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 3QFY24 (2QCY24) revenue of US$85.78bn (+5% YoY) and EPS of US$1.40 (+11% YoY), which are 2% and 3% above Bloomberg consensus, thanks to strong iPad sales (+24%), record services revenue (+14%), and record sales in Americas, Europe, and the rest of APAC offsetting China weakness.</li><li>For 4QFY24E, mgmt. expected revenue to grow at a similar pace (+5% YoY) as fiscal 3Q, and service revenue to grow double digits at a similar rate (+10-14%) as the previous three quarters.</li><li>With the upcoming launch of Apple Intelligence/iOS18 in fall, we expect AI features and product upgrades to boost replacement cycle of iPhone 16 in 2H24E. </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 3QFY24 (2QCY24) revenue of US$85.78bn (+5% YoY) and EPS of US$1.40 (+11% YoY), which are 2% and 3% above Bloomberg consensus, thanks to strong iPad sales (+24%), record services revenue (+14%), and record sales in Americas, Europe, and the rest of APAC offsetting China weakness.For 4QFY24E, mgmt. expected revenue to grow at a similar pace (+5% YoY) as fiscal 3Q, and service revenue to grow double digits at a similar rate (+10-14%) as the previous three quarters.With the upcoming launch of Apple Intelligence/iOS18 in fall, we expect AI features and product upgrades to boost replacement cycle of iPhone 16 in 2H24E. 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 3QFY24 Beat on Strong IPad and Services

Equity Bottom-Up

<ul><li>BYDE will report 1H24 results in Aug. We estimate 1H24 revenue/NP growth of 32%/26% driven by iPad share gains, Android recovery, Jabil biz consolidation, stable NEV components sales and new intelligent product business.</li><li>For 2H24E/2025E, we are positive on iPad/iPhone upgrade cycle, Android high-end orders, automotive orders and AI servers to drive revenue growth.</li><li>We cut FY24-26E EPS by 6% to mainly factor in a weaker GPM. Our FY24-26E EPS estimates are 1- 9% above consensus.</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 will report 1H24 results in Aug. We estimate 1H24 revenue/NP growth of 32%/26% driven by iPad share gains, Android recovery, Jabil biz consolidation, stable NEV components sales and new intelligent product business.For 2H24E/2025E, we are positive on iPad/iPhone upgrade cycle, Android high-end orders, automotive orders and AI servers to drive revenue growth.We cut FY24-26E EPS by 6% to mainly factor in a weaker GPM. Our FY24-26E EPS estimates are 1- 9% above consensus.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) - Expect Solid Growth on IPad/ IPhone Cycle, Android Recovery and NEV Orders

<ul><li>We hosted BYDE at CMBI Technology Corporate Day on 28 Jun. Mgmt. reiterated their positive outlook in 2024: 1) Apple/Android: iPad share gains, AI iPhone upgrade cycle and high-end Android growth;</li><li>2) NEV: smart cockpits, heat-pump system, high-end ADAS system and active suspension products to drive 40%+ sales growth in FY24E;</li><li>3) Nvidia AI server/robotics: AI servers for Chinese CSPs and autonomous mobile robots (AMRs) for factories. </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 CMBI Technology Corporate Day on 28 Jun. Mgmt. reiterated their positive outlook in 2024: 1) Apple/Android: iPad share gains, AI iPhone upgrade cycle and high-end Android growth;2) NEV: smart cockpits, heat-pump system, high-end ADAS system and active suspension products to drive 40%+ sales growth in FY24E;3) Nvidia AI server/robotics: AI servers for Chinese CSPs and autonomous mobile robots (AMRs) for factories. 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) - CMBI Corp Day Takeaways: IPad/IPhone Cycle, NEV, AI Servers and Robotics

<ul>
<li>Apple announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.</li>
<li>The long-awaited updates focused on enhancing user experience, privacy and ecosystem integration, leveraging generative models for personalised interactions and integrating ChatGPT in Siri for content generation.</li>
<li>In addition, Apple released VisionOS 2 and announced international launch schedules (28 June for China/Japan/Singapore, 12 July for Australia/Canada/France/ Germany/UK).</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 announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.
The long-awaited updates focused on enhancing user experience, privacy and ecosystem integration, leveraging generative models for personalised interactions and integrating ChatGPT in Siri for content generation.
In addition, Apple released VisionOS 2 and announced international launch schedules (28 June for China/Japan/Singapore, 12 July for Australia/Canada/France/ Germany/UK).

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 WWDC 2024: Apple Intelligence, iOS 18, Siri with ChatGPT and more

<ul><li>We summarize the Apr 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.</li><li>The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network. </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 summarize the Apr 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network. 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.

Auto - Leading Indicators, Policy Imply a Strong May

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 - Apple 3QFY24 Beat on Strong IPad and Services

Apple reported 3QFY24 (2QCY24) revenue of US$85.78bn (+5% YoY) and EPS of US$1.40 (+11% YoY), which are 2% and 3% above Bloomberg consensus

CMB International

BYDE (285 HK) - Expect Solid Growth on IPad/ IPhone Cycle, Android Recovery and NEV Orders

We estimate 1H24 revenue/NP growth of 32%/26% driven by iPad share gains, Android recovery, Jabil biz consolidation, stable NEV components sales...

CMB International

BYDE (285 HK) - CMBI Corp Day Takeaways: IPad/IPhone Cycle, NEV, AI Servers and Robotics

The stock now trades at 15.2x FY24E P/E, which is attractive in our view. Our TP of HK$45.15 is based on 17.2x FY24E P/E. Reiterate BUY and BYDE is...

CMB International

Technology - Apple WWDC 2024: Apple Intelligence, iOS 18, Siri with ChatGPT and more

Apple announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.

CMB International

Auto - Leading Indicators, Policy Imply a Strong May

We summarize the Apr 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

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