Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

Luxshare Precision Industry / Equity Bottom-Up

<ul><li>Apple diversifies supply chain, focusing on Southeast Asia, led by Vietnam, while also shifting suppliers in India.</li><li>MediaTek plans to boost market presence and R&amp;D in India, targeting 30% market share in China by 2H24 with Dimensity 9400 SoC.</li><li>US probe into China's RISC-V role could impact Samsung's AI chip ambitions, while STMicroelectronics aims for 100% renewable electricity by 2027.</li></ul>

Apple diversifies supply chain, focusing on Southeast Asia, led by Vietnam, while also shifting suppliers in India.MediaTek plans to boost market presence and R&amp;D in India, targeting 30% market share in China by 2H24 with Dimensity 9400 SoC.US probe into China's RISC-V role could impact Samsung's AI chip ambitions, while STMicroelectronics aims for 100% renewable electricity by 2027.

Tech Supply Chain Tracker (29-Apr-2024): Apple expands supply chain in Southeast Asia, led by Vietnam.

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>Luxshare posted 3Q23 revenue/NP growth of -8.5%/+15.4% YoY, and preannounced FY23E earnings growth of 17.5-22.5% YoY, implying 31% YoY in 4Q23E.</li><li>3Q23 earnings was largely in-line with the profit alert earlier, while weaker 3Q revenue was mainly due to 1) structural changes of communications product portfolio, 2) lack of wearables product launches, 3) SiP products delivery changes, 4) weaker Mini-LED sales, and 5) customer inventory corrections.</li><li>Looking forward, despite ongoing macro headwinds, we believe that Luxshare is well-positioned to benefit from gain share in iPhone/MacBook/iPad/Watch OEM/components, and capture opportunities in automobile tier-1 and comm. businesses.</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.

Luxshare posted 3Q23 revenue/NP growth of -8.5%/+15.4% YoY, and preannounced FY23E earnings growth of 17.5-22.5% YoY, implying 31% YoY in 4Q23E.3Q23 earnings was largely in-line with the profit alert earlier, while weaker 3Q revenue was mainly due to 1) structural changes of communications product portfolio, 2) lack of wearables product launches, 3) SiP products delivery changes, 4) weaker Mini-LED sales, and 5) customer inventory corrections.Looking forward, despite ongoing macro headwinds, we believe that Luxshare is well-positioned to benefit from gain share in iPhone/MacBook/iPad/Watch OEM/components, and capture opportunities in automobile tier-1 and comm. businesses.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.

Luxshare (002475 CH) – Resilient 3Q23 Despite Macro Headwinds

<ul><li>Luxshare retreated over 10% in the past week mainly due to market concerns on Huawei’s Mate 60 Pro launch and news report on iPhone restrictions by Chinese government and state companies.</li><li>We view both incidents do not have material impact on iPhone shipment given Mate 60’s limited production capacity and high user stickiness on Apple’s ecosystem.</li><li>Despite challenging macro headwinds, Luxshare delivered solid sales/NP growth of 20/15% YoY in 1H23, and we are positive on further share gain in Apple’s iPhone/Watch/AirPods OEM/component, robust outlook in auto/comm., and better operating efficiency in 2H23E. </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.

Luxshare retreated over 10% in the past week mainly due to market concerns on Huawei’s Mate 60 Pro launch and news report on iPhone restrictions by Chinese government and state companies.We view both incidents do not have material impact on iPhone shipment given Mate 60’s limited production capacity and high user stickiness on Apple’s ecosystem.Despite challenging macro headwinds, Luxshare delivered solid sales/NP growth of 20/15% YoY in 1H23, and we are positive on further share gain in Apple’s iPhone/Watch/AirPods OEM/component, robust outlook in auto/comm., and better operating efficiency in 2H23E. 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.

Luxshare (002475 CH) – Recent Correction Overdone

Apple Hospitality Reit / Equity Bottom-Up

<ul><li>Apple reported FY3Q23 (CY2Q23) results with EPS of US$1.26 (+5% YoY) and revenue of US$81.8bn (-1.4% YoY), which are 5% and 0.3% above consensus, mainly driven by record revenue from Service, offsetting sluggish iPhone/Mac /iPad sales.</li><li>Looking into FY4Q23E, mgmt. expects revenue to show similar YoY revenue decline (-1% YoY), while iPhone/services will accelerate YoY growth and iPad/Mac will post double-digit decline.</li><li>Given resilient outlook and iPhone’s share gain amid macro headwinds, we remain positive on Apple supply chain over Android camp in 2H23E with upcoming catalysts from iPhone 15 launch in Sep. </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.

Apple reported FY3Q23 (CY2Q23) results with EPS of US$1.26 (+5% YoY) and revenue of US$81.8bn (-1.4% YoY), which are 5% and 0.3% above consensus, mainly driven by record revenue from Service, offsetting sluggish iPhone/Mac /iPad sales.Looking into FY4Q23E, mgmt. expects revenue to show similar YoY revenue decline (-1% YoY), while iPhone/services will accelerate YoY growth and iPad/Mac will post double-digit decline.Given resilient outlook and iPhone’s share gain amid macro headwinds, we remain positive on Apple supply chain over Android camp in 2H23E with upcoming catalysts from iPhone 15 launch in Sep. 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.

Apple FY3Q23 In-Line on Record-High Service Offsetting Soft IPhone/Mac/IPad Sales

<ul>
<li>Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.</li>
<li>We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.</li>
<li>We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. </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.


Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.
We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.
We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. 

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 MR: Long-awaited next “iPhone moment”

China

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

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Luxshare Precision Industry (002475 CH)

Tech Supply Chain Tracker (29-Apr-2024): Apple expands supply chain in Southeast Asia, led by Vietnam.

Apple diversifies supply chain to Southeast Asia, MediaTek aims for market share growth in China, US probe into China's RISC-V role could impact...

Tech Supply Chain Tracker

Luxshare (002475 CH) – Resilient 3Q23 Despite Macro Headwinds

Luxshare posted 3Q23 revenue/NP growth of -8.5%/+15.4% YoY, and preannounced FY23E earnings growth of 17.5-22.5% YoY, implying 31% YoY in 4Q23E.

CMB International

Luxshare (002475 CH) – Recent Correction Overdone

Luxshare retreated over 10% in the past week mainly due to market concerns on Huawei’s Mate 60 Pro launch and news report on iPhone restrictions by...

CMB International

Apple FY3Q23 In-Line on Record-High Service Offsetting Soft IPhone/Mac/IPad Sales

Apple reported FY3Q23 (CY2Q23) results with EPS of US$1.26 (+5% YoY) and revenue of US$81.8bn (-1.4% YoY), which are 5% and 0.3% above consensus,...

CMB International

China Technology – Apple MR: Long-awaited next “iPhone moment”

We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.

CMB International

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