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 will report its FY22 results on 21 Mar.</li><li>We estimate revenue/net profit to decline 21%/52% YoY, largely in-line with profit warning (down 50-55% YoY) announced earlier.</li><li>Given recent Android destocking and apple order correction, we expect HCM/HLS shipment weakness to persist into 1H23E. </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 report its FY22 results on 21 Mar.We estimate revenue/net profit to decline 21%/52% YoY, largely in-line with profit warning (down 50-55% YoY) announced earlier.Given recent Android destocking and apple order correction, we expect HCM/HLS shipment weakness to persist into 1H23E. 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) – FY22E preview; Bumpy recovery in 2023

<ul><li>Sunny Optical announced FY22 profit warnings with net profit decline of 50-55% YoY, and the mid-point is 11%/22% below our/consensus estimates.</li><li>The miss was mainly due to weak smartphone demand, cam de-spec and RMB353mn unrealised FX loss (US$600mn bond) on RMB depreciation.</li><li>This echoes our previous view that sluggish shipment and intense competition would lead to margin downside in 2H22. </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 announced FY22 profit warnings with net profit decline of 50-55% YoY, and the mid-point is 11%/22% below our/consensus estimates.The miss was mainly due to weak smartphone demand, cam de-spec and RMB353mn unrealised FX loss (US$600mn bond) on RMB depreciation.This echoes our previous view that sluggish shipment and intense competition would lead to margin downside in 2H22. 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) – FY22 profit warning below expectations; Still too early to bottom fish

Thematic (Sector/Industry)

<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>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 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

<ul><li>IDC released 4Q22 global smartphone shipment with 18% YoY decline (vs -9.3% in 3Q22), mainly due to weak consumer demand, rising inflation and China COVID-19 impact.</li><li>For 2022, global smartphone shipment fell 11% YoY to 1.21bn unit, marking the lowest annual shipment since 2013.</li><li>By brand, Apple/ Samsung/Xiaomi/Oppo/Vivo declined 15%/16%/26%/16%/19% YoY in 4Q22.</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.

IDC released 4Q22 global smartphone shipment with 18% YoY decline (vs -9.3% in 3Q22), mainly due to weak consumer demand, rising inflation and China COVID-19 impact.For 2022, global smartphone shipment fell 11% YoY to 1.21bn unit, marking the lowest annual shipment since 2013.By brand, Apple/ Samsung/Xiaomi/Oppo/Vivo declined 15%/16%/26%/16%/19% YoY in 4Q22.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 - 4Q22 Global Smartphone Shipment Down 18% YoY

<ul><li>Sunny Optical reported Dec HLS/HCM shipment with 40%/29% YoY decline (vs -26%/-23% in Nov), below our expectations mainly due to Android inventory destocking and order correction after a soft holiday season.</li><li>In addition, VLS shipment decelerated to 1% YoY in Dec (vs 47% YoY in Nov).</li><li>Our below consensus EPS (10%/8% below in FY22/23E) mainly reflected our concerns on continued shipment/margin pressure into 1H23E. </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 reported Dec HLS/HCM shipment with 40%/29% YoY decline (vs -26%/-23% in Nov), below our expectations mainly due to Android inventory destocking and order correction after a soft holiday season.In addition, VLS shipment decelerated to 1% YoY in Dec (vs 47% YoY in Nov).Our below consensus EPS (10%/8% below in FY22/23E) mainly reflected our concerns on continued shipment/margin pressure into 1H23E. 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) – Shipment Weakness Likely to Persist into 1Q23E

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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Sunny Optical Technology Group (2382 HK)

Sunny Optical (2382 HK) – FY22E preview; Bumpy recovery in 2023

Sunny will report its FY22 results on 21 Mar. We estimate revenue/net profit to decline 21%/52% YoY, largely in-line with profit warning (down 50...

CMB International

Sunny Optical (2382 HK) – FY22 profit warning below expectations; Still too early to bottom fish

Sunny Optical announced FY22 profit warnings with net profit decline of 50-55% YoY, and the mid-point is 11%/22% below our/consensus estimates

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

China Technology - 4Q22 Global Smartphone Shipment Down 18% YoY

IDC released 4Q22 global smartphone shipment with 18% YoY decline (vs -9.3% in 3Q22), mainly due to weak consumer demand, rising inflation and...

CMB International

Sunny Optical (2382 HK) – Shipment Weakness Likely to Persist into 1Q23E

Sunny Optical reported Dec HLS/HCM shipment with 40%/29% YoY decline (vs -26%/-23% in Nov), below our expectations mainly due to Android inventory...

CMB International

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