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

Sunny Optical Technology Group / Equity Bottom-Up

<ul><li>Sunny announced a 1H23 profit warning, stating 1H23 net profit of RMB407- 475mn, down 65-70% YoY.</li><li>The midpoint is 64%/60% below our/consensus estimates, mainly due to 1) a non-cash FX loss of RMB161.5mn on US$400mn/ 277mn USD bonds/loans, 2) smartphone demand weakness, and 3) ASP/margin pressure on camera de-spec. We trimmed FY23-25E EPS by 4-38% to reflect 1H23 results and slower margin recovery.</li><li>While we are positive on Sunny’s 2H23E earnings recovery and non-smartphone outlook, we think the stock is fairly valued at 39.3x/24.9x FY23/24E P/E. </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.

Sunny announced a 1H23 profit warning, stating 1H23 net profit of RMB407- 475mn, down 65-70% YoY.The midpoint is 64%/60% below our/consensus estimates, mainly due to 1) a non-cash FX loss of RMB161.5mn on US$400mn/ 277mn USD bonds/loans, 2) smartphone demand weakness, and 3) ASP/margin pressure on camera de-spec. We trimmed FY23-25E EPS by 4-38% to reflect 1H23 results and slower margin recovery.While we are positive on Sunny’s 2H23E earnings recovery and non-smartphone outlook, we think the stock is fairly valued at 39.3x/24.9x FY23/24E P/E. 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.

Sunny Optical (2382 HK) – 1H23 Profit Warning Worse than Feared

<ul><li>Sunny will unveil 1H23E results in mid-Aug.</li><li>We estimate 1H23E revenue/net profit to decline 11%/10% YoY, -8%/+3% vs consensus estimate, given 1H23 inventory destocking and weak Android demand.</li><li>Looking into 2H23E, we expect channel restocking to kick off and camera spec migration will resume in flagship models (e.g. periscope/OIS) in 3Q23E. </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.

Sunny will unveil 1H23E results in mid-Aug.We estimate 1H23E revenue/net profit to decline 11%/10% YoY, -8%/+3% vs consensus estimate, given 1H23 inventory destocking and weak Android demand.Looking into 2H23E, we expect channel restocking to kick off and camera spec migration will resume in flagship models (e.g. periscope/OIS) in 3Q23E. 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.

Sunny Optical (2382 HK) – 1H23 Preview: Better ASP to Offset Shipment Weakness

<ul><li>We attended Sunny Optical’s Investor Day at its Yuyao headquarters.</li><li>Mgmt. shared the latest business opportunities and product strategies across handset lens, VLS/LiDAR/HUD/lighting, automotive-cam modules and XR/Robots. Key highlights include: 1) HCM/HLS: global No.1 and solid upgrade roadmap despite NT headwinds, 2) VLS: accelerated share gain to 38% in FY23E (vs. 31% in FY21), 3) Auto-module: EEA evolution and rising cam penetration to drive growth in intelligent driving/intelligent cabin; 4) XR: Apple Vision Pro to set new industry standard for supply chain (12 cam/1 SL/1 ToF/2IR).</li><li>Overall, despite smartphone NT weakness, we are positive on Sunny’s long-term strategic roadmap and huge opportunities in automobile/XR/Robot markets. </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 attended Sunny Optical’s Investor Day at its Yuyao headquarters.Mgmt. shared the latest business opportunities and product strategies across handset lens, VLS/LiDAR/HUD/lighting, automotive-cam modules and XR/Robots. Key highlights include: 1) HCM/HLS: global No.1 and solid upgrade roadmap despite NT headwinds, 2) VLS: accelerated share gain to 38% in FY23E (vs. 31% in FY21), 3) Auto-module: EEA evolution and rising cam penetration to drive growth in intelligent driving/intelligent cabin; 4) XR: Apple Vision Pro to set new industry standard for supply chain (12 cam/1 SL/1 ToF/2IR).Overall, despite smartphone NT weakness, we are positive on Sunny’s long-term strategic roadmap and huge opportunities in automobile/XR/Robot markets. 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.

Sunny Optical (2382 HK) – Well-Positioned to Capture Auto/XR/Robots Opportunities

<ul>
<li>Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.</li>
<li>We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.</li>
<li>We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. </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 is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.
We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.
We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. 

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 Technology – Apple MR: Long-awaited next “iPhone moment”

Thematic (Sector/Industry)

<ul>
<li>Apple reported FY1Q24 (CY4Q23) revenue of US$119.6bn (+2% YoY) and EPS of US$2.18 (+16% YoY), which are in line and 4% above consensus, mainly due to a favourable product mix and better leverage, despite weak China sales (- 12.9% YoY) and one less week of sales compared with last year.</li>
<li>For FY2Q24E, mgmt. expected overall revenue and iPhone sales to be both US$5bn less YoY due to a high base in CY1Q23 caused by iPhone supply constraints, while the service segment revenue should increase YoY at a similar double-digit growth rate compared with the Dec quarter.</li>
<li>Given Huawei’s comeback in China and a lack of foldable phones in 2024, we believe iPhone shipments will face challenges in the near term, and Apple may focus on improving its shipment mix towards higherend Pro models. </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 FY1Q24 (CY4Q23) revenue of US$119.6bn (+2% YoY) and EPS of US$2.18 (+16% YoY), which are in line and 4% above consensus, mainly due to a favourable product mix and better leverage, despite weak China sales (- 12.9% YoY) and one less week of sales compared with last year.
For FY2Q24E, mgmt. expected overall revenue and iPhone sales to be both US$5bn less YoY due to a high base in CY1Q23 caused by iPhone supply constraints, while the service segment revenue should increase YoY at a similar double-digit growth rate compared with the Dec quarter.
Given Huawei’s comeback in China and a lack of foldable phones in 2024, we believe iPhone shipments will face challenges in the near term, and Apple may focus on improving its shipment mix towards higherend Pro models. 

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 FY1Q24 Beat on Better Margins and Resilient Service Revenue

China

Sunny Optical Technology Group Co., Limited designs and manufactures optical and optical related products. The Company's products include glass/plastic lenses, prisms, mobile phone camera modules, microscopes, surveying instruments, and other analytical instruments.

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