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>Shengyi Tech released its preliminary FY24 earnings. The company expects its NP to rise by 46.0-54.6% YoY to RMB1.7bn-1.8bn.</li><li>Mid-point NP of RMB1.75bn (+50.3% YoY) is lower than Bloomberg consensus/our estimate by 6.1%/3.3%.</li><li>Our forecast of RMB1.8bn is at the high-end of the range.</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.

Shengyi Tech released its preliminary FY24 earnings. The company expects its NP to rise by 46.0-54.6% YoY to RMB1.7bn-1.8bn.Mid-point NP of RMB1.75bn (+50.3% YoY) is lower than Bloomberg consensus/our estimate by 6.1%/3.3%.Our forecast of RMB1.8bn is at the high-end of the range.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.

Shengyi Tech (600183 CH) - Embracing AI and Moving on to a New Growth Trajectory

<ul><li>Shengyi Tech announced 3Q24 results. Revenue was RMB5.1bn, up 14.5% YoY but down 1.7% QoQ, in-line with Bloomberg consensus.</li><li>GPM was 22.9%, up 1.1ppts from 2Q24, benefitting from favourable product mix and lowered material costs.</li><li>NP was RMB440mn, up 27.8% YoY but down 18.6% QoQ. NPM lowered to 8.6% (vs. 10.4% in 2Q24). </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.

Shengyi Tech announced 3Q24 results. Revenue was RMB5.1bn, up 14.5% YoY but down 1.7% QoQ, in-line with Bloomberg consensus.GPM was 22.9%, up 1.1ppts from 2Q24, benefitting from favourable product mix and lowered material costs.NP was RMB440mn, up 27.8% YoY but down 18.6% QoQ. NPM lowered to 8.6% (vs. 10.4% in 2Q24). 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.

Shengyi Tech (600183 CH) - PCB Outperformed CCL in 3Q; Margin Improved Sequentially

<ul><li>Shengyi Tech released its 1H24 earnings. Revenue improved by 22.2% YoY/10.6% HoH to RMB9.6bn, driven by solid demand of AI servers, growing auto orders and inventory restocking.</li><li>During the same period, GPM improved to 21.6% (vs. 19.3%/19.2% in 1H/2H23), benefiting from improving utilization and a favorable product mix towards high-margin products.</li><li>Consequently, NP increased by 68.0% YoY/53.1% HoH to RMB932mn. 1H24 revenue/NP accounted for 47%/43% of our FY24E 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.

Shengyi Tech released its 1H24 earnings. Revenue improved by 22.2% YoY/10.6% HoH to RMB9.6bn, driven by solid demand of AI servers, growing auto orders and inventory restocking.During the same period, GPM improved to 21.6% (vs. 19.3%/19.2% in 1H/2H23), benefiting from improving utilization and a favorable product mix towards high-margin products.Consequently, NP increased by 68.0% YoY/53.1% HoH to RMB932mn. 1H24 revenue/NP accounted for 47%/43% of our FY24E 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.

Shengyi Tech (600183 CH) - Solid 1H24 Earnings

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 5th.</li>
<li>We estimate the weekly outflows to be US$1,769.7 million, led by information technology, materials, industrials, and offset by communication services, real estate, utilities.</li>
<li>We note that outflows have been consecutive for four weeks and highlight outflows for CATL (300750 CH).</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 5th.
We estimate the weekly outflows to be US$1,769.7 million, led by information technology, materials, industrials, and offset by communication services, real estate, utilities.
We note that outflows have been consecutive for four weeks and highlight outflows for CATL (300750 CH).


Northbound Flows (Jul 5th): 4 Weeks of Outflows

<ul><li>Shengyi Tech unveiled its FY23 earnings preview after Tuesday's market close.</li><li>Full-year revenue was RMB16.6bn (-7.9% YoY) and net profit was RMB1.16bn (- 24.0% YoY), which were 3%/13% and 3%/9% lower than our/consensus estimates, respectively.</li><li>For 4Q23, revenue decreased 2.3% YoY and 5.1% QoQ to RMB4.2bn. Quarterly net profit dropped more sharply by 20.8% YoY and 23.1% QoQ to RMB264.6mn. </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.

Shengyi Tech unveiled its FY23 earnings preview after Tuesday's market close.Full-year revenue was RMB16.6bn (-7.9% YoY) and net profit was RMB1.16bn (- 24.0% YoY), which were 3%/13% and 3%/9% lower than our/consensus estimates, respectively.For 4Q23, revenue decreased 2.3% YoY and 5.1% QoQ to RMB4.2bn. Quarterly net profit dropped more sharply by 20.8% YoY and 23.1% QoQ to RMB264.6mn. 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.

Shengyi Tech (600183 CH) - FY23 preliminary results review; expect gradual recovery in 2024

China

Shengyi Technology Co., Ltd. manufactures and markets electronic components. The Company's products include copper coated panels, printed circuit boards, and other related products.

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Shengyi Technology (600183 CH)

Shengyi Tech (600183 CH) - Embracing AI and Moving on to a New Growth Trajectory

Shengyi Tech released its preliminary FY24 earnings. The company expects its NP to rise by 46.0-54.6% YoY to RMB1.7bn-1.8bn.

CMB International

Shengyi Tech (600183 CH) - PCB Outperformed CCL in 3Q; Margin Improved Sequentially

Shengyi Tech announced 3Q24 results. Revenue was RMB5.1bn, up 14.5% YoY but down 1.7% QoQ, in-line with Bloomberg consensus.

CMB International

Shengyi Tech (600183 CH) - Solid 1H24 Earnings

Shengyi Tech released its 1H24 earnings. Revenue improved by 22.2% YoY/10.6% HoH to RMB9.6bn, driven by solid demand of AI servers, growing auto...

CMB International

Northbound Flows (Jul 5th): 4 Weeks of Outflows

We analyzed northbound Shanghai/Shenzhen connect flows in the past week. We estimate the outflows to be USD1.8bn and highlight flows for CATL.

Ke Yan, CFA, FRM

Shengyi Tech (600183 CH) - FY23 preliminary results review; expect gradual recovery in 2024

New CCL product, which has been certified by Nvidia and is expected to begin the next testing phase soon, should also contribute additional revenue...

CMB International

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