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

<ul><li>CSP3 (Three Cloud Service Providers, namely Google, Microsoft and Amazon) plus Meta have announced their earnings recently.</li><li>The Big Four spent an aggregate of US$52.9bn in capex in 2Q24 (vs. previous Bloomberg consensus est. of US$50.6bn), representing a surge of 57.1% following 30.4% growth in 1Q24.</li><li>The growth is on an already-high base after three years of growth hikes in capex (38%/34%/19% YoY) from 2020-22 and reaching a nearly historical peak (US$148bn) in 2023. </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.

CSP3 (Three Cloud Service Providers, namely Google, Microsoft and Amazon) plus Meta have announced their earnings recently.The Big Four spent an aggregate of US$52.9bn in capex in 2Q24 (vs. previous Bloomberg consensus est. of US$50.6bn), representing a surge of 57.1% following 30.4% growth in 1Q24.The growth is on an already-high base after three years of growth hikes in capex (38%/34%/19% YoY) from 2020-22 and reaching a nearly historical peak (US$148bn) in 2023. 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.

Innolight (300308 CH) - Fundamentals Remain Strong Despite Recent Market Volatility, Reiterate BUY

Thematic (Sector/Industry)

<ul><li>Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.</li><li>AI demand remains strong, and Nvidia still dominates the AI chip market with over 90% market share, per GlobalData.</li><li>However, Nvidia’s QoQ revenue growth has slowed (2QFY24-1QFY25: 88%/34%/22%/18%) in the past few quarters given a high base (quarterly sales almost quadrupled to US$26bn in 1QFY25 from US$7bn in 1QFY24). </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.

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.AI demand remains strong, and Nvidia still dominates the AI chip market with over 90% market share, per GlobalData.However, Nvidia’s QoQ revenue growth has slowed (2QFY24-1QFY25: 88%/34%/22%/18%) in the past few quarters given a high base (quarterly sales almost quadrupled to US$26bn in 1QFY25 from US$7bn in 1QFY24). 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.

Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

<ul><li>Broadcom (AVGO US, NR) delivered a robust financial performance in 2Q24.</li><li>Quarterly revenue and non-GAAP net profit were US$12.5bn and US$5.4bn respectively, beating Bloomberg consensus by 4% and 2%.</li><li>AI remained the spotlight with revenue topping US$3.1bn in 2Q24, up 280% YoY and 35% QoQ. </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.

Broadcom (AVGO US, NR) delivered a robust financial performance in 2Q24.Quarterly revenue and non-GAAP net profit were US$12.5bn and US$5.4bn respectively, beating Bloomberg consensus by 4% and 2%.AI remained the spotlight with revenue topping US$3.1bn in 2Q24, up 280% YoY and 35% QoQ. 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.

Semiconductors - Broadcom 2Q24 Earnings Surged on AI Power and VMware Integration

<ul><li>Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24).</li><li>FY1Q25 revenue beat Bloomberg consensus of US$24.7bn by 5.5%.</li><li>Data center revenue continued to soar and topped US$22.6bn, up 426.7% YoY and 22.6% QoQ (26.8% QoQ in FY4Q24).</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.

Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24).FY1Q25 revenue beat Bloomberg consensus of US$24.7bn by 5.5%.Data center revenue continued to soar and topped US$22.6bn, up 426.7% YoY and 22.6% QoQ (26.8% QoQ in FY4Q24).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.

Semi - Nvidia: To keep growing for longer

<ul><li>Innolight has recently released results for FY23 and 1Q24, exceeding both our and market’s expectations.</li><li>For FY23, the company's revenue grew by 11.2% YoY to RMB10.7bn, with net profit soaring by 77.6% YoY to RMB2.2bn.</li><li>1Q saw even more impressive growth, with revenue up by 163.6% YoY to RMB4.8bn and net profit increasing by an astonishing 303.8% YoY to RMB1.0bn. we attribute the impressive results largely to strong demand for its high-speed optical transceivers (esp. 400G &amp; 800G), making up over 90% of its total revenue in FY23. </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.

Innolight has recently released results for FY23 and 1Q24, exceeding both our and market’s expectations.For FY23, the company's revenue grew by 11.2% YoY to RMB10.7bn, with net profit soaring by 77.6% YoY to RMB2.2bn.1Q saw even more impressive growth, with revenue up by 163.6% YoY to RMB4.8bn and net profit increasing by an astonishing 303.8% YoY to RMB1.0bn. we attribute the impressive results largely to strong demand for its high-speed optical transceivers (esp. 400G &amp; 800G), making up over 90% of its total revenue in FY23. 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.

InnoLight (300308 CH) - 1Q24 Results Set Stage for Accelerated Growth in 2024

China

Zhongji Innolight Co., Ltd. manufactures and distributes industrial machines and machine parts. The Company produces motor stator windings, insulating machines, coil winding equipment, automatic production lines, and more. Zhongji Innolight mainly conducts businesses domestically.

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Zhongji Innolight (300308 CH)

Innolight (300308 CH) - Fundamentals Remain Strong Despite Recent Market Volatility, Reiterate BUY

CSP3 (Three Cloud Service Providers, namely Google, Microsoft and Amazon) plus Meta have announced their earnings recently.

CMB International

Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.

CMB International

Semiconductors - Broadcom 2Q24 Earnings Surged on AI Power and VMware Integration

Broadcom (AVGO US, NR) delivered a robust financial performance in 2Q24. Quarterly revenue and non-GAAP net profit were US$12.5bn and US$5.4bn...

CMB International

Semi - Nvidia: To keep growing for longer

Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24). FY1Q25 revenue beat. ...

CMB International

InnoLight (300308 CH) - 1Q24 Results Set Stage for Accelerated Growth in 2024

We revise up our earnings forecasts and raise TP for Innolight to RMB183, corresponding to the same 30x 2024E P/E. Maintain BUY

CMB International

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