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>4Q24 global smartphone shipments grew 2.4% YoY to 332mn units, driven by China sales promotions, new model launches and aggressive trade-ins.</li><li>By brand, Xiaomi/Vivo outperformed peers with 4.8%/12.7% YoY growth in 4Q24, while Apple/Samsung declined 4.1%/2.7% YoY with share loss.</li><li>Looking ahead to 2025, we estimate global smartphone shipments to grow 3% YoY boosted by iPhone 17 cycle, AI integration and Chinese subsidy programs. </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.

4Q24 global smartphone shipments grew 2.4% YoY to 332mn units, driven by China sales promotions, new model launches and aggressive trade-ins.By brand, Xiaomi/Vivo outperformed peers with 4.8%/12.7% YoY growth in 4Q24, while Apple/Samsung declined 4.1%/2.7% YoY with share loss.Looking ahead to 2025, we estimate global smartphone shipments to grow 3% YoY boosted by iPhone 17 cycle, AI integration and Chinese subsidy programs. 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 - 4Q24 Global Smartphone Shipments Ahead; Xiaomi/Vivo Outperformed Apple/Samsung

Equity Bottom-Up

<ul><li>We hosted BYDE at 4Q outlook NDR call. Mgmt. highlighted their positive outlook across all segments in 4Q24/2025: 1) Apple/Android: iPad share gains, Jabil’s enhanced automation and high-end Android demand</li><li>2) NEV: rising penetration and installation of high-end ADAS and suspension products to drive growth</li><li>3) AI server: positive on ODM products’ ramp-up and GB200 component product roadmap with Nvidia. </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 BYDE at 4Q outlook NDR call. Mgmt. highlighted their positive outlook across all segments in 4Q24/2025: 1) Apple/Android: iPad share gains, Jabil’s enhanced automation and high-end Android demand2) NEV: rising penetration and installation of high-end ADAS and suspension products to drive growth3) AI server: positive on ODM products’ ramp-up and GB200 component product roadmap with Nvidia. 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, NEV Products and AI Server Are Key Growth Drivers in 2025

<ul><li>Apple reported FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market consensus, thanks to better smartphone sales and continued margin expansion.</li><li>We are also encouraged by GPM of 46.2%, close to high-end of guidance range.</li><li>For FY1Q25E, mgmt. guided revenue growth at a lower pace (low-to-mid-singledigits YoY), while service revenue will grow at double digits at a similar rate in 1- 4QFY24 (+11-14% YoY). </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.

Apple reported FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market consensus, thanks to better smartphone sales and continued margin expansion.We are also encouraged by GPM of 46.2%, close to high-end of guidance range.For FY1Q25E, mgmt. guided revenue growth at a lower pace (low-to-mid-singledigits YoY), while service revenue will grow at double digits at a similar rate in 1- 4QFY24 (+11-14% YoY). 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 FY4Q24 Beat on Better Margin and China Sales

<ul><li>BYDE‘s 3Q24 revenue/NP growth of 21%/1% YoY was largely in-line, while GPM improved 1.7ppts QoQ to 8.5%, slightly ahead of expectations, given higher UTR in iPhone casing, stable Android demand and NEV growth.</li><li>For 4Q24, we expect stronger revenue/NP growth driven by iPhone/iPad seasonality, Huawei/Xiaomi flagship model launches and AI server biz ramp-up.</li><li>Looking into 2025, we remain positive on iPhone AI cycle, stable Android flagship demand, high-end NEV products and AI server momentum. </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 3Q24 revenue/NP growth of 21%/1% YoY was largely in-line, while GPM improved 1.7ppts QoQ to 8.5%, slightly ahead of expectations, given higher UTR in iPhone casing, stable Android demand and NEV growth.For 4Q24, we expect stronger revenue/NP growth driven by iPhone/iPad seasonality, Huawei/Xiaomi flagship model launches and AI server biz ramp-up.Looking into 2025, we remain positive on iPhone AI cycle, stable Android flagship demand, high-end NEV products and AI server momentum. 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) - 3Q24 In-Line; Eyes on Jabil/NEV/AI Server Ramp-Up

<ul><li>Major global server brands/ODMs delivered strong 2Q/3Q24 sales and guided server revenue momentum will continue into 2H24E thanks to robust AI server demand and broad-based general server recovery.</li><li>Based on Counterpoint data, 2Q24 global server revenue climbed 35% YoY to US$45.4mn, with AI server reaching 30% of the sales mix.</li><li>For 4Q24E, we expect most AI server names will continue to benefit from improved CoWoS supply and Hopper H200 ramp, while Blackwell (B200/GB200) AI servers will see shipments in small volume in late 4Q24 and bigger ramp in 1Q25E.</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.

Major global server brands/ODMs delivered strong 2Q/3Q24 sales and guided server revenue momentum will continue into 2H24E thanks to robust AI server demand and broad-based general server recovery.Based on Counterpoint data, 2Q24 global server revenue climbed 35% YoY to US$45.4mn, with AI server reaching 30% of the sales mix.For 4Q24E, we expect most AI server names will continue to benefit from improved CoWoS supply and Hopper H200 ramp, while Blackwell (B200/GB200) AI servers will see shipments in small volume in late 4Q24 and bigger ramp in 1Q25E.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 - ODM/Brands Driven by H200/GB200 AI Server Ramp and General Sever Recovery

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)

Technology - 4Q24 Global Smartphone Shipments Ahead; Xiaomi/Vivo Outperformed Apple/Samsung

4Q24 global smartphone shipments grew 2.4% YoY to 332mn units, driven by China sales promotions, new model launches and aggressive trade-ins.

CMB International

BYDE (285 HK) - NDR Takeaways: Apple, NEV Products and AI Server Are Key Growth Drivers in 2025

Trading at 11.9x FY25E P/E, we believe the stock is attractive. Our SOTP-based TP is HK$44.41, implying 15.0x FY25E P/E. Maintain BUY and BYDE is...

CMB International

Technology - Apple FY4Q24 Beat on Better Margin and China Sales

Apple reported FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market...

CMB International

BYDE (285 HK) - 3Q24 In-Line; Eyes on Jabil/NEV/AI Server Ramp-Up

BYDE‘s 3Q24 revenue/NP growth of 21%/1% YoY was largely in-line, while GPM improved 1.7ppts QoQ to 8.5%, slightly ahead of expectations

CMB International

Technology - ODM/Brands Driven by H200/GB200 AI Server Ramp and General Sever Recovery

Major global server brands/ODMs delivered strong 2Q/3Q24 sales and guided server revenue momentum will continue into 2H24E thanks to robust AI...

CMB International

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