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 announced its first MR product Vision Pro, new MacBook Air and Mac Studio in WWDC 2023, in-line with market expectations.</li><li>Vision Pro features dual Apple silicon chips M2&amp;R1, 4K micro-OLED displays, 15+ cameras/ sensors, gesture-based control and external battery pack, but high price tag at USD 3499 and early 2024 availability are below expectations, leading to profit taking pressure on tech sector today.</li><li>Despite its high selling price, we remain positive on Apple’s first-gen MR shipment of 200-300k in 1H24E, and expect it to gradually ramp up to 10mn+ level in next few years after more affordable model launches in 2025/26. </li></ul><p><em>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.</em></p>

Apple announced its first MR product Vision Pro, new MacBook Air and Mac Studio in WWDC 2023, in-line with market expectations.Vision Pro features dual Apple silicon chips M2&amp;R1, 4K micro-OLED displays, 15+ cameras/ sensors, gesture-based control and external battery pack, but high price tag at USD 3499 and early 2024 availability are below expectations, leading to profit taking pressure on tech sector today.Despite its high selling price, we remain positive on Apple’s first-gen MR shipment of 200-300k in 1H24E, and expect it to gradually ramp up to 10mn+ level in next few years after more affordable model launches in 2025/26. 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 WWDC 2023: Vision Pro and more

<ul><li>Apple reported FY2Q23 (CY1Q23) with EPS of US$1.53 (-1% YoY) and revenue of US$94.8bn (-3% YoY), which are 7% and 2% above consensus, mainly driven by strong iPhone sales in emerging markets and record revenue from Service, partially offset by FX headwinds and weak macro on Mac/iPad sales.</li><li>Looking into FY3Q23E, mgmt. expects revenue to perform similarly to FY2Q23 with macro/FX pressure.</li><li>Given resilient outlook and iPhone’s share gain during industry downcycle, we remain positive on Apple supply chain over Android camp in 2H23E with upcoming catalysts from MR device launch in WWDC in June. </li></ul><p><em>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.</em></p>

Apple reported FY2Q23 (CY1Q23) with EPS of US$1.53 (-1% YoY) and revenue of US$94.8bn (-3% YoY), which are 7% and 2% above consensus, mainly driven by strong iPhone sales in emerging markets and record revenue from Service, partially offset by FX headwinds and weak macro on Mac/iPad sales.Looking into FY3Q23E, mgmt. expects revenue to perform similarly to FY2Q23 with macro/FX pressure.Given resilient outlook and iPhone’s share gain during industry downcycle, we remain positive on Apple supply chain over Android camp in 2H23E with upcoming catalysts from MR device launch in WWDC in June. 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 Sector – Apple FY2Q23 Beat on Strong IPhone and EM

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<div><div><div><div><ul><li>Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.</li><li>DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.</li><li>EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.</li></ul></div></div></div></div>

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.

Smartphone – Global Vs China Decelerated Downtrends

<ul><li>After a strong rally driven by AI/ChatGPT theme in past three months (note in Feb), we believe most near-term positives have been priced in AI-tech value chain (+65%/146%/45%/62% YTD for chip/optical/PCB/server), and we expect profit-taking pressure ahead of 1Q23 earnings season in late April.</li><li>We suggest to switch into three themes we addressed in Jan (note) which will continue to drive supply chain opportunities into 2Q23E, including demand recovery, MR innovation and localisation.</li><li>We recommend to focus on recovery plays (Sunny Optical, SG Micro and 3Peak), innovation (Cowell, Luxshare, Goertek for MR) and semi localization (Hua Hong Semi, NAURA, AMEC).</li></ul><p><em>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.</em></p>

After a strong rally driven by AI/ChatGPT theme in past three months (note in Feb), we believe most near-term positives have been priced in AI-tech value chain (+65%/146%/45%/62% YTD for chip/optical/PCB/server), and we expect profit-taking pressure ahead of 1Q23 earnings season in late April.We suggest to switch into three themes we addressed in Jan (note) which will continue to drive supply chain opportunities into 2Q23E, including demand recovery, MR innovation and localisation.We recommend to focus on recovery plays (Sunny Optical, SG Micro and 3Peak), innovation (Cowell, Luxshare, Goertek for MR) and semi localization (Hua Hong Semi, NAURA, AMEC).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 – Switching from AI/ChatGPT to Demand Recovery

<ul><li>Apple reported a FY1Q (CY4Q22) with EPS of US$1.88 (-10% YoY) and revenue of US$117.2bn (-5% YoY), which are 3.1% and 3.3% below consensus, largely due to weak macro and iPhone 14 Pro/Max supply chain constraints on COVID-19 in China.</li><li>Looking into FY2Q23, mgmt. expected revenue to perform similarly to FY1Q23 (-5% YoY) with iPhone to accelerate and Mac/iPad to decline double digit YoY.</li><li>Given the challenging revenue outlook, we expect near-term profit taking on slower iPhone/Mac/iPad, but we remain positive on Apple supply chain over Android camp in 2H23E, given iPhone replacement cycle and share gain from Samsung/Android camp. </li></ul><p><em>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.</em></p>

Apple reported a FY1Q (CY4Q22) with EPS of US$1.88 (-10% YoY) and revenue of US$117.2bn (-5% YoY), which are 3.1% and 3.3% below consensus, largely due to weak macro and iPhone 14 Pro/Max supply chain constraints on COVID-19 in China.Looking into FY2Q23, mgmt. expected revenue to perform similarly to FY1Q23 (-5% YoY) with iPhone to accelerate and Mac/iPad to decline double digit YoY.Given the challenging revenue outlook, we expect near-term profit taking on slower iPhone/Mac/iPad, but we remain positive on Apple supply chain over Android camp in 2H23E, given iPhone replacement cycle and share gain from Samsung/Android camp. 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 Sector – Apple FY1Q23 Miss on Macro and Supply Chain Issues

China

Sunny Optical Technology (Group) Co., Ltd. is a leading global manufacturer of integrated optical components and products. The company designs, researches, develops, manufactures, and sells optical and optical-related products, including lenses for handsets, vehicles, and security, as well as camera modules, vehicle modules, microscopes, and intelligent inspection equipment. It is headquartered in Yuyao, Zhejiang, China, and was founded in 1984.

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Sunny Optical Technology (2382 HK)

China Technology – Apple WWDC 2023: Vision Pro and more

Apple announced its first MR product Vision Pro, new MacBook Air and Mac Studio in WWDC 2023, in-line with market expectations.

CMB International

China Technology Sector – Apple FY2Q23 Beat on Strong IPhone and EM

Apple reported FY2Q23 (CY1Q23) with EPS of US$1.53 (-1% YoY) and revenue of US$94.8bn (-3% YoY), which are 7% and 2% above consensus

CMB International

Smartphone – Global Vs China Decelerated Downtrends

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline. DMs like US & W Europe did better with more material...

Quam Securities

China Technology – Switching from AI/ChatGPT to Demand Recovery

After a strong rally driven by AI/ChatGPT theme in past three months (note in Feb), we believe most near-term positives have been priced in AI-tech...

CMB International

China Technology Sector – Apple FY1Q23 Miss on Macro and Supply Chain Issues

Apple reported a FY1Q (CY4Q22) with EPS of US$1.88 (-10% YoY) and revenue of US$117.2bn (-5% YoY), which are 3.1% and 3.3% below consensus

CMB International

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