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>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”

Luxshare Precision Industry / Equity Bottom-Up

<ul><li>We raise TP to RMB75.55 (25% upside) to reflect our more positive view on iPhone 17/ foldable cycle, stronger synergy from Leoni/ODM integration, and AI server component pipeline (connectivity/thermal/power).</li><li>We raise FY25-27E EPS by 0-19% to reflect FY25 guidance, enhanced synergy and better margin.</li><li>We expect Luxshare to deliver 27% earnings CAGR over 2025-27E, driven by 9%/54%/47% FY25-27E revenue CAGR from consumer electronics/automotive/ communication segments. </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 raise TP to RMB75.55 (25% upside) to reflect our more positive view on iPhone 17/ foldable cycle, stronger synergy from Leoni/ODM integration, and AI server component pipeline (connectivity/thermal/power).We raise FY25-27E EPS by 0-19% to reflect FY25 guidance, enhanced synergy and better margin.We expect Luxshare to deliver 27% earnings CAGR over 2025-27E, driven by 9%/54%/47% FY25-27E revenue CAGR from consumer electronics/automotive/ communication segments. 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) - Stronger Outlook in Apple Upgrade Cycle and Leoni/ODM Synergies...

Thematic (Sector/Industry)

<ul><li>Apple announced the iPhone 17e and the M4 iPad Air, with spec/features largely in-line with market expectations.</li><li>That said, we have identified several major positives: 1) iPhone 17e: the same starting price at US$599 while doubling base storage to 256GB (vs. 128GB starting iPhone 16e storage);</li><li>2) M4 iPad Air: massive performance leap with M4 chip, an increased 12GB of RAM and N1/C1X connectivity chips at unchanged starting prices (US$599 for 11 inch, US$799 for 13 inch)</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 announced the iPhone 17e and the M4 iPad Air, with spec/features largely in-line with market expectations.That said, we have identified several major positives: 1) iPhone 17e: the same starting price at US$599 while doubling base storage to 256GB (vs. 128GB starting iPhone 16e storage);2) M4 iPad Air: massive performance leap with M4 chip, an increased 12GB of RAM and N1/C1X connectivity chips at unchanged starting prices (US$599 for 11 inch, US$799 for 13 inch)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.

Technology - IPhone 17e and M4 IPad Air Debut with Aggressive Value Proposition Is Positive...

<ul><li>Apple (AAPL US, NR) reported upbeat FY1Q26 (CY4Q25) results with revenue growth of 16% YoY, 4% above consensus, driven by strong iPhone sales (+23% YoY) and China recovery (+38% YoY, vs -4% in FY4Q), while GPM further expanded to 48.2% thanks to favourable mix and leverage.</li><li>For FY2Q26E, mgmt. guided revenue growth of 13-16% YoY and resilient GPM of 48-49% despite memory headwinds. Looking into 2026, we expect “strong iPhone cycle, strong price cycle” to continue given iPhone Fold/18 upgrade, high-end market share gains and Google AI partnership.</li><li>We believe Apple is better positioned to navigate memory headwinds than peers given its supply chain leverage and strong pricing power, and we prefer stocks with content/share gains in new product cycles (iPhone Fold/smart home/AI glasses), including Luxshare, AAC, FIT and BYDE.</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 (AAPL US, NR) reported upbeat FY1Q26 (CY4Q25) results with revenue growth of 16% YoY, 4% above consensus, driven by strong iPhone sales (+23% YoY) and China recovery (+38% YoY, vs -4% in FY4Q), while GPM further expanded to 48.2% thanks to favourable mix and leverage.For FY2Q26E, mgmt. guided revenue growth of 13-16% YoY and resilient GPM of 48-49% despite memory headwinds. Looking into 2026, we expect “strong iPhone cycle, strong price cycle” to continue given iPhone Fold/18 upgrade, high-end market share gains and Google AI partnership.We believe Apple is better positioned to navigate memory headwinds than peers given its supply chain leverage and strong pricing power, and we prefer stocks with content/share gains in new product cycles (iPhone Fold/smart home/AI glasses), including Luxshare, AAC, FIT and BYDE.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.

Technology - Apple FY1Q26 and Guidance Beat; Positive on Strong IPhone Cycle...

<ul><li>During the CES on 5 Jan (US time), NVIDIA/AMD/Qualcomm/Intel hosted keynotes and launch events to outline the latest product roadmaps and developments of AI server/PC platforms.</li><li>Overall, we are encouraged to see Vera Rubin production earlier than expected (now in full production and ramp on track in 2H26) and MI400/Helios platform upgrade well on track, which will benefit server components in interconnects (connectors/cables/CPO) and liquid cooling (CDU/UQD/manifold).</li><li>For AI PCs, with Qualcomm/Intel/AMD’s new AI PC processors with performance improvement for large-scale AI model support, we remain positive on AI PC penetration to increase rapidly in FY26-27E. F</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.

During the CES on 5 Jan (US time), NVIDIA/AMD/Qualcomm/Intel hosted keynotes and launch events to outline the latest product roadmaps and developments of AI server/PC platforms.Overall, we are encouraged to see Vera Rubin production earlier than expected (now in full production and ramp on track in 2H26) and MI400/Helios platform upgrade well on track, which will benefit server components in interconnects (connectors/cables/CPO) and liquid cooling (CDU/UQD/manifold).For AI PCs, with Qualcomm/Intel/AMD’s new AI PC processors with performance improvement for large-scale AI model support, we remain positive on AI PC penetration to increase rapidly in FY26-27E. FContent 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.

Technology - CES 2026 Keynotes: Next-Gen Rubin/MI400 Platform on Track...

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 – 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

Luxshare (002475 CH) - Stronger Outlook in Apple Upgrade Cycle and Leoni/ODM Synergies...

We raise TP to RMB75.55 (25% upside) to reflect our more positive view on iPhone 17/ foldable cycle, stronger synergy from Leoni/ODM integration,...

CMB International

Technology - IPhone 17e and M4 IPad Air Debut with Aggressive Value Proposition Is Positive...

That said, we have identified several major positives: 1) iPhone 17e: the same starting price at US$599 while doubling base storage to 256GB (vs....

CMB International

Technology - Apple FY1Q26 and Guidance Beat; Positive on Strong IPhone Cycle...

Apple (AAPL US, NR) reported upbeat FY1Q26 (CY4Q25) results with revenue growth of 16% YoY, 4% above consensus, driven by strong iPhone sales (+23%...

CMB International

Technology - CES 2026 Keynotes: Next-Gen Rubin/MI400 Platform on Track...

During the CES on 5 Jan (US time), NVIDIA/AMD/Qualcomm/Intel hosted keynotes and launch events to outline the latest product roadmaps and...

CMB International

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