Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

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<ul><li>Apple may move iPhone assembly to Indonesia to comply with local content rules and sales ban, shifting focus from Vietnam to India</li><li>India's AI ambitions hindered by GPU shortages and high costs, while 5G market projected to grow significantly by 2025 </li><li>BYD reveals 'God's Eye' smart driving system with budget-friendly aims, as Micron set to challenge Samsung in HBM3E market</li></ul>

Apple may move iPhone assembly to Indonesia to comply with local content rules and sales ban, shifting focus from Vietnam to IndiaIndia's AI ambitions hindered by GPU shortages and high costs, while 5G market projected to grow significantly by 2025 BYD reveals 'God's Eye' smart driving system with budget-friendly aims, as Micron set to challenge Samsung in HBM3E market

Tech Supply Chain Tracker (18-Feb-2025): Apple may assemble iPhones in Indonesia to comply with local rules.

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.

<ul><li>Maintain BUY. Great Wall’s 3Q23 net profit significantly beat market expectations on strong gross margin resulting from cost reduction from suppliers, exports and better-than-expected PHEV margins.</li><li>Such profitability has underscored our previous argument that Great Wall’s resilient margins could provide more room for EV transition.</li><li>We revise up our FY23-24E earnings forecasts accordingly. </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.

Maintain BUY. Great Wall’s 3Q23 net profit significantly beat market expectations on strong gross margin resulting from cost reduction from suppliers, exports and better-than-expected PHEV margins.Such profitability has underscored our previous argument that Great Wall’s resilient margins could provide more room for EV transition.We revise up our FY23-24E earnings forecasts accordingly. 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.

Great Wall Motor (2333 HK) – 3Q23 Earnings a Strong Beat

<ul><li>Maintain BUY. Great Wall’s 2Q23 net profit beat our prior forecast mainly due to its GPM of 17.4% (3.7 ppts higher than our estimates).</li><li>Although Great Wall focuses on differentiation in its NEV products to maintain margins, we think it should be more aggressive in NEV sales growth, and such profitability provides room for it.</li><li>We raise our FY23E net profit to RMB 3.2bn amid resilient GPM in 1H23. </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.

Maintain BUY. Great Wall’s 2Q23 net profit beat our prior forecast mainly due to its GPM of 17.4% (3.7 ppts higher than our estimates).Although Great Wall focuses on differentiation in its NEV products to maintain margins, we think it should be more aggressive in NEV sales growth, and such profitability provides room for it.We raise our FY23E net profit to RMB 3.2bn amid resilient GPM in 1H23. 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.

Great Wall Motor (2333 HK) – Resilient Margins Pave Way for EV Transition

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Great Wall Motor Co. Ltd. (<a href="https://www.caixinglobal.com/2023-06-30/601633.SH" target="_blank" rel="noopener">601633.SH</a> +2.50%) said on Wednesday that it will enter the Vietnamese market in August with its Haval H6 hybrid model, while a broader plan to build an assembly plant for new-energy vehicles in the country is set for 2025.</li><li>The Haval H6s will initially be exported to Vietnam from its manufacturing facility in Rayong, Thailand, the Hebei-based carmaker said earlier.</li><li>Vietnam is the fourth-largest auto market in the Association of Southeast Asian Nations (ASEAN) region after Indonesia, Thailand and Malaysia, according to 2022 passenger car sales figures released by the ASEAN Automotive Federation.</li></ul>

Great Wall Motor Co. Ltd. (601633.SH +2.50%) said on Wednesday that it will enter the Vietnamese market in August with its Haval H6 hybrid model, while a broader plan to build an assembly plant for new-energy vehicles in the country is set for 2025.The Haval H6s will initially be exported to Vietnam from its manufacturing facility in Rayong, Thailand, the Hebei-based carmaker said earlier.Vietnam is the fourth-largest auto market in the Association of Southeast Asian Nations (ASEAN) region after Indonesia, Thailand and Malaysia, according to 2022 passenger car sales figures released by the ASEAN Automotive Federation.

Great Wall Motor Eyes Expansion in Vietnam Amid Southeast Asia Push

<ul><li>We expect Great Wall’s FY23E net profit to be significantly lower than current consensus, dragged by rising PHEV sales starting from 2Q23.</li><li>More importantly, we raise our FY23E NEV sales volume forecast for Great Wall to 0.32mn units despite the ORA miss, and expect its NEV market share to surpass the industry average in 4Q23E, which could be a positive catalyst for its share price.</li><li>We project Great Wall’s revenue to rise 45% YoY in 2Q23E, driven by 29% YoY sales-volume growth and 12% YoY ASP increase.</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 expect Great Wall’s FY23E net profit to be significantly lower than current consensus, dragged by rising PHEV sales starting from 2Q23.More importantly, we raise our FY23E NEV sales volume forecast for Great Wall to 0.32mn units despite the ORA miss, and expect its NEV market share to surpass the industry average in 4Q23E, which could be a positive catalyst for its share price.We project Great Wall’s revenue to rise 45% YoY in 2Q23E, driven by 29% YoY sales-volume growth and 12% YoY ASP increase.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.

Great Wall Motor (2333 HK) – Surging PHEV Sales at Cost of FY23E Net Profit

China

Great Wall Motor is a Chinese automobile manufacturer specializing in the design, development, production, and sale of a diverse range of vehicles, including SUVs, pickup trucks, sedans, and new energy vehicles under various brands. The company also produces automotive parts and components. It was founded in 1984 and is headquartered in Baoding, Hebei, China.

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Great Wall Motor (2333 HK)

Tech Supply Chain Tracker (18-Feb-2025): Apple may assemble iPhones in Indonesia to comply with local rules.

Apple considers shifting iPhone assembly to Indonesia due to sales ban and local content rules; India's AI goals hindered by GPU shortages and high...

Tech Supply Chain Tracker