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>Coherent reported strong 4QFY26 results, with revenue up 34% YoY/13% QoQ to US$2.05bn, above Bloomberg consensus and the high end of guidance.</li><li>NonGAAP GPM expanded to 40.2% from 39.6% in Q3, also ahead of expectations. Specifically, Data Center &amp; Communications revenue grew 59% YoY/19% QoQ.</li><li>For 1QFY27, mgmt. guided revenue of US$2.2-2.4bn and non-GAAP GPM of 39.5-41.5%. </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.

Coherent reported strong 4QFY26 results, with revenue up 34% YoY/13% QoQ to US$2.05bn, above Bloomberg consensus and the high end of guidance.NonGAAP GPM expanded to 40.2% from 39.6% in Q3, also ahead of expectations. Specifically, Data Center &amp; Communications revenue grew 59% YoY/19% QoQ.For 1QFY27, mgmt. guided revenue of US$2.2-2.4bn and non-GAAP GPM of 39.5-41.5%. 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.

Coherent (COHR US) - 4Q earnings beat; optical demand stays robust w/ capacity playing catch-up

Thematic (Sector/Industry)

<ul><li>2025 has proven a standout year for optical transceiver suppliers with high AIexposures, with key suppliers posting stellar revenue growth and material margin expansion.</li><li>We expect this outperformance to persist through 2026 and beyond, underpinned by an unabated AI infrastructure investment cycle and a sustained mix shift to higher-value solutions.</li><li>We reiterate the sector as one of our top picks. Reiterate our BUY rating on Innolight (300308 CH, BUY, TP: RMB591.00), the 2024 global optical transceiver market leader, positioned to benefit from surging overseas AI capex and 1.6T demand.</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.

2025 has proven a standout year for optical transceiver suppliers with high AIexposures, with key suppliers posting stellar revenue growth and material margin expansion.We expect this outperformance to persist through 2026 and beyond, underpinned by an unabated AI infrastructure investment cycle and a sustained mix shift to higher-value solutions.We reiterate the sector as one of our top picks. Reiterate our BUY rating on Innolight (300308 CH, BUY, TP: RMB591.00), the 2024 global optical transceiver market leader, positioned to benefit from surging overseas AI capex and 1.6T demand.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.

Semiconductors - Optical transceivers – sustained AI-driven outperformance ahead

<ul><li>If we consider 2023 as a banner year for AI technology, 2024 is set to be another solid year for both infrastructure investments and downstream demand continue to thrive.</li><li>We reaffirm our positive stance on optical transceiver players, specifically in light of their ongoing capacity expansion and production ramp-up of the high data rate optical modules, e.g., 400G/800G products.</li><li>Among those players we favor Innolight (300308 CH, BUY) and TFC (300394 CH, NR), both of which have leveraged the AI wave effectively through 2023 and stayed on strong trajectory into 2024. </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.

If we consider 2023 as a banner year for AI technology, 2024 is set to be another solid year for both infrastructure investments and downstream demand continue to thrive.We reaffirm our positive stance on optical transceiver players, specifically in light of their ongoing capacity expansion and production ramp-up of the high data rate optical modules, e.g., 400G/800G products.Among those players we favor Innolight (300308 CH, BUY) and TFC (300394 CH, NR), both of which have leveraged the AI wave effectively through 2023 and stayed on strong trajectory into 2024. 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.

Semi – Market Outlook on Optical Transceivers

United States

Coherent Corp. designs engineered materials and optoelectronic components. The Company offers products to industrial, optical communications, military, life sciences, semiconductor equipment, and consumer markets. Coherent also manufactures semiconductor lasers and optics for high power industrial lasers, optical communications systems, datacenter connectivity, and 3D sensing.

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Coherent (COHR US)

Coherent (COHR US) - 4Q earnings beat; optical demand stays robust w/ capacity playing catch-up

Coherent reported strong 4QFY26 results, with revenue up 34% YoY/13% QoQ to US$2.05bn, above Bloomberg consensus and the high end of guidance.

CMB International

Semiconductors - Optical transceivers – sustained AI-driven outperformance ahead

2025 has proven a standout year for optical transceiver suppliers with high AIexposures, with key suppliers posting stellar revenue growth and...

CMB International

Semi – Market Outlook on Optical Transceivers

If we consider 2023 as a banner year for AI technology, 2024 is set to be another solid year for both infrastructure investments and downstream...

CMB International

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