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 introduced four new iPhone 15 models (15/15 Plus, 15 Pro/Pro Max), featuring major camera upgrade (periscope lens), 3nm A17 Pro chips, titanium alloy casing, USB-C socket, customizable action button, and spatial video support for Vision Pro display.</li><li>Apple also updated two Apple Watch (Series 9, Ultra 2). We believe most spec are in-line with expectations, and no price hike for all models (same storage) will be positive to share gain.</li><li>For stocks, given major upgrades in camera, USB-C and mid-frame casing, we prefer Apple supply chain such as Luxshare for iPhone/Watch OEM share gain, BYDE for titanium casing upgrade trend (Jabil), Tongda for structural component upgrade, FIT Hon Teng for USB-C adoption, and Sunny Optical/Cowell for improved camera (periscope).</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 introduced four new iPhone 15 models (15/15 Plus, 15 Pro/Pro Max), featuring major camera upgrade (periscope lens), 3nm A17 Pro chips, titanium alloy casing, USB-C socket, customizable action button, and spatial video support for Vision Pro display.Apple also updated two Apple Watch (Series 9, Ultra 2). We believe most spec are in-line with expectations, and no price hike for all models (same storage) will be positive to share gain.For stocks, given major upgrades in camera, USB-C and mid-frame casing, we prefer Apple supply chain such as Luxshare for iPhone/Watch OEM share gain, BYDE for titanium casing upgrade trend (Jabil), Tongda for structural component upgrade, FIT Hon Teng for USB-C adoption, and Sunny Optical/Cowell for improved camera (periscope).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 Launch Event: IPhone 15/Apple Watch Inline

Equity Bottom-Up

Sunny Optical Technology Group / Equity Bottom-Up

<ul><li>While we expect HLS/HCM shipment to recover sequentially into 2H23E driven by channel restocking and major clients’ order ramp-up, we believe 2H23E margin recovery will be slower-than-expected, dragged by limited spec upgrade and slow utilization recovery.</li><li>We revised down FY23-25E EPS by 9-18% to reflect 1H23 results and more conservative margin estimates.</li><li>We maintain our positive view on automobile/XR upside, but we believe a bumpy 2H23 will remain an overhang for the stock. </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.

While we expect HLS/HCM shipment to recover sequentially into 2H23E driven by channel restocking and major clients’ order ramp-up, we believe 2H23E margin recovery will be slower-than-expected, dragged by limited spec upgrade and slow utilization recovery.We revised down FY23-25E EPS by 9-18% to reflect 1H23 results and more conservative margin estimates.We maintain our positive view on automobile/XR upside, but we believe a bumpy 2H23 will remain an overhang for the stock. 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) – Expect Shipment Recovery on Track in 2H23E

<ul><li>While Sunny’s 1H23 net profit decline of 68% YoY is in-line with our estimate and its profit warning (down 65-70% YoY), its 1H23 GPM of 14.9% is well below our/consensus estimate of 17.2%/17.1%, given demand weakness, lower utilization and de-spec trend.</li><li>We expect 2H23E HCM/HLS shipment will recover YoY/QoQ given restocking and low base effect in 1H22, but margin will remain under pressure given slow demand recovery and limited spec upgrade.</li><li>In the long term, we are positive on auto/LiDAR/HUD/AR/VR to drive future growth. Trading at 36.5x/23.1x FY23/24E P/E, we think the stock is fairly valued. </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.

While Sunny’s 1H23 net profit decline of 68% YoY is in-line with our estimate and its profit warning (down 65-70% YoY), its 1H23 GPM of 14.9% is well below our/consensus estimate of 17.2%/17.1%, given demand weakness, lower utilization and de-spec trend.We expect 2H23E HCM/HLS shipment will recover YoY/QoQ given restocking and low base effect in 1H22, but margin will remain under pressure given slow demand recovery and limited spec upgrade.In the long term, we are positive on auto/LiDAR/HUD/AR/VR to drive future growth. Trading at 36.5x/23.1x FY23/24E P/E, we think the stock is fairly valued. 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 First Take: In-Line with Profit Warning

Apple Hospitality Reit / Equity Bottom-Up

<ul><li>Apple reported FY3Q23 (CY2Q23) results with EPS of US$1.26 (+5% YoY) and revenue of US$81.8bn (-1.4% YoY), which are 5% and 0.3% above consensus, mainly driven by record revenue from Service, offsetting sluggish iPhone/Mac /iPad sales.</li><li>Looking into FY4Q23E, mgmt. expects revenue to show similar YoY revenue decline (-1% YoY), while iPhone/services will accelerate YoY growth and iPad/Mac will post double-digit decline.</li><li>Given resilient outlook and iPhone’s share gain amid macro headwinds, we remain positive on Apple supply chain over Android camp in 2H23E with upcoming catalysts from iPhone 15 launch in Sep. </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 FY3Q23 (CY2Q23) results with EPS of US$1.26 (+5% YoY) and revenue of US$81.8bn (-1.4% YoY), which are 5% and 0.3% above consensus, mainly driven by record revenue from Service, offsetting sluggish iPhone/Mac /iPad sales.Looking into FY4Q23E, mgmt. expects revenue to show similar YoY revenue decline (-1% YoY), while iPhone/services will accelerate YoY growth and iPad/Mac will post double-digit decline.Given resilient outlook and iPhone’s share gain amid macro headwinds, we remain positive on Apple supply chain over Android camp in 2H23E with upcoming catalysts from iPhone 15 launch in Sep. 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 FY3Q23 In-Line on Record-High Service Offsetting Soft IPhone/Mac/IPad Sales

<ul><li>2Q23 global smartphone shipment posted 7.8% YoY decline, which narrowed from -14.6%/-18.3% YoY in 1Q23/4Q22, based on IDC.</li><li>Despite shipment weakness in 1H23, inventory level started to normalize in 2Q23, and we expect supply chain restocking will lead to positive YoY growth in 4Q23E.</li><li>In particular, China market outperformed in 2Q23 with -2.1% YoY (vs. -12.1%/-12.8% YoY in 1Q23/ 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.

2Q23 global smartphone shipment posted 7.8% YoY decline, which narrowed from -14.6%/-18.3% YoY in 1Q23/4Q22, based on IDC.Despite shipment weakness in 1H23, inventory level started to normalize in 2Q23, and we expect supply chain restocking will lead to positive YoY growth in 4Q23E.In particular, China market outperformed in 2Q23 with -2.1% YoY (vs. -12.1%/-12.8% YoY in 1Q23/ 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 – 2Q23 Global Smartphone Shipment Decline Narrowed

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)

China Technology – Apple Launch Event: IPhone 15/Apple Watch Inline

Apple also updated two Apple Watch (Series 9, Ultra 2). We believe most spec are in-line with expectations, and no price hike for all models (same...

CMB International

Sunny Optical (2382 HK) – Expect Shipment Recovery on Track in 2H23E

We maintain our positive view on automobile/XR upside, but we believe a bumpy 2H23 will remain an overhang for the stock.

CMB International

Sunny Optical (2382 HK) – 1H23 First Take: In-Line with Profit Warning

In the long term, we are positive on auto/LiDAR/HUD/AR/VR to drive future growth. Trading at 36.5x/23.1x FY23/24E P/E, we think the stock is fairly...

CMB International

Apple FY3Q23 In-Line on Record-High Service Offsetting Soft IPhone/Mac/IPad Sales

Apple reported FY3Q23 (CY2Q23) results with EPS of US$1.26 (+5% YoY) and revenue of US$81.8bn (-1.4% YoY), which are 5% and 0.3% above consensus,...

CMB International

China Technology – 2Q23 Global Smartphone Shipment Decline Narrowed

2Q23 global smartphone shipment posted 7.8% YoY decline, which narrowed from -14.6%/-18.3% YoY in 1Q23/4Q22, based on IDC.

CMB International

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