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>Both SMIC and Hua Hong Semi posted in-line 3Q23 results but GPM pressure continued on lower UTR and ASP.</li><li>Looking ahead, both companies expected stabilizing demand on smartphone/CE recovery, and highlighted concerns on high inventory in automotive market.</li><li>On mature nodes, both expected stable demand into 2024 but lack growth momentum, and SMIC guided 8-inch UTR to remain at 50-70% in 2024. </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.

Both SMIC and Hua Hong Semi posted in-line 3Q23 results but GPM pressure continued on lower UTR and ASP.Looking ahead, both companies expected stabilizing demand on smartphone/CE recovery, and highlighted concerns on high inventory in automotive market.On mature nodes, both expected stable demand into 2024 but lack growth momentum, and SMIC guided 8-inch UTR to remain at 50-70% in 2024. 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 – SMIC/Hua Hong Semi 3Q23: in-line revenue; ASP/GPM pressure to persist into 4Q23E

<ul><li>Apple reported FY4Q23 (CY3Q23) with revenue of US$89.5bn (-0.7% YoY) and EPS of US$1.46 (+13% YoY), which are in line and 5% above consensus, mainly due to a favourable product mix and better leverage, partially offset by negative FX. Looking into FY1Q24E, mgmt. expected flattish revenue YoY due to the quarter being one-week shorter and iPhone 15 supply snags, while iPhone/Mac will increase YoY and iPad/Wearables will decline significantly QoQ due to timing of product launches.</li><li>Given better-than-feared China iPhone sales in CY3Q23, we remain positive on iPhone’s gradual share gains and better mix shift towards higher-end models, and we are cautious on near-term weakness for iPad/Watch/AirPods.</li><li>For stocks, we maintain BUY on Luxshare/BYDE/FIT Hon Teng for market share gains in Apple supply chain (high-end iPhone/casing/AirPods), and stay HOLD on Sunny Optical/AAC Tech mainly for fair valuation.</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 FY4Q23 (CY3Q23) with revenue of US$89.5bn (-0.7% YoY) and EPS of US$1.46 (+13% YoY), which are in line and 5% above consensus, mainly due to a favourable product mix and better leverage, partially offset by negative FX. Looking into FY1Q24E, mgmt. expected flattish revenue YoY due to the quarter being one-week shorter and iPhone 15 supply snags, while iPhone/Mac will increase YoY and iPad/Wearables will decline significantly QoQ due to timing of product launches.Given better-than-feared China iPhone sales in CY3Q23, we remain positive on iPhone’s gradual share gains and better mix shift towards higher-end models, and we are cautious on near-term weakness for iPad/Watch/AirPods.For stocks, we maintain BUY on Luxshare/BYDE/FIT Hon Teng for market share gains in Apple supply chain (high-end iPhone/casing/AirPods), and stay HOLD on Sunny Optical/AAC Tech mainly for fair valuation.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 Sector – Apple FY4Q23 Beat on Margins

<ul>
<li>AMD’s 3Q23 results were largely in line with market expectations, despite its weaker 4Q23 guidance on gaming slowdown.</li>
<li>3Q revenue increased 4% YoY /8% QoQ to US$5.8bn driven by record sales of server CPU and strong Ryzen processor sales.</li>
<li>GPM improved 1ppt YoY to 51% and EPS increased 4% YoY to US$0.7, mainly driven by strong client segment and better product mix.</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.


AMD’s 3Q23 results were largely in line with market expectations, despite its weaker 4Q23 guidance on gaming slowdown.
3Q revenue increased 4% YoY /8% QoQ to US$5.8bn driven by record sales of server CPU and strong Ryzen processor sales.
GPM improved 1ppt YoY to 51% and EPS increased 4% YoY to US$0.7, mainly driven by strong client segment and better product mix.

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 – Implications of AMD 3Q23: PC Recovery and AI PC Opportunities

<ul><li>Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC market and a more competitive product pipeline.</li><li>3Q revenue declined 8% YoY to US$14.2bn (above high-end of guidance) and EPS increased 11% YoY to US$0.41 (vs. US$0.2 for guidance), mainly driven by CCG/DCAI strength, better operating leverage and expense discipline.</li><li>Looking into 4Q23E, mgmt. expected PC momentum to continue and sequential growth of datacentre and AI businesses in 4Q23E. </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.

Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC market and a more competitive product pipeline.3Q revenue declined 8% YoY to US$14.2bn (above high-end of guidance) and EPS increased 11% YoY to US$0.41 (vs. US$0.2 for guidance), mainly driven by CCG/DCAI strength, better operating leverage and expense discipline.Looking into 4Q23E, mgmt. expected PC momentum to continue and sequential growth of datacentre and AI businesses in 4Q23E. 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 – Implications of Intel 3Q23

<ul><li>Meta officially unveiled the Quest 3, Ray-Ban smart glasses and AI Chatbot during Meta Connect event.</li><li>The new Quest 3 marks a pivot from VR to MR for Meta, ahead of Apple’s Vision Pro pushing into market in 2024.</li><li>Quest 3 features major upgrades in display and optics (Mini-LED, pancake), a faster Qualcomm XR2 Gen 2 chips, improved resolution and interactive sensors enabling mixed reality pass-through, which is in-line with preview earlier this year.</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.

Meta officially unveiled the Quest 3, Ray-Ban smart glasses and AI Chatbot during Meta Connect event.The new Quest 3 marks a pivot from VR to MR for Meta, ahead of Apple’s Vision Pro pushing into market in 2024.Quest 3 features major upgrades in display and optics (Mini-LED, pancake), a faster Qualcomm XR2 Gen 2 chips, improved resolution and interactive sensors enabling mixed reality pass-through, which is in-line with preview earlier this year.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 – Takeaways of Meta Connect 3: Quest 3, Ray-Ban smart glasses and Meta AI Chatbot

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)

China Technology – SMIC/Hua Hong Semi 3Q23: in-line revenue; ASP/GPM pressure to persist into 4Q23E

On mature nodes, both expected stable demand into 2024 but lack growth momentum, and SMIC guided 8-inch UTR to remain at 50-70% in 2024.

CMB International

China Technology Sector – Apple FY4Q23 Beat on Margins

Apple reported FY4Q23 (CY3Q23) with revenue of US$89.5bn (-0.7% YoY) and EPS of US$1.46 (+13% YoY), which are in line and 5% above consensus

CMB International

China Technology – Implications of AMD 3Q23: PC Recovery and AI PC Opportunities

AMD’s 3Q23 results were largely in line with market expectations, despite its weaker 4Q23 guidance on gaming slowdown. 3Q revenue increased 4% YoY...

CMB International

China Technology – Implications of Intel 3Q23

Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC...

CMB International

China Technology – Takeaways of Meta Connect 3: Quest 3, Ray-Ban smart glasses and Meta AI Chatbot

The new Quest 3 marks a pivot from VR to MR for Meta, ahead of Apple’s Vision Pro pushing into market in 2024. Quest 3 features major upgrades in...

CMB International

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