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>FIT Hon Teng will report 4Q24/FY24E results in mid-March.</li><li>We estimate FY24E revenue/net profit of US$4,555mn/179mn (+9%/+39% YoY), and 4Q24E revenue/net profit of US$1,313mn/78.4mn (+5%/+6% YoY), largely in-line with guidance/consensus.</li><li>Looking into 2025, we are positive on FIT as the major beneficiary of GB200/300 AI server ramp-up and order wins in CPU sockets, liquid cooling components and NVLink copper backplane.</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.

FIT Hon Teng will report 4Q24/FY24E results in mid-March.We estimate FY24E revenue/net profit of US$4,555mn/179mn (+9%/+39% YoY), and 4Q24E revenue/net profit of US$1,313mn/78.4mn (+5%/+6% YoY), largely in-line with guidance/consensus.Looking into 2025, we are positive on FIT as the major beneficiary of GB200/300 AI server ramp-up and order wins in CPU sockets, liquid cooling components and NVLink copper backplane.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.

FIT Hon Teng (6088 HK) - Robust Earnings Recovery; Expect AI Server Momentum to Drive Re-Rating

Thematic (Sector/Industry)

<ul><li>Hon Hai (2317 TW, NR)'s 4Q24 revenue (+15% QoQ, +15% YoY) was in-line, but net profit (-6% QoQ, -13% YoY) missed consensus by -12% mainly due to non-op loss (FX &amp; investment loss).</li><li>For 2025, mgmt. guided 15%+ YoY sales growth, with Cloud/ Networking up 15%+, Components up 15%+, Consumer electronics flattish, and Computing down 5%+.</li><li>For AI server, mgmt. guided 1) 1Q25 sales to grow 100%+ QoQ/YoY, growing QoQ throughout in 2025, 2) GB200 rack yield reaching mass production level, and 3) CSP demand is not slowing down yet and capex will not peak in 2025. </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.

Hon Hai (2317 TW, NR)'s 4Q24 revenue (+15% QoQ, +15% YoY) was in-line, but net profit (-6% QoQ, -13% YoY) missed consensus by -12% mainly due to non-op loss (FX &amp; investment loss).For 2025, mgmt. guided 15%+ YoY sales growth, with Cloud/ Networking up 15%+, Components up 15%+, Consumer electronics flattish, and Computing down 5%+.For AI server, mgmt. guided 1) 1Q25 sales to grow 100%+ QoQ/YoY, growing QoQ throughout in 2025, 2) GB200 rack yield reaching mass production level, and 3) CSP demand is not slowing down yet and capex will not peak in 2025. 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.

Strong AI Server Outlook and Flattish Consumer Electronics in 2025

<ul><li>NVIDIA (NVDA US, NR) will host its annual GTC event in San Jose on 17-21 Mar (US time), and CEO Jensen Huang will give a keynote speech on 18 Mar.</li><li>Overall, we expect the major focus for tech investors will be the latest product/system roadmap (B300/GB300/Robin), interconnect solutions (CPO/switch), and key updates on autonomous cars/physical AI/humanoid robotics.</li><li>In our view, recent pullback of server supply chain reflected concerns on CSP CAPEX in 2026 on DeepSeek’s disruption, GPU vs. ASIC demand and recent order cut. </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.

NVIDIA (NVDA US, NR) will host its annual GTC event in San Jose on 17-21 Mar (US time), and CEO Jensen Huang will give a keynote speech on 18 Mar.Overall, we expect the major focus for tech investors will be the latest product/system roadmap (B300/GB300/Robin), interconnect solutions (CPO/switch), and key updates on autonomous cars/physical AI/humanoid robotics.In our view, recent pullback of server supply chain reflected concerns on CSP CAPEX in 2026 on DeepSeek’s disruption, GPU vs. ASIC demand and recent order cut. 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 - Implications to tech supply chain from upcoming NVDA GTC 2025

<ul><li>We raise TP to HK$4.38 (40% upside) following a strong set of three-year guidance (2025-27) announced for the first time: 1) 20% revenue CAGR during FY25-27E</li><li>2) GPM/OPM target of 22%/8% by FY27E. Mgmt. reiterated key growth drivers into 2025-27: 1) AI server/networking: biz momentum backed by GB200 ramp and product portfolio expansion (e.g. backplane, optical modules)</li><li>2) consolidation of the Auto-Kabel Group deal and improving efficiency, and 3) AirPods: capacity ramp in India plant and order wins. </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 raise TP to HK$4.38 (40% upside) following a strong set of three-year guidance (2025-27) announced for the first time: 1) 20% revenue CAGR during FY25-27E2) GPM/OPM target of 22%/8% by FY27E. Mgmt. reiterated key growth drivers into 2025-27: 1) AI server/networking: biz momentum backed by GB200 ramp and product portfolio expansion (e.g. backplane, optical modules)2) consolidation of the Auto-Kabel Group deal and improving efficiency, and 3) AirPods: capacity ramp in India plant and order wins. 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.

FIT Hon Teng (6088 HK) - Upbeat 3-Year Guidance Reaffirmed Our Positive View

<ul><li>FIT Hon Teng posted 3Q24 revenue/earnings growth of 1%/24% YoY, largely in-line with guidance and with 9M24 tracking 69%/55% of our FY24E estimates.</li><li>We are encouraged by continued NPM recovery to 5.8% in 3Q24 (vs 1.1%/2.0% in 1Q/ 2Q24) backed by higher-margin AI server products, better expense control and improving operating efficiency.</li><li>We maintain our positive view on GB200 server rollout and mobility M&amp;A progress into 4Q24/2025E. </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.

FIT Hon Teng posted 3Q24 revenue/earnings growth of 1%/24% YoY, largely in-line with guidance and with 9M24 tracking 69%/55% of our FY24E estimates.We are encouraged by continued NPM recovery to 5.8% in 3Q24 (vs 1.1%/2.0% in 1Q/ 2Q24) backed by higher-margin AI server products, better expense control and improving operating efficiency.We maintain our positive view on GB200 server rollout and mobility M&amp;A progress into 4Q24/2025E. 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.

FIT Hon Teng (6088 HK) - 3Q24 First Take: Earnings In-Line with Solid Margin Recovery

Taiwan

FIT Hon Teng Limited manufactures and distributes electrical components. The Company produces backplane connectors, memory cards, sockets, terminal blocks, and other products. FIT Hon Teng markets its products throughout Taiwan.

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FIT Hon Teng (6088 HK)