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>Apple reported FY2Q23 (CY1Q23) with EPS of US$1.53 (-1% YoY) and revenue of US$94.8bn (-3% YoY), which are 7% and 2% above consensus, mainly driven by strong iPhone sales in emerging markets and record revenue from Service, partially offset by FX headwinds and weak macro on Mac/iPad sales.</li><li>Looking into FY3Q23E, mgmt. expects revenue to perform similarly to FY2Q23 with macro/FX pressure.</li><li>Given resilient outlook and iPhone’s share gain during industry downcycle, we remain positive on Apple supply chain over Android camp in 2H23E with upcoming catalysts from MR device launch in WWDC in June. </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 reported FY2Q23 (CY1Q23) with EPS of US$1.53 (-1% YoY) and revenue of US$94.8bn (-3% YoY), which are 7% and 2% above consensus, mainly driven by strong iPhone sales in emerging markets and record revenue from Service, partially offset by FX headwinds and weak macro on Mac/iPad sales.Looking into FY3Q23E, mgmt. expects revenue to perform similarly to FY2Q23 with macro/FX pressure.Given resilient outlook and iPhone’s share gain during industry downcycle, we remain positive on Apple supply chain over Android camp in 2H23E with upcoming catalysts from MR device launch in WWDC in June. 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 Sector – Apple FY2Q23 Beat on Strong IPhone and EM

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><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 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

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<div><div><div><div><ul><li>Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.</li><li>DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.</li><li>EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.</li></ul></div></div></div></div>

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.

Smartphone – Global Vs China Decelerated Downtrends

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Major Chinese manufacturers’ new-energy vehicle (NEV) sales were all over the map in March, with companies that recently released budget-friendly cars outperforming their rivals amid a raging price war across the industry.</li><li>Last month, NEV sales of BYD Co. Ltd., Guangzhou Automobile Group Co. Ltd., Li Auto Inc. and Nio Inc. grew 97.5%, 89.8%, 88.7% and 3.9% year-on-year, respectively, according to company statements.</li><li>The NEV category mainly covers pure electric and plug-in hybrid vehicles.</li></ul>

Major Chinese manufacturers’ new-energy vehicle (NEV) sales were all over the map in March, with companies that recently released budget-friendly cars outperforming their rivals amid a raging price war across the industry.Last month, NEV sales of BYD Co. Ltd., Guangzhou Automobile Group Co. Ltd., Li Auto Inc. and Nio Inc. grew 97.5%, 89.8%, 88.7% and 3.9% year-on-year, respectively, according to company statements.The NEV category mainly covers pure electric and plug-in hybrid vehicles.

China’s NEV Sales Are Both Surging and Sinking, Depending on the Company

<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><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 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

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)

China Technology Sector – Apple FY2Q23 Beat on Strong IPhone and EM

Apple reported FY2Q23 (CY1Q23) with EPS of US$1.53 (-1% YoY) and revenue of US$94.8bn (-3% YoY), which are 7% and 2% above consensus

CMB International

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

Smartphone – Global Vs China Decelerated Downtrends

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline. DMs like US & W Europe did better with more material...

Quam Securities

China’s NEV Sales Are Both Surging and Sinking, Depending on the Company

Major Chinese manufacturers’ new-energy vehicle (NEV) sales were all over the map in March, with companies that recently released budget-friendly...

Caixin Global

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

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