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>Huawei has launched the long-awaited world’s first tri-fold smartphone, Mate XT, yesterday (10 Sep), featuring tri-foldable screen with two hinges, flagship camera system (OIS/periscope/ultrawide angle) and AI features supported by in-house Kylin chips and Harmony OS.</li><li>Over 4mn preorders were made ahead of the launch. We believe the launch of this premium device could strengthen Huawei’s technology leadership in the foldable phone market (vs Samsung/Apple).</li><li>The design breakthrough will also boost foldable phone shipment momentum and ASP growth into FY24/25E given the new form factor, premium spec and AI-enabled features. </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.

Huawei has launched the long-awaited world’s first tri-fold smartphone, Mate XT, yesterday (10 Sep), featuring tri-foldable screen with two hinges, flagship camera system (OIS/periscope/ultrawide angle) and AI features supported by in-house Kylin chips and Harmony OS.Over 4mn preorders were made ahead of the launch. We believe the launch of this premium device could strengthen Huawei’s technology leadership in the foldable phone market (vs Samsung/Apple).The design breakthrough will also boost foldable phone shipment momentum and ASP growth into FY24/25E given the new form factor, premium spec and AI-enabled features. 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 - Huawei Mate XT: the world’s first tri-fold smartphone is unveiled

Equity Bottom-Up

<ul><li>Q-tech announced in-line 1H24 results driven by strong CCM/FPM growth and GPM improvement on smartphone demand rebound, share gains, an increasing UTR and a better high-end product mix.</li><li>For 2H24/2025, we remain positive on high-end spec upgrade to drive ASP/GPM, auto CCM sales growth to accelerate under rising NEV penetration and ultra-sound FPM upgrade in smartphones.</li><li>We slightly adjust down FY24-25E EPS by 1-8% to factor in 1H24 results and 2H seasonality, and our new EPS is 19-24% above consensus. </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.

Q-tech announced in-line 1H24 results driven by strong CCM/FPM growth and GPM improvement on smartphone demand rebound, share gains, an increasing UTR and a better high-end product mix.For 2H24/2025, we remain positive on high-end spec upgrade to drive ASP/GPM, auto CCM sales growth to accelerate under rising NEV penetration and ultra-sound FPM upgrade in smartphones.We slightly adjust down FY24-25E EPS by 1-8% to factor in 1H24 results and 2H seasonality, and our new EPS is 19-24% above consensus. 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.

Q-Tech (1478 HK) - 1H24 Earnings Recovery on Fast Track; Reiterate BUY

<ul><li>Apple reported 3QFY24 (2QCY24) revenue of US$85.78bn (+5% YoY) and EPS of US$1.40 (+11% YoY), which are 2% and 3% above Bloomberg consensus, thanks to strong iPad sales (+24%), record services revenue (+14%), and record sales in Americas, Europe, and the rest of APAC offsetting China weakness.</li><li>For 4QFY24E, mgmt. expected revenue to grow at a similar pace (+5% YoY) as fiscal 3Q, and service revenue to grow double digits at a similar rate (+10-14%) as the previous three quarters.</li><li>With the upcoming launch of Apple Intelligence/iOS18 in fall, we expect AI features and product upgrades to boost replacement cycle of iPhone 16 in 2H24E. </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 3QFY24 (2QCY24) revenue of US$85.78bn (+5% YoY) and EPS of US$1.40 (+11% YoY), which are 2% and 3% above Bloomberg consensus, thanks to strong iPad sales (+24%), record services revenue (+14%), and record sales in Americas, Europe, and the rest of APAC offsetting China weakness.For 4QFY24E, mgmt. expected revenue to grow at a similar pace (+5% YoY) as fiscal 3Q, and service revenue to grow double digits at a similar rate (+10-14%) as the previous three quarters.With the upcoming launch of Apple Intelligence/iOS18 in fall, we expect AI features and product upgrades to boost replacement cycle of iPhone 16 in 2H24E. 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 3QFY24 Beat on Strong IPad and Services

<ul><li>Q-tech announced (11 Jul) a positive 1H24 profit alert, stating 400-500% YoY net profit growth (to RMB109-130mn), which tracks 29-34% and 40-47% of our and consensus FY24E estimates.</li><li>The upbeat results were mainly driven by 1) a rising share of high-end CCM, 2) auto/IoT CCM growth, 3) rising UTR, and 4) better profitability of the associate (Newmax).</li><li>For 2H24E, we remain positive on Android flagship model launches, high-end spec upgrade, auto/IoT CCM and FPM recovery to drive profitability. </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.

Q-tech announced (11 Jul) a positive 1H24 profit alert, stating 400-500% YoY net profit growth (to RMB109-130mn), which tracks 29-34% and 40-47% of our and consensus FY24E estimates.The upbeat results were mainly driven by 1) a rising share of high-end CCM, 2) auto/IoT CCM growth, 3) rising UTR, and 4) better profitability of the associate (Newmax).For 2H24E, we remain positive on Android flagship model launches, high-end spec upgrade, auto/IoT CCM and FPM recovery to drive profitability. 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.

Q-Tech (1478 HK) - Earnings Recovery Has Just Begun; Raise TP to HK$6.47

<ul><li>We hosted Q-tech at CMBI Technology Corporate Day on 26 Jun.</li><li>Key takeaways include: 1) smartphone CCM: mgmt. is positive on GPM recovery in FY24E driven by Android recovery, higher UTR and better product mix </li><li>2) non-smartphone CCM: accelerated growth in auto CCM thanks to Huawei and overseas tier-1 customers’ order wins</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 hosted Q-tech at CMBI Technology Corporate Day on 26 Jun.Key takeaways include: 1) smartphone CCM: mgmt. is positive on GPM recovery in FY24E driven by Android recovery, higher UTR and better product mix 2) non-smartphone CCM: accelerated growth in auto CCM thanks to Huawei and overseas tier-1 customers’ order winsContent 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.

Q-Tech (1478 HK) - ASP/GPM Upside Driven by Android Recovery and Spec Upgrade

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 - Huawei Mate XT: the world’s first tri-fold smartphone is unveiled

We believe the launch of this premium device could strengthen Huawei’s technology leadership in the foldable phone market (vs Samsung/Apple).

CMB International

Q-Tech (1478 HK) - 1H24 Earnings Recovery on Fast Track; Reiterate BUY

Q-tech announced in-line 1H24 results driven by strong CCM/FPM growth and GPM improvement on smartphone demand rebound, share gains, an increasing...

CMB International

Technology - Apple 3QFY24 Beat on Strong IPad and Services

Apple reported 3QFY24 (2QCY24) revenue of US$85.78bn (+5% YoY) and EPS of US$1.40 (+11% YoY), which are 2% and 3% above Bloomberg consensus

CMB International

Q-Tech (1478 HK) - Earnings Recovery Has Just Begun; Raise TP to HK$6.47

Q-tech announced (11 Jul) a positive 1H24 profit alert, stating 400-500% YoY net profit growth (to RMB109-130mn), which tracks 29-34% and 40-47% of...

CMB International

Q-Tech (1478 HK) - ASP/GPM Upside Driven by Android Recovery and Spec Upgrade

Key takeaways include: 1) smartphone CCM: mgmt. is positive on GPM recovery in FY24E driven by Android recovery, higher UTR and better product mix

CMB International

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