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>Intron Tech’s 1H23 revenue of RMB 2.63bn (+26.5% YoY) was slightly below our expectation, while attributable net income of RMB 154mn (+1.2% YoY) was 19% below our estimate mainly due to weaker cloud server segment, weaker gross margin and significant increase in R&amp;D expense.</li><li>Mgmt. attributed higher R&amp;D expense to talent recruitment and software/equipment acquirements, and expected gradually normalized R&amp;D spending towards 2H23/FY24E.</li><li>Overall, we are positive on 2H23E earnings recovery driven by traditional peak season, normalised R&amp;D spending and new product shipment. </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.

Intron Tech’s 1H23 revenue of RMB 2.63bn (+26.5% YoY) was slightly below our expectation, while attributable net income of RMB 154mn (+1.2% YoY) was 19% below our estimate mainly due to weaker cloud server segment, weaker gross margin and significant increase in R&amp;D expense.Mgmt. attributed higher R&amp;D expense to talent recruitment and software/equipment acquirements, and expected gradually normalized R&amp;D spending towards 2H23/FY24E.Overall, we are positive on 2H23E earnings recovery driven by traditional peak season, normalised R&amp;D spending and new product shipment. 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.

Intron Technology (1760 HK) – 1H23 Results Below; Expect Back-Loaded in 2H23E

<ul><li>Intron Tech will announce its 1H23 results next week.</li><li>We estimate 1H23E revenue of RMB 2.66bn (+28% YoY) and net income of RMB 191mn (+25% YoY).</li><li>The solid growth was mainly due to strong NEV shipment and rising penetration of auto electrification/intelligence, partly offset by OEM price pressure, weaker cloud server and higher R&amp;D expenses. </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.

Intron Tech will announce its 1H23 results next week.We estimate 1H23E revenue of RMB 2.66bn (+28% YoY) and net income of RMB 191mn (+25% YoY).The solid growth was mainly due to strong NEV shipment and rising penetration of auto electrification/intelligence, partly offset by OEM price pressure, weaker cloud server and higher R&amp;D expenses. 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.

Intron Technology (1760 HK) – Strong Growth Despite Industry Headwinds

<ul><li>We hosted an NDR meeting with Intron’s co-founder/co-CEO, Mr. Davy Luk, this week.</li><li>Investors are interested in China NEV/autonomous driving trends, Intron’s business strategy and product roadmap.</li><li>Mgmt. expressed positive view on 2H23 order backlog, expansion plan, and automotive electrification and intelligence trends. </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 hosted an NDR meeting with Intron’s co-founder/co-CEO, Mr. Davy Luk, this week.Investors are interested in China NEV/autonomous driving trends, Intron’s business strategy and product roadmap.Mgmt. expressed positive view on 2H23 order backlog, expansion plan, and automotive electrification and intelligence trends. 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.

Intron Technology (1760 HK) – NDR Takeaways: Strong Order Backlog in 2H23E

<ul><li>Intron Tech is a fast-growing automotive electronics system solution provider in China, focusing on new energy, powertrain, body control and intelligent driving systems.</li><li>Riding on automotive electrification and intelligence trends, we believe Intron is well-positioned to seize opportunities in booming automotive electronics and semiconductor market in China.</li><li>As Infineon’s largest automotive semi partner in Greater China and Horizon Robotics’ major IDH partner, we estimate Intron will deliver 33%/34% sales/earnings CAGR in 2022-25E, driven by 39%/65% sales CAGR in New Energy/Automation &amp; Connectivity segment. </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.

Intron Tech is a fast-growing automotive electronics system solution provider in China, focusing on new energy, powertrain, body control and intelligent driving systems.Riding on automotive electrification and intelligence trends, we believe Intron is well-positioned to seize opportunities in booming automotive electronics and semiconductor market in China.As Infineon’s largest automotive semi partner in Greater China and Horizon Robotics’ major IDH partner, we estimate Intron will deliver 33%/34% sales/earnings CAGR in 2022-25E, driven by 39%/65% sales CAGR in New Energy/Automation &amp; Connectivity segment. 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.

Intron Technology (1760 HK) – Beneficiary of Automotive Megatrends

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.

<ul><li>Intron, which is a provider of electronic solutions, mainly for vehicles, announced its 2022 annual result with a net profit growth of 107% on 52% growth in revenue and GPM expansion of 1.9 ppts to 21.5%.</li><li>The company has benefited from the strong growth in the NEV market in China as NEVs tend to packed with more electronic parts and components for many advanced features.</li><li>Although there is intense price competition in the auto market in China currently, this could offer more opportunities to the company as OEMs seek for more price competitive solutions from third-party suppliers. Intron is currently trading at 12x 2023 consensus P/E.</li></ul>

Intron, which is a provider of electronic solutions, mainly for vehicles, announced its 2022 annual result with a net profit growth of 107% on 52% growth in revenue and GPM expansion of 1.9 ppts to 21.5%.The company has benefited from the strong growth in the NEV market in China as NEVs tend to packed with more electronic parts and components for many advanced features.Although there is intense price competition in the auto market in China currently, this could offer more opportunities to the company as OEMs seek for more price competitive solutions from third-party suppliers. Intron is currently trading at 12x 2023 consensus P/E.

Intron (1760 HK, NR) - OEM Price War Could Be an Opportunity

Hong Kong

Intron Technology is a fast-growing automotive electronics solutions provider, manufacturing and supplying electrical and electronic components to original equipment manufacturers (OEMs). The company focuses on critical automotive electronic components for new energy vehicles (NEV), body control, safety, and powertrain systems, also offering engineering services such as product development and testing. Intron Technology is headquartered in Sha Tin, Hong Kong, and was founded in 2001.

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Intron Technology (1760 HK)