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 / Equity Bottom-Up

<ul><li>We hosted Sunny Optical at CMBI Technology Corporate Day on 25 Jun, with strong client interest and positive takeaways.</li><li>Key highlights: 1) smartphone market: mgmt. raised global/China smartphone shipment forecast by 1.7%/1.1% to 1.17bn/ 276mn (+3.5%/0.4% YoY) at Investor Day in Jun; 2) HCM/HLS: ASP/GPM recovery on track in 2024 driven by spec upgrade (e.g. AI phones), easing competition, high-end customer share gains and higher utilisation; 3) auto VLS: 40%+ GPM maintained and auto module growth to drive profitability; and 4) XR biz: diffractive waveguide to become mainstream in XR devices and positive on AR Glass as the next computing platform.</li><li>Overall, we believe Sunny will benefit from the next AI-driven spec upgrade cycle given its technology leadership, strong product roadmap and strong client base.</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 Sunny Optical at CMBI Technology Corporate Day on 25 Jun, with strong client interest and positive takeaways.Key highlights: 1) smartphone market: mgmt. raised global/China smartphone shipment forecast by 1.7%/1.1% to 1.17bn/ 276mn (+3.5%/0.4% YoY) at Investor Day in Jun; 2) HCM/HLS: ASP/GPM recovery on track in 2024 driven by spec upgrade (e.g. AI phones), easing competition, high-end customer share gains and higher utilisation; 3) auto VLS: 40%+ GPM maintained and auto module growth to drive profitability; and 4) XR biz: diffractive waveguide to become mainstream in XR devices and positive on AR Glass as the next computing platform.Overall, we believe Sunny will benefit from the next AI-driven spec upgrade cycle given its technology leadership, strong product roadmap and strong client base.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) - Positive on High-End Upgrade

<ul><li>We attended Sunny Optical’s Investor Day at its Yuyao headquarters.</li><li>Overall, while shipment guidance remained unchanged, we are encouraged by Sunny’s positive view on smartphone recovery and accelerated upgrade in high-end models in 2H24E.</li><li>Key highlights include 1) global No.1 position across smartphone HCM/HLS and auto lens sets, 2) breakthroughs in high-end ADAS/LiDAR/HUD markets (esp hybrid auto lens), 3) opportunities in visual inputs and edge AI (AI phone, robotics).</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.Overall, while shipment guidance remained unchanged, we are encouraged by Sunny’s positive view on smartphone recovery and accelerated upgrade in high-end models in 2H24E.Key highlights include 1) global No.1 position across smartphone HCM/HLS and auto lens sets, 2) breakthroughs in high-end ADAS/LiDAR/HUD markets (esp hybrid auto lens), 3) opportunities in visual inputs and edge AI (AI phone, robotics).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) - High-End Upgrade to Accelerate in 2H24E

<ul><li>Sunny Optical (Sunny)’s FY23 net profit was largely in-line with profit warning, but 2H23 GPM of 14.1% (vs 19% in 2H22) was below expectations due to more intense competition despite spec upgrade and more high-end models in 2H23.</li><li>For 2024 guidance, while mgmt. is conservative on HCM/HLS/VLS shipment, Sunny is positive on smartphone ASP, high-end HLS ramp-up, stable VLS/XR growth, and better GPM recovery in 2H24E.</li><li>We trimmed FY24/25E EPS by 35%/27% to factor in weak 2023 GPM and conservative guidance. </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 Optical (Sunny)’s FY23 net profit was largely in-line with profit warning, but 2H23 GPM of 14.1% (vs 19% in 2H22) was below expectations due to more intense competition despite spec upgrade and more high-end models in 2H23.For 2024 guidance, while mgmt. is conservative on HCM/HLS/VLS shipment, Sunny is positive on smartphone ASP, high-end HLS ramp-up, stable VLS/XR growth, and better GPM recovery in 2H24E.We trimmed FY24/25E EPS by 35%/27% to factor in weak 2023 GPM and conservative guidance. 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) - Expectations Reset on Conservative Guidance; Maintain HOLD

<ul><li>Sunny reported a FY23E profit warning with earnings decline of 50-55% YoY, 23%/18% below our/consensus estimates on weak smartphone demand, intense competition, and the de-spec trend.</li><li>While we remain positive on Android recovery, gains of share of supply to Apple, and spec upgrade in FY24E, we believe consensus estimates are too bullish on margins and ASP recovery.</li><li>We cut FY24/25E EPS by 20%/19% to factor in the results miss and slower ASP/margin recovery in FY24-25E.</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 reported a FY23E profit warning with earnings decline of 50-55% YoY, 23%/18% below our/consensus estimates on weak smartphone demand, intense competition, and the de-spec trend.While we remain positive on Android recovery, gains of share of supply to Apple, and spec upgrade in FY24E, we believe consensus estimates are too bullish on margins and ASP recovery.We cut FY24/25E EPS by 20%/19% to factor in the results miss and slower ASP/margin recovery in FY24-25E.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) - 2023 Profit Warning Worse than Feared

<ul><li>We are positive on post-destocking shipment recovery and industry-wise spec upgrade trend driven by recent Huawei/Apple flagship models (Mate Pro 60/ iPhone 15 Pro Max).</li><li>For Sunny, we also expect blended ASP recovery, Apple/ Huawei order wins and easing competition to drive earnings in 2H23/2024.</li><li>However, in the near term, we believe recent stock rallies have factored in these positives, and Sunny’s Sep HLS/HCM shipment growth of 17%/41% YoY was largely in-line mainly on Apple/Huawei restocking and low base vs 2022. </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 are positive on post-destocking shipment recovery and industry-wise spec upgrade trend driven by recent Huawei/Apple flagship models (Mate Pro 60/ iPhone 15 Pro Max).For Sunny, we also expect blended ASP recovery, Apple/ Huawei order wins and easing competition to drive earnings in 2H23/2024.However, in the near term, we believe recent stock rallies have factored in these positives, and Sunny’s Sep HLS/HCM shipment growth of 17%/41% YoY was largely in-line mainly on Apple/Huawei restocking and low base vs 2022. 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) – Positive on Shipment Recovery and Upgrade Trend

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)

Sunny Optical (2382 HK) - Positive on High-End Upgrade

Overall, we believe Sunny will benefit from the next AI-driven spec upgrade cycle given its technology leadership, strong product roadmap and...

CMB International

Sunny Optical (2382 HK) - High-End Upgrade to Accelerate in 2H24E

Overall, while shipment guidance remained unchanged, we are encouraged by Sunny’s positive view on smartphone recovery and accelerated upgrade in...

CMB International

Sunny Optical (2382 HK) - Expectations Reset on Conservative Guidance; Maintain HOLD

Sunny Optical (Sunny)’s FY23 net profit was largely in-line with profit warning, but 2H23 GPM of 14.1% (vs 19% in 2H22) was below expectations due...

CMB International

Sunny Optical (2382 HK) - 2023 Profit Warning Worse than Feared

Sunny reported a FY23E profit warning with earnings decline of 50-55% YoY, 23%/18% below our/consensus estimates on weak smartphone demand, intense...

CMB International

Sunny Optical (2382 HK) – Positive on Shipment Recovery and Upgrade Trend

We are positive on post-destocking shipment recovery and industry-wise spec upgrade trend driven by recent Huawei/Apple flagship models (Mate Pro...

CMB International

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