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>Apple (AAPL US, NR) reported FY1Q25 (CY4Q24) revenue of US$124.3bn (+4% YoY) and EPS of US$2.4 (+10% YoY), above market consensus, thanks to better iPad/Mac (+15%/16%) and record Services GPM, offsetting iPhone miss (-1%) and China weakness (-11%).</li><li>For FY2Q25E, mgmt. guidance was better-than-feared, with revenue growth of low-to-mid-single digit, service sales growth of double digits and GPM of 46.5%-47.5%.</li><li>With Apple Intelligence rollouts in more markets and China’s smartphone subsidy in 1H25E, we expect new AI features and upcoming 5 new iPhone model will boost higher iPhone shipment in 2025.</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 FY1Q25 (CY4Q24) revenue of US$124.3bn (+4% YoY) and EPS of US$2.4 (+10% YoY), above market consensus, thanks to better iPad/Mac (+15%/16%) and record Services GPM, offsetting iPhone miss (-1%) and China weakness (-11%).For FY2Q25E, mgmt. guidance was better-than-feared, with revenue growth of low-to-mid-single digit, service sales growth of double digits and GPM of 46.5%-47.5%.With Apple Intelligence rollouts in more markets and China’s smartphone subsidy in 1H25E, we expect new AI features and upcoming 5 new iPhone model will boost higher iPhone shipment in 2025.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 FY1Q25: Beat on IPad/Mac Offsetting China/ IPhone Weakness

<ul><li>Global AI smart glasses shipment jumped 588% YoY to 2.34mn in 2024, thanks to strong sales of Ray Ban Meta in 4Q24 (1.36mn; +183% QoQ).</li><li>Looking into 2025, AI smart glasses market is set to continue strong momentum with 135% YoY growth to 5.5mn units, backed by strong product pipeline from Meta/Xiaomi /Bytedance/Ray Neo/Rokid, based on Wellsenn XR.</li><li>As more players expand into AI smart glass products, we expect BOM cost will decline gradually and more killer apps in AI glasses to become prevalent in the next few years. </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.

Global AI smart glasses shipment jumped 588% YoY to 2.34mn in 2024, thanks to strong sales of Ray Ban Meta in 4Q24 (1.36mn; +183% QoQ).Looking into 2025, AI smart glasses market is set to continue strong momentum with 135% YoY growth to 5.5mn units, backed by strong product pipeline from Meta/Xiaomi /Bytedance/Ray Neo/Rokid, based on Wellsenn XR.As more players expand into AI smart glass products, we expect BOM cost will decline gradually and more killer apps in AI glasses to become prevalent in the next few years. 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 - Global AI Smart Glasses Market Set to Kick off in 2025

<ul><li>4Q24 global smartphone shipments grew 2.4% YoY to 332mn units, driven by China sales promotions, new model launches and aggressive trade-ins.</li><li>By brand, Xiaomi/Vivo outperformed peers with 4.8%/12.7% YoY growth in 4Q24, while Apple/Samsung declined 4.1%/2.7% YoY with share loss.</li><li>Looking ahead to 2025, we estimate global smartphone shipments to grow 3% YoY boosted by iPhone 17 cycle, AI integration and Chinese subsidy programs. </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.

4Q24 global smartphone shipments grew 2.4% YoY to 332mn units, driven by China sales promotions, new model launches and aggressive trade-ins.By brand, Xiaomi/Vivo outperformed peers with 4.8%/12.7% YoY growth in 4Q24, while Apple/Samsung declined 4.1%/2.7% YoY with share loss.Looking ahead to 2025, we estimate global smartphone shipments to grow 3% YoY boosted by iPhone 17 cycle, AI integration and Chinese subsidy programs. 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 - 4Q24 Global Smartphone Shipments Ahead; Xiaomi/Vivo Outperformed Apple/Samsung

<ul><li>Apple reported FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market consensus, thanks to better smartphone sales and continued margin expansion.</li><li>We are also encouraged by GPM of 46.2%, close to high-end of guidance range.</li><li>For FY1Q25E, mgmt. guided revenue growth at a lower pace (low-to-mid-singledigits YoY), while service revenue will grow at double digits at a similar rate in 1- 4QFY24 (+11-14% YoY). </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 FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market consensus, thanks to better smartphone sales and continued margin expansion.We are also encouraged by GPM of 46.2%, close to high-end of guidance range.For FY1Q25E, mgmt. guided revenue growth at a lower pace (low-to-mid-singledigits YoY), while service revenue will grow at double digits at a similar rate in 1- 4QFY24 (+11-14% YoY). 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 FY4Q24 Beat on Better Margin and China Sales

<ul><li>Largan (3008 TT, NR) announced 3Q results with revenue/GPM improved 73% and 1.8ppts QoQ thanks to the smartphone cycle, customers’ new model launches, shipment ramp-up, better product mix/ASP/UTR.</li><li>For 4Q24E/2025, mgmt. guided flattish Oct. shipments but Nov. shipments will decline MoM due to customers’ order cuts.</li><li>On the positive side, mgmt. maintained a positive view on stable ASP thanks to customer agreements, and pre-build orders for 1Q25E are well on track. </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.

Largan (3008 TT, NR) announced 3Q results with revenue/GPM improved 73% and 1.8ppts QoQ thanks to the smartphone cycle, customers’ new model launches, shipment ramp-up, better product mix/ASP/UTR.For 4Q24E/2025, mgmt. guided flattish Oct. shipments but Nov. shipments will decline MoM due to customers’ order cuts.On the positive side, mgmt. maintained a positive view on stable ASP thanks to customer agreements, and pre-build orders for 1Q25E are well on track. 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 - Implications of Largan 3Q24 Results

China

Q TECHNOLOGY (GROUP) Company Limited is a PRC-based camera module manufacturer focusing on mid-to-high end camera module market for Chinese branded smartphone, tablet and PC manufacturers.

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Q Technology Group (1478 HK)

Technology - Apple FY1Q25: Beat on IPad/Mac Offsetting China/ IPhone Weakness

Apple (AAPL US, NR) reported FY1Q25 (CY4Q24) revenue of US$124.3bn (+4% YoY) and EPS of US$2.4 (+10% YoY), above market consensus, thanks to better...

CMB International

Technology - Global AI Smart Glasses Market Set to Kick off in 2025

Global AI smart glasses shipment jumped 588% YoY to 2.34mn in 2024, thanks to strong sales of Ray Ban Meta in 4Q24 (1.36mn; +183% QoQ).

CMB International

Technology - 4Q24 Global Smartphone Shipments Ahead; Xiaomi/Vivo Outperformed Apple/Samsung

4Q24 global smartphone shipments grew 2.4% YoY to 332mn units, driven by China sales promotions, new model launches and aggressive trade-ins.

CMB International

Technology - Apple FY4Q24 Beat on Better Margin and China Sales

Apple reported FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market...

CMB International

Technology - Implications of Largan 3Q24 Results

On the positive side, mgmt. maintained a positive view on stable ASP thanks to customer agreements, and pre-build orders for 1Q25E are well on track.

CMB International

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