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>Broadcom (AVGO, NR) delivered another record-setting quarter in 2QFY25, with revenue reaching US$15bn, up 20.2% YoY / flat QoQ and 0.3%/0.7% above Bloomberg consensus and mgmt.’s guidance.</li><li>Gross margin was 79.4% for the quarter (vs. 79.1%/76.2% in 1QFY25/2QFY24), 0.51ppt higher than Bloomberg consensus.</li><li>The company’s revenue continued to be powered by strength in AI semiconductor and infrastructure software segments during the quarter.</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.

Broadcom (AVGO, NR) delivered another record-setting quarter in 2QFY25, with revenue reaching US$15bn, up 20.2% YoY / flat QoQ and 0.3%/0.7% above Bloomberg consensus and mgmt.’s guidance.Gross margin was 79.4% for the quarter (vs. 79.1%/76.2% in 1QFY25/2QFY24), 0.51ppt higher than Bloomberg consensus.The company’s revenue continued to be powered by strength in AI semiconductor and infrastructure software segments during the quarter.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.

Semiconductors - Solid 2Q Results for Broadcom; Eyes on the Development of AI Inference

<ul><li>China’s major hyperscalers (Alibaba, Tencent, and Baidu, all covered by our internet team) are intensifying their investments in AI infrastructure, with capex doubling YoY in 1Q25.</li><li>While their combined spending still trails overseas hyperscalers, the sharp increase indicates a clear strategic focus on scaling compute capacity to support LLM training and inference.</li><li>Despite near-term headwinds from export restrictions from the US on AI GPUs, these domestic players remain committed to long-term AI 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.

China’s major hyperscalers (Alibaba, Tencent, and Baidu, all covered by our internet team) are intensifying their investments in AI infrastructure, with capex doubling YoY in 1Q25.While their combined spending still trails overseas hyperscalers, the sharp increase indicates a clear strategic focus on scaling compute capacity to support LLM training and inference.Despite near-term headwinds from export restrictions from the US on AI GPUs, these domestic players remain committed to long-term AI 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.

Semiconductors - Thematic Investing and Megatrends - 28 May 2025

Equity Bottom-Up

<ul><li>Shennan Circuit released its 3Q24 results.</li><li>Revenue went up 37.9% YoY/8.5% QoQ to RMB4.73bn, beating Bloomberg consensus by 19.7%.</li><li>Net profit rose 15.3% YoY but declined 17.6% QoQ. GPM declined to 25.4% QoQ in 3Q24 from 27.1%/23.4% in 2Q24/3Q23. </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.

Shennan Circuit released its 3Q24 results.Revenue went up 37.9% YoY/8.5% QoQ to RMB4.73bn, beating Bloomberg consensus by 19.7%.Net profit rose 15.3% YoY but declined 17.6% QoQ. GPM declined to 25.4% QoQ in 3Q24 from 27.1%/23.4% in 2Q24/3Q23. 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.

Shennan Circuit (002916 CH) - 3Q Results Review: Solid Revenue Growth with Lower Margin

<ul><li>SCC released 1H24 results. Revenue went up by 38% YoY to RMB8.3bn, with double-digit growth across all segments (PCB/Substrate/PCBA: 25%/94%/42% YoY).</li><li>NP increased by 108% YoY to RMB987mn, on higher GPM (26.2% in 1H24 vs. 22.9%/23.8% in 1H/2H23) and cost optimization.</li><li>SCC delivered strong 1H24 results, driven by 1) strong AI demand, 2) Eagle Stream upgrades, 3) robust auto orders, 4) inventory restocking on consumer electronics market, and 5) margin expansion. </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.

SCC released 1H24 results. Revenue went up by 38% YoY to RMB8.3bn, with double-digit growth across all segments (PCB/Substrate/PCBA: 25%/94%/42% YoY).NP increased by 108% YoY to RMB987mn, on higher GPM (26.2% in 1H24 vs. 22.9%/23.8% in 1H/2H23) and cost optimization.SCC delivered strong 1H24 results, driven by 1) strong AI demand, 2) Eagle Stream upgrades, 3) robust auto orders, 4) inventory restocking on consumer electronics market, and 5) margin expansion. 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.

Shennan Circuit (002916 CH) - Strong 1H24 Results W/ Double-Digit Growth Across Segments

<ul><li>Seven out of the 16 leading PCB manufacturers in China have announced profit alerts by mid-July, with an avg. 75% to 105% YoY and 21% to 43% QoQ increase in net profit for 2Q24.</li><li>We think the strong performance is supported by inventory restocking and upgrade cycle driven by the AI boom.</li><li>These positive announcements added momentum for the PCB sector, with an avg. 9% month-to-date increase in share price (for the seven companies with profit alerts announcements).</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.

Seven out of the 16 leading PCB manufacturers in China have announced profit alerts by mid-July, with an avg. 75% to 105% YoY and 21% to 43% QoQ increase in net profit for 2Q24.We think the strong performance is supported by inventory restocking and upgrade cycle driven by the AI boom.These positive announcements added momentum for the PCB sector, with an avg. 9% month-to-date increase in share price (for the seven companies with profit alerts announcements).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.

Semiconductors - PCB sector: 1H24 earnings preview

China

Shennan Circuits Co.,Ltd. manufactures printed circuit boards. The Company produces packaging base plates, substrates, electronic assemblies, system in package, and other products. Shennan Circuits markets its products across worldwide.

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Shennan Circuits (002916 CH)

Semiconductors - Solid 2Q Results for Broadcom; Eyes on the Development of AI Inference

Broadcom (AVGO, NR) delivered another record-setting quarter in 2QFY25, with revenue reaching US$15bn, up 20.2% YoY / flat QoQ and 0.3%/0.7% above...

CMB International

Semiconductors - Thematic Investing and Megatrends - 28 May 2025

China’s major hyperscalers (Alibaba, Tencent, and Baidu, all covered by our internet team) are intensifying their investments in AI infrastructure,...

CMB International

Shennan Circuit (002916 CH) - 3Q Results Review: Solid Revenue Growth with Lower Margin

Shennan Circuit released its 3Q24 results. Revenue went up 37.9% YoY/8.5% QoQ to RMB4.73bn, beating Bloomberg consensus by 19.7%.

CMB International

Shennan Circuit (002916 CH) - Strong 1H24 Results W/ Double-Digit Growth Across Segments

SCC released 1H24 results. Revenue went up by 38% YoY to RMB8.3bn, with double-digit growth across all segments (PCB/Substrate/PCBA: 25%/94%/42% YoY).

CMB International

Semiconductors - PCB sector: 1H24 earnings preview

Seven out of the 16 leading PCB manufacturers in China have announced profit alerts by mid-July, with an avg. 75% to 105% YoY and 21% to 43% QoQ...

CMB International

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