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 introduced four new iPhone 15 models (15/15 Plus, 15 Pro/Pro Max), featuring major camera upgrade (periscope lens), 3nm A17 Pro chips, titanium alloy casing, USB-C socket, customizable action button, and spatial video support for Vision Pro display.</li><li>Apple also updated two Apple Watch (Series 9, Ultra 2). We believe most spec are in-line with expectations, and no price hike for all models (same storage) will be positive to share gain.</li><li>For stocks, given major upgrades in camera, USB-C and mid-frame casing, we prefer Apple supply chain such as Luxshare for iPhone/Watch OEM share gain, BYDE for titanium casing upgrade trend (Jabil), Tongda for structural component upgrade, FIT Hon Teng for USB-C adoption, and Sunny Optical/Cowell for improved camera (periscope).</li></ul><p><em>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.</em></p>

Apple introduced four new iPhone 15 models (15/15 Plus, 15 Pro/Pro Max), featuring major camera upgrade (periscope lens), 3nm A17 Pro chips, titanium alloy casing, USB-C socket, customizable action button, and spatial video support for Vision Pro display.Apple also updated two Apple Watch (Series 9, Ultra 2). We believe most spec are in-line with expectations, and no price hike for all models (same storage) will be positive to share gain.For stocks, given major upgrades in camera, USB-C and mid-frame casing, we prefer Apple supply chain such as Luxshare for iPhone/Watch OEM share gain, BYDE for titanium casing upgrade trend (Jabil), Tongda for structural component upgrade, FIT Hon Teng for USB-C adoption, and Sunny Optical/Cowell for improved camera (periscope).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.

China Technology – Apple Launch Event: IPhone 15/Apple Watch Inline

Equity Bottom-Up

<ul><li>Goertek’s 1H23 revenue/net profit growth of +3.6%/-79.7% YoY was largely inline with previous profit warning.</li><li>1H23 GPM dropped to 7.3% (-5.7ppts YoY, - 2.5ppts HoH) mainly dragged by hearable/smart product segments.</li><li>Looking into 2H23E, we expect gradual margin recovery with improving utilization and better product mix, and revenue may remain weak due to industry headwinds and Airpods biz uncertainty. </li></ul><p><em>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.</em></p>

Goertek’s 1H23 revenue/net profit growth of +3.6%/-79.7% YoY was largely inline with previous profit warning.1H23 GPM dropped to 7.3% (-5.7ppts YoY, - 2.5ppts HoH) mainly dragged by hearable/smart product segments.Looking into 2H23E, we expect gradual margin recovery with improving utilization and better product mix, and revenue may remain weak due to industry headwinds and Airpods biz uncertainty. 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.

Goertek (002241 CH) – 1H23 Weakness In-Line; Lower TP on Slower Demand Recovery

<ul><li>Apple announced its first MR product Vision Pro, new MacBook Air and Mac Studio in WWDC 2023, in-line with market expectations.</li><li>Vision Pro features dual Apple silicon chips M2&amp;R1, 4K micro-OLED displays, 15+ cameras/ sensors, gesture-based control and external battery pack, but high price tag at USD 3499 and early 2024 availability are below expectations, leading to profit taking pressure on tech sector today.</li><li>Despite its high selling price, we remain positive on Apple’s first-gen MR shipment of 200-300k in 1H24E, and expect it to gradually ramp up to 10mn+ level in next few years after more affordable model launches in 2025/26. </li></ul><p><em>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.</em></p>

Apple announced its first MR product Vision Pro, new MacBook Air and Mac Studio in WWDC 2023, in-line with market expectations.Vision Pro features dual Apple silicon chips M2&amp;R1, 4K micro-OLED displays, 15+ cameras/ sensors, gesture-based control and external battery pack, but high price tag at USD 3499 and early 2024 availability are below expectations, leading to profit taking pressure on tech sector today.Despite its high selling price, we remain positive on Apple’s first-gen MR shipment of 200-300k in 1H24E, and expect it to gradually ramp up to 10mn+ level in next few years after more affordable model launches in 2025/26. 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.

China Technology – Apple WWDC 2023: Vision Pro and more

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<div><div><div><div><ul><li>Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.</li><li>DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.</li><li>EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.</li></ul></div></div></div></div>

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.

Smartphone – Global Vs China Decelerated Downtrends

<ul><li>After a strong rally driven by AI/ChatGPT theme in past three months (note in Feb), we believe most near-term positives have been priced in AI-tech value chain (+65%/146%/45%/62% YTD for chip/optical/PCB/server), and we expect profit-taking pressure ahead of 1Q23 earnings season in late April.</li><li>We suggest to switch into three themes we addressed in Jan (note) which will continue to drive supply chain opportunities into 2Q23E, including demand recovery, MR innovation and localisation.</li><li>We recommend to focus on recovery plays (Sunny Optical, SG Micro and 3Peak), innovation (Cowell, Luxshare, Goertek for MR) and semi localization (Hua Hong Semi, NAURA, AMEC).</li></ul><p><em>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.</em></p>

After a strong rally driven by AI/ChatGPT theme in past three months (note in Feb), we believe most near-term positives have been priced in AI-tech value chain (+65%/146%/45%/62% YTD for chip/optical/PCB/server), and we expect profit-taking pressure ahead of 1Q23 earnings season in late April.We suggest to switch into three themes we addressed in Jan (note) which will continue to drive supply chain opportunities into 2Q23E, including demand recovery, MR innovation and localisation.We recommend to focus on recovery plays (Sunny Optical, SG Micro and 3Peak), innovation (Cowell, Luxshare, Goertek for MR) and semi localization (Hua Hong Semi, NAURA, AMEC).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.

China Technology – Switching from AI/ChatGPT to Demand Recovery

China

GoerTek, Inc. manufactures wireless communication products. The Company offers wireless communication devices armed with wireless technology, active noise cancellation headphones, VoIP devices, hands-free headsets, and other electro-acoustic devices. GoerTek serves the telecommunication and electro-acoustic industries worldwide.

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Goertek Inc A (002241 CH)

China Technology – Apple Launch Event: IPhone 15/Apple Watch Inline

Apple also updated two Apple Watch (Series 9, Ultra 2). We believe most spec are in-line with expectations, and no price hike for all models (same...

CMB International

Goertek (002241 CH) – 1H23 Weakness In-Line; Lower TP on Slower Demand Recovery

Goertek’s 1H23 revenue/net profit growth of +3.6%/-79.7% YoY was largely inline with previous profit warning. 1H23 GPM dropped to 7.3% (-5.7ppts...

CMB International

China Technology – Apple WWDC 2023: Vision Pro and more

Apple announced its first MR product Vision Pro, new MacBook Air and Mac Studio in WWDC 2023, in-line with market expectations.

CMB International

Smartphone – Global Vs China Decelerated Downtrends

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline. DMs like US & W Europe did better with more material...

Quam Securities

China Technology – Switching from AI/ChatGPT to Demand Recovery

After a strong rally driven by AI/ChatGPT theme in past three months (note in Feb), we believe most near-term positives have been priced in AI-tech...

CMB International

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