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>HTD delivered mixed 1H23 results with upbeat margin. Rev +6.6% YoY, 6.2% below consensus, while adj. net profit +20% YoY, in line with consensus.</li><li>We modeled rev +12.9% YoY in FY23E, in which 2H23E rev would accelerate to +19.5% YoY.</li><li>Consumer electronics and vehicles continue to be the main drivers, on supply chain expansion and low product penetration in low-tier cities. </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.

HTD delivered mixed 1H23 results with upbeat margin. Rev +6.6% YoY, 6.2% below consensus, while adj. net profit +20% YoY, in line with consensus.We modeled rev +12.9% YoY in FY23E, in which 2H23E rev would accelerate to +19.5% YoY.Consumer electronics and vehicles continue to be the main drivers, on supply chain expansion and low product penetration in low-tier cities. 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.

Huitongda Network (9878 HK) – Looking into Recovery in 2H23E

<ul><li>Despite challenging macro and ecommerce competition, we remain confident in HTD to deliver above-industrial growth with better margin in the long run.</li><li>We suggest to look beyond FY22E (well anticipated), and expect HTD to benefit from consumption recovery post China’s reopening.</li><li>We forecast its FY23E earnings +20% YoY, with moderate but high-quality topline growth (+18% YoY).</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.

Despite challenging macro and ecommerce competition, we remain confident in HTD to deliver above-industrial growth with better margin in the long run.We suggest to look beyond FY22E (well anticipated), and expect HTD to benefit from consumption recovery post China’s reopening.We forecast its FY23E earnings +20% YoY, with moderate but high-quality topline growth (+18% YoY).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.

Huitongda Network (9878 HK) – Solid recovery and margin improvement ahead

<ul><li>We keep confident on HTD to deliver above-industrial growth and margin improvement in the long run.</li><li>2H22E &amp; 1Q23E momentum would be disrupted by epidemic outbreak &amp; reopening impact (forecasting rev/adj. net profit +16%/17% YoY in 2H22E), but well anticipated by the market.</li><li>We expect HTD to benefit from consumption recovery post reopening, and forecast its FY23E earnings &gt;30% YoY, with moderate but high-quality topline growth (+21% YoY). </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 keep confident on HTD to deliver above-industrial growth and margin improvement in the long run.2H22E &amp; 1Q23E momentum would be disrupted by epidemic outbreak &amp; reopening impact (forecasting rev/adj. net profit +16%/17% YoY in 2H22E), but well anticipated by the market.We expect HTD to benefit from consumption recovery post reopening, and forecast its FY23E earnings &gt;30% YoY, with moderate but high-quality topline growth (+21% YoY). 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.

Huitongda Network (9878 HK) – Quality growth with advanced profitability

China

Huitongda Network Co., Ltd. develops a sinking market retail industry transaction and service platform. The Company provides supply chain solutions development, deal matching, logistics and after sales supporting, and other services. Huitongda Network provides its services throughout China.

Huitongda (9878 HK)

Huitongda Network (9878 HK) – Looking into Recovery in 2H23E

HTD delivered mixed 1H23 results with upbeat margin. Rev +6.6% YoY, 6.2% below consensus, while adj. net profit +20% YoY, in line with consensus.

CMB International

Huitongda Network (9878 HK) – Solid recovery and margin improvement ahead

Despite challenging macro and ecommerce competition, we remain confident in HTD to deliver above-industrial growth with better margin in the long run.

CMB International

Huitongda Network (9878 HK) – Quality growth with advanced profitability

2H22E & 1Q23E momentum would be disrupted by epidemic outbreak & reopening impact (forecasting rev/adj. net profit +16%/17% YoY in 2H22E), but well...

CMB International