recovery for Android business in 2H23E on mid to high-end model demand, 2) share gain in Apple OEM/components; 3) residential energy storage with 50- 100% YoY; and 4) auto segment with 100%+ YoY in FY23E.We adjusted FY23/24E EPS by 1-2% to reflect better GPM recovery. 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) – 1Q23 beat on better GPM; Maintain HOLD on fair valuation

<ul><li>BYDE’s FY22 revenue/net profit are largely in-line with consensus but higher than our estimates due to stronger iPad revenue.</li><li>Looking ahead, despite muted outlook on Android business, mgmt. expects growth drivers to come from: 1) share gain in Apple OEM/components; 2) rising penetration of residential energy storage; and 3) auto biz to maintain strong growth.</li><li>We adjusted FY23-24 EPS by +3%/-12% to reflect higher sales and weaker GPM.</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 FY22 revenue/net profit are largely in-line with consensus but higher than our estimates due to stronger iPad revenue.Looking ahead, despite muted outlook on Android business, mgmt. expects growth drivers to come from: 1) share gain in Apple OEM/components; 2) rising penetration of residential energy storage; and 3) auto biz to maintain strong growth.We adjusted FY23-24 EPS by +3%/-12% to reflect higher sales and weaker GPM.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) – FY22 largely in-line; Gradual recovery on track

<ul><li>We hosted an investor call with BYDE during our Corporate Day on 29 Nov.</li><li>Mmgt. guided 4Q revenue to grow QoQ backed by strong demand from Apple’s products, automobile and new smart products, while 4Q GPM will improve QoQ on better product mix and improving utilization (Android capacity converted into auto biz).</li><li>Looking into 2023, despite muted outlook on Android business, major growth drivers will come from 1) Apple share gain in OEM/components (ipad/ iphone/watch), 2) automobile segment expansion and 3) residential energy storage.</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 an investor call with BYDE during our Corporate Day on 29 Nov.Mmgt. guided 4Q revenue to grow QoQ backed by strong demand from Apple’s products, automobile and new smart products, while 4Q GPM will improve QoQ on better product mix and improving utilization (Android capacity converted into auto biz).Looking into 2023, despite muted outlook on Android business, major growth drivers will come from 1) Apple share gain in OEM/components (ipad/ iphone/watch), 2) automobile segment expansion and 3) residential energy storage.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) – Corp Day Takeaways: 4Q Recovery to Continue

<ul><li>BYDE’s 3Q22 revenue/net profit grew 28%/17% YoY, largely in-line with our estimates/consensus.</li><li>3Q GPM recovered to 6.5% (vs 5.2% in 2Q), driven by improving utilization and better product mix, which is a positive sign of margin recovery following COVID-19 impact and business transition.</li><li>Looking ahead, mgmt. expect android weakness will lead to lower sales contribution of ~20% in FY23E (vs 35% in FY22E), and new growth drivers in FY23E will come from Apple share gain, NEV business and new smart 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.

BYDE’s 3Q22 revenue/net profit grew 28%/17% YoY, largely in-line with our estimates/consensus.3Q GPM recovered to 6.5% (vs 5.2% in 2Q), driven by improving utilization and better product mix, which is a positive sign of margin recovery following COVID-19 impact and business transition.Looking ahead, mgmt. expect android weakness will lead to lower sales contribution of ~20% in FY23E (vs 35% in FY22E), and new growth drivers in FY23E will come from Apple share gain, NEV business and new smart 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.

BYDE (285 HK) – 3Q margin recovery a positive sign; Maintain HOLD on fair valuation

<ul><li>BYDE’s 1H22 revenue/net profit declined 2%/61% YoY, in-line with our estimate/consensus.</li><li>GPM dropped 0.6ppts YoY to 5.3%, lower than consensus of 5.8%, mainly due to COVID-19 impact, weak demand and low UTR.</li><li>While 2Q22 revenue/net profit declined 8%/46% YoY due to Shanghai lockdown, we believe 2Q NPM QoQ recovery (2%, vs 0.9% in 1Q) is a positive sign for earnings improvement in 2H22E.</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 1H22 revenue/net profit declined 2%/61% YoY, in-line with our estimate/consensus.GPM dropped 0.6ppts YoY to 5.3%, lower than consensus of 5.8%, mainly due to COVID-19 impact, weak demand and low UTR.While 2Q22 revenue/net profit declined 8%/46% YoY due to Shanghai lockdown, we believe 2Q NPM QoQ recovery (2%, vs 0.9% in 1Q) is a positive sign for earnings improvement in 2H22E.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)

BYDE (285 HK) – 1Q23 beat on better GPM; Maintain HOLD on fair valuation

BYDE’s 1Q23 revenue/NP growth of 26%/155% YoY beat market expectations, mainly driven by Apple share gain, household energy storage & automotive...

CMB International

BYDE (285 HK) – FY22 largely in-line; Gradual recovery on track

BYDE’s FY22 revenue/net profit are largely in-line with consensus but higher than our estimates due to stronger iPad revenue.

CMB International

BYDE (285 HK) – Corp Day Takeaways: 4Q Recovery to Continue

We hosted an investor call with BYDE during our Corporate Day on 29 Nov. Mmgt. guided 4Q revenue to grow QoQ backed by strong demand from Apple’s...

CMB International

BYDE (285 HK) – 3Q margin recovery a positive sign; Maintain HOLD on fair valuation

3Q GPM recovered to 6.5% (vs 5.2% in 2Q), driven by improving utilization and better product mix, which is a positive sign of margin recovery...

CMB International

BYDE (285 HK) – 1H22 Weakness In-Line

BYDE’s 1H22 revenue/net profit declined 2%/61% YoY, in-line with our estimate/consensus. GPM dropped 0.6ppts YoY to 5.3%, lower than consensus of 5.8%

CMB International

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