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>Sunny’s 2H25 revenue/net profit grew 21%/85% YoY to RMB23.6bn/3.0bn, with net profit largely in-line with prior positive profit alert (RMB2.94-3.08bn) and our estimates, but 44% above consensus estimates due to one-off investment gain from equity interests in Goertek Optical.</li><li>Looking into 2026, mgmt. guided revenue/net profit growth of not less than 7%/7% YoY, driven by smartphone revenue +5-10% YoY (ASP hike and share gains) and IoT revenue of 60% YoY, offsetting weaker XR segment.</li><li>We believe Sunny’s focus on high-end spec upgrade and strong IoT product pipeline will become major growth drivers in 2026 despite near-term smartphone/auto industry headwinds. </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’s 2H25 revenue/net profit grew 21%/85% YoY to RMB23.6bn/3.0bn, with net profit largely in-line with prior positive profit alert (RMB2.94-3.08bn) and our estimates, but 44% above consensus estimates due to one-off investment gain from equity interests in Goertek Optical.Looking into 2026, mgmt. guided revenue/net profit growth of not less than 7%/7% YoY, driven by smartphone revenue +5-10% YoY (ASP hike and share gains) and IoT revenue of 60% YoY, offsetting weaker XR segment.We believe Sunny’s focus on high-end spec upgrade and strong IoT product pipeline will become major growth drivers in 2026 despite near-term smartphone/auto industry headwinds. 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) - 2026 Guidance Better-Than-Feared...

<ul><li>Sunny announced a FY25E positive profit alert with net profit growth of 70-75% YoY, driven by high-end spec upgrade, improved product mix and investment income from the deal for Goertek Optical Tech.</li><li>Excluding one-off gains of RMB919mn, mid-point of net profit is largely in-line with our/Bloomberg consensus estimates.</li><li>For 2026, we expect the smart driving trend (auto VLS/CCM), AI/AR glasses ramp-up and high-end camera spec upgrade to drive revenue growth, offsetting smartphone weakness on memory cost pressure. </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 FY25E positive profit alert with net profit growth of 70-75% YoY, driven by high-end spec upgrade, improved product mix and investment income from the deal for Goertek Optical Tech.Excluding one-off gains of RMB919mn, mid-point of net profit is largely in-line with our/Bloomberg consensus estimates.For 2026, we expect the smart driving trend (auto VLS/CCM), AI/AR glasses ramp-up and high-end camera spec upgrade to drive revenue growth, offsetting smartphone weakness on memory cost pressure. 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) - FY25E Profit Alert In-Line...

Thematic (Sector/Industry)

<ul><li>Apple announced the iPhone 17e and the M4 iPad Air, with spec/features largely in-line with market expectations.</li><li>That said, we have identified several major positives: 1) iPhone 17e: the same starting price at US$599 while doubling base storage to 256GB (vs. 128GB starting iPhone 16e storage);</li><li>2) M4 iPad Air: massive performance leap with M4 chip, an increased 12GB of RAM and N1/C1X connectivity chips at unchanged starting prices (US$599 for 11 inch, US$799 for 13 inch)</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 announced the iPhone 17e and the M4 iPad Air, with spec/features largely in-line with market expectations.That said, we have identified several major positives: 1) iPhone 17e: the same starting price at US$599 while doubling base storage to 256GB (vs. 128GB starting iPhone 16e storage);2) M4 iPad Air: massive performance leap with M4 chip, an increased 12GB of RAM and N1/C1X connectivity chips at unchanged starting prices (US$599 for 11 inch, US$799 for 13 inch)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 - IPhone 17e and M4 IPad Air Debut with Aggressive Value Proposition Is Positive...

<ul><li>Apple (AAPL US, NR) reported upbeat FY1Q26 (CY4Q25) results with revenue growth of 16% YoY, 4% above consensus, driven by strong iPhone sales (+23% YoY) and China recovery (+38% YoY, vs -4% in FY4Q), while GPM further expanded to 48.2% thanks to favourable mix and leverage.</li><li>For FY2Q26E, mgmt. guided revenue growth of 13-16% YoY and resilient GPM of 48-49% despite memory headwinds. Looking into 2026, we expect “strong iPhone cycle, strong price cycle” to continue given iPhone Fold/18 upgrade, high-end market share gains and Google AI partnership.</li><li>We believe Apple is better positioned to navigate memory headwinds than peers given its supply chain leverage and strong pricing power, and we prefer stocks with content/share gains in new product cycles (iPhone Fold/smart home/AI glasses), including Luxshare, AAC, FIT and BYDE.</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 (AAPL US, NR) reported upbeat FY1Q26 (CY4Q25) results with revenue growth of 16% YoY, 4% above consensus, driven by strong iPhone sales (+23% YoY) and China recovery (+38% YoY, vs -4% in FY4Q), while GPM further expanded to 48.2% thanks to favourable mix and leverage.For FY2Q26E, mgmt. guided revenue growth of 13-16% YoY and resilient GPM of 48-49% despite memory headwinds. Looking into 2026, we expect “strong iPhone cycle, strong price cycle” to continue given iPhone Fold/18 upgrade, high-end market share gains and Google AI partnership.We believe Apple is better positioned to navigate memory headwinds than peers given its supply chain leverage and strong pricing power, and we prefer stocks with content/share gains in new product cycles (iPhone Fold/smart home/AI glasses), including Luxshare, AAC, FIT and BYDE.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 FY1Q26 and Guidance Beat; Positive on Strong IPhone Cycle...

<ul><li>Following our note last week, we received investor questions focused on 1) “20% US content rule” exemptions, 2) impact of China 34% tariff' on the US, 3) Vietnam proposed 0% tariff, 4) de-minimis rule removal, 5) bottom-fishing opportunities, and 6) company feedback/response on the new tariff. Below we offer perspectives on investor FAQs regarding the implications.</li><li>Despite sector valuation still being 15-20% away from the historical trough now, we would start to look for some quality names to accumulate on further weakness, including Xiaomi, AAC, Sunny Optical, BYDE and Q-tech.</li><li>“20% US content rule” exemptions in “Annex III” sub-document? The US White House published a sub-document, Annex II, for the US Reciprocal Tariffs.</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.

Following our note last week, we received investor questions focused on 1) “20% US content rule” exemptions, 2) impact of China 34% tariff' on the US, 3) Vietnam proposed 0% tariff, 4) de-minimis rule removal, 5) bottom-fishing opportunities, and 6) company feedback/response on the new tariff. Below we offer perspectives on investor FAQs regarding the implications.Despite sector valuation still being 15-20% away from the historical trough now, we would start to look for some quality names to accumulate on further weakness, including Xiaomi, AAC, Sunny Optical, BYDE and Q-tech.“20% US content rule” exemptions in “Annex III” sub-document? The US White House published a sub-document, Annex II, for the US Reciprocal Tariffs.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 - US Tariff Updates: Addressing FAQs After a Volatile Day

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) - 2026 Guidance Better-Than-Feared...

Sunny’s 2H25 revenue/net profit grew 21%/85% YoY to RMB23.6bn/3.0bn, with net profit largely in-line with prior positive profit alert (RMB2.94...

CMB International

Sunny Optical (2382 HK) - FY25E Profit Alert In-Line...

Sunny announced a FY25E positive profit alert with net profit growth of 70-75% YoY, driven by high-end spec upgrade, improved product mix and...

CMB International

Technology - IPhone 17e and M4 IPad Air Debut with Aggressive Value Proposition Is Positive...

That said, we have identified several major positives: 1) iPhone 17e: the same starting price at US$599 while doubling base storage to 256GB (vs....

CMB International

Technology - Apple FY1Q26 and Guidance Beat; Positive on Strong IPhone Cycle...

Apple (AAPL US, NR) reported upbeat FY1Q26 (CY4Q25) results with revenue growth of 16% YoY, 4% above consensus, driven by strong iPhone sales (+23%...

CMB International

Technology - US Tariff Updates: Addressing FAQs After a Volatile Day

Following our note last week, we received investor questions focused on 1) “20% US content rule” exemptions, 2) impact of China 34% tariff' on the...

CMB International

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