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 FY25 earnings decline of 18% YoY was mainly dragged by lower GPM and weaker sales from major smartphone clients in 2H25, while revenue growth (+1% YoY) was largely in-line.</li><li>Looking into FY26E, mgmt. guided stable revenue with major growth drivers from smartphone components (highend/fold), automobile rising content value, and robust AI server biz (liquid cooling).</li><li>Overall, we lowered our FY26-27E EPS forecasts by 9-16% to factor in FY25 results, OEM biz weakness and lower 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 FY25 earnings decline of 18% YoY was mainly dragged by lower GPM and weaker sales from major smartphone clients in 2H25, while revenue growth (+1% YoY) was largely in-line.Looking into FY26E, mgmt. guided stable revenue with major growth drivers from smartphone components (highend/fold), automobile rising content value, and robust AI server biz (liquid cooling).Overall, we lowered our FY26-27E EPS forecasts by 9-16% to factor in FY25 results, OEM biz weakness and lower 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) - Expect 2026 Growth Drivers from Apple Fold, Auto Business and AI Server Ramp-Up

<ul><li>BYDE is expected to report 2H25E results in late-Mar. We estimate 2H25E revenue/net profit of RMB 96.3bn/2.53bn (-3%/-8% YoY), implying 4Q25 revenue/net profit growth of -3%/-7% YoY (vs -2%/-9% in 3Q25), mainly due to smartphone/auto industry headwinds despite improving GPM YoY.</li><li>Looking into 2026, we expect stronger revenue growth driven by iPhone Fold, NEV product penetration and AI server order wins (liquid cooling/power/interconnect), partially offset by Android demand weakness due to memory cost hikes.</li><li>We lower our FY25-27E EPS by 1-13% to factor in smartphone/auto industry headwinds in 2026. </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 is expected to report 2H25E results in late-Mar. We estimate 2H25E revenue/net profit of RMB 96.3bn/2.53bn (-3%/-8% YoY), implying 4Q25 revenue/net profit growth of -3%/-7% YoY (vs -2%/-9% in 3Q25), mainly due to smartphone/auto industry headwinds despite improving GPM YoY.Looking into 2026, we expect stronger revenue growth driven by iPhone Fold, NEV product penetration and AI server order wins (liquid cooling/power/interconnect), partially offset by Android demand weakness due to memory cost hikes.We lower our FY25-27E EPS by 1-13% to factor in smartphone/auto industry headwinds in 2026. 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) - 2H25 Preview: Expect Flattish Earnings Dragged by Smartphone/Auto Headwinds

<ul><li>We hosted post-results NDR for BYDE in Hong Kong last week, to discuss 3Q25 results, 2026 guidance and industry outlook.</li><li>Overall, investors were interested in 1) BYDE’s product roadmap for major US client, 2) AI server product pipeline/ timeline (esp. GB300/Robin), and 3) automotive segment outlook and shipment. For 2026, mgmt. expects revenue growth with margin recovery, driven by major US client’s new product cycle (foldable phone/smart home), NEV product rampup and AI server client wins in multiple products (liquid cooling, power, HVDC).</li><li>We are positive on BYDE as a key beneficiary of iPhone form factor changes and growth opportunities in global AI server market.</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 post-results NDR for BYDE in Hong Kong last week, to discuss 3Q25 results, 2026 guidance and industry outlook.Overall, investors were interested in 1) BYDE’s product roadmap for major US client, 2) AI server product pipeline/ timeline (esp. GB300/Robin), and 3) automotive segment outlook and shipment. For 2026, mgmt. expects revenue growth with margin recovery, driven by major US client’s new product cycle (foldable phone/smart home), NEV product rampup and AI server client wins in multiple products (liquid cooling, power, HVDC).We are positive on BYDE as a key beneficiary of iPhone form factor changes and growth opportunities in global AI server market.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/AI Server/Auto to Accelerate Revenue Growth in 2026

<ul><li>BYDE reported in-line 3Q25 revenue but earnings were dragged by weaker smartphone components (iPhone casing), new intelligent product revenue decline and lower GPM, while NEV biz maintained stable growth.</li><li>During investor call, mgmt. guided flattish revenue/GPM in 4Q25E due to iPhone component drag and AI server project delay, and expected stronger revenue growth in 2026 driven by component upgrade (foldable phone), new smart home product launch, NEV high-end products ramp-up and AI server project shipment (liquid cooling, HVDC, power).</li><li>We lower our FY25-27E EPS by 8-14% to factor in 3Q results and CE mix impact, and we remain positive on BYDE’s growth opportunities in NEV/AI server growth in FY26-27E. </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 reported in-line 3Q25 revenue but earnings were dragged by weaker smartphone components (iPhone casing), new intelligent product revenue decline and lower GPM, while NEV biz maintained stable growth.During investor call, mgmt. guided flattish revenue/GPM in 4Q25E due to iPhone component drag and AI server project delay, and expected stronger revenue growth in 2026 driven by component upgrade (foldable phone), new smart home product launch, NEV high-end products ramp-up and AI server project shipment (liquid cooling, HVDC, power).We lower our FY25-27E EPS by 8-14% to factor in 3Q results and CE mix impact, and we remain positive on BYDE’s growth opportunities in NEV/AI server growth in FY26-27E. 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) - 3Q25 Dragged by Smartphone Components...

Thematic (Sector/Industry)

<ul><li>Apple announced the iPhone 17e and the M4 iPad Air, with spec/features largely in-line with market expectations.</li><li>That said, we have identified several major positives: 1) iPhone 17e: the same starting price at US$599 while doubling base storage to 256GB (vs. 128GB starting iPhone 16e storage);</li><li>2) M4 iPad Air: massive performance leap with M4 chip, an increased 12GB of RAM and N1/C1X connectivity chips at unchanged starting prices (US$599 for 11 inch, US$799 for 13 inch)</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 the iPhone 17e and the M4 iPad Air, with spec/features largely in-line with market expectations.That said, we have identified several major positives: 1) iPhone 17e: the same starting price at US$599 while doubling base storage to 256GB (vs. 128GB starting iPhone 16e storage);2) M4 iPad Air: massive performance leap with M4 chip, an increased 12GB of RAM and N1/C1X connectivity chips at unchanged starting prices (US$599 for 11 inch, US$799 for 13 inch)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 - IPhone 17e and M4 IPad Air Debut with Aggressive Value Proposition Is Positive...

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) - Expect 2026 Growth Drivers from Apple Fold, Auto Business and AI Server Ramp-Up

BYDE's FY25 earnings decline of 18% YoY was mainly dragged by lower GPM and weaker sales from major smartphone clients in 2H25, while revenue...

CMB International

BYDE (285 HK) - 2H25 Preview: Expect Flattish Earnings Dragged by Smartphone/Auto Headwinds

We estimate 2H25E revenue/net profit of RMB 96.3bn/2.53bn (-3%/-8% YoY), implying 4Q25 revenue/net profit growth of -3%/-7% YoY (vs -2%/-9% in...

CMB International

BYDE (285 HK) - NDR Takeaways: Apple/AI Server/Auto to Accelerate Revenue Growth in 2026

We are positive on BYDE as a key beneficiary of iPhone form factor changes and growth opportunities in global AI server market. Maintain BUY with...

CMB International

BYDE (285 HK) - 3Q25 Dragged by Smartphone Components...

BYDE reported in-line 3Q25 revenue but earnings were dragged by weaker smartphone components (iPhone casing), new intelligent product revenue...

CMB International

Technology - IPhone 17e and M4 IPad Air Debut with Aggressive Value Proposition Is Positive...

That said, we have identified several major positives: 1) iPhone 17e: the same starting price at US$599 while doubling base storage to 256GB (vs....

CMB International

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