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>Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jul 2024 sales volumes on 1 Aug.</li><li>Total sales volume combined rose 33% YoY (ranging from - 22% to +950%) and remained flat MoM (ranging from -22% to +10%) in Jul.</li><li>Li Auto beat, NIO in line, Xpeng restocking. Li Auto delivered about 51,000 units (+7% MoM) in Jul, a record high, better than our prior forecast.</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.

Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jul 2024 sales volumes on 1 Aug.Total sales volume combined rose 33% YoY (ranging from - 22% to +950%) and remained flat MoM (ranging from -22% to +10%) in Jul.Li Auto beat, NIO in line, Xpeng restocking. Li Auto delivered about 51,000 units (+7% MoM) in Jul, a record high, better than our prior forecast.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.

Auto - Likely First MoM Rise for Jul NEV Retail Since 2021

Equity Bottom-Up

<ul><li>Initiate with BUY and TP of HK$21.00. Minth Group (Minth) has been transforming from an exterior decorative parts maker to a more diversified tier1 supplier with manufacturing capabilities in different materials.</li><li>We are of the view that investors have probably underestimated Minth’s solid overseas foundation which is crucial for the upcoming trade risks, as its valuation has dropped to a historical-low level.</li><li>We also think battery housing and other new products such as chassis structural parts and intelligent integrated exteriors could lift Minth’s dollar content per car in the next few years, which is also an important driver for its profit growth.</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.

Initiate with BUY and TP of HK$21.00. Minth Group (Minth) has been transforming from an exterior decorative parts maker to a more diversified tier1 supplier with manufacturing capabilities in different materials.We are of the view that investors have probably underestimated Minth’s solid overseas foundation which is crucial for the upcoming trade risks, as its valuation has dropped to a historical-low level.We also think battery housing and other new products such as chassis structural parts and intelligent integrated exteriors could lift Minth’s dollar content per car in the next few years, which is also an important driver for its profit growth.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.

Minth Group (425 HK) - Overseas Foundation to Withstand Trade Risks

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

China

Minth Group Ltd. manufactures exterior automobile body parts.  The Company produces structural body parts, decorative parts, and trim.  Minth supplies multinational automobile manufacturers operating in China.

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Minth Group Ltd (425 HK)

Auto - Likely First MoM Rise for Jul NEV Retail Since 2021

Chinese automakers including BYD, Great Wall, NIO, Xpeng, Li Auto, Xiaomi, Zeekr, Aion, Deepal, Leap, Neta and HIMA etc reported their Jul 2024...

CMB International

Minth Group (425 HK) - Overseas Foundation to Withstand Trade Risks

Minth Group (Minth) has been transforming from an exterior decorative parts maker to a more diversified tier1 supplier with manufacturing...

CMB International

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

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...

Quam Securities

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