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>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>Nvidia released FY3Q24 results with quarterly revenue at US$18.1bn, up 34% QoQ and 206% YoY. GPM was 74.0%, up 3.9ppts QoQ.</li><li>Net profit was US$9.2bn, up 50% QoQ and 1,274% YoY.</li><li>According to the company’s guidance, 4Q24 revenue is expected to reach US$20bn (+/-2%), implying 10% QoQ and 231% YoY growth; GAAP GPM is expected to increase to 74.5% (+/- 50bps). </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 released FY3Q24 results with quarterly revenue at US$18.1bn, up 34% QoQ and 206% YoY. GPM was 74.0%, up 3.9ppts QoQ.Net profit was US$9.2bn, up 50% QoQ and 1,274% YoY.According to the company’s guidance, 4Q24 revenue is expected to reach US$20bn (+/-2%), implying 10% QoQ and 231% YoY growth; GAAP GPM is expected to increase to 74.5% (+/- 50bps). 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.

Equity Bottom-Up

<ul><li>Innolight delivered exceptionally strong 2Q25 results. Quarterly revenue was a record RMB8.1bn, up 36%/ 22% YoY/QoQ, driven by robust demand for high-end optical modules.</li><li>Net profit surged to RMB2.4bn, up 79%/52% YoY/QoQ, beating BBG consensus by 28%.</li><li>Both GPM and NPM hit record highs at 41.5%/29.7%, outperforming consensus by 5.7ppt/7.2ppt. </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 delivered exceptionally strong 2Q25 results. Quarterly revenue was a record RMB8.1bn, up 36%/ 22% YoY/QoQ, driven by robust demand for high-end optical modules.Net profit surged to RMB2.4bn, up 79%/52% YoY/QoQ, beating BBG consensus by 28%.Both GPM and NPM hit record highs at 41.5%/29.7%, outperforming consensus by 5.7ppt/7.2ppt. 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) - Record Revenue and Earnings Coupled with Significant Margin Expansion

<ul><li>Innolight announced 1H25 preliminary earnings. 1H25 NP is guided to be RMB3.6bn-RMB4.4bn, up 53%-87% YoY.</li><li>2Q NP alone is estimated to be RMB2.0bn-RMB2.8bn, up 50%-107% YoY/27%-78% QoQ.</li><li>2Q NP beat Bloomberg consensus of RMB1.9bn by 9%-52%. </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 announced 1H25 preliminary earnings. 1H25 NP is guided to be RMB3.6bn-RMB4.4bn, up 53%-87% YoY.2Q NP alone is estimated to be RMB2.0bn-RMB2.8bn, up 50%-107% YoY/27%-78% QoQ.2Q NP beat Bloomberg consensus of RMB1.9bn by 9%-52%. 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) - 2Q Earnings Reinforce AI Infrastructure Spend Momentum

<ul><li>Innolight has announced 1Q25 results. Revenue was up 38% YoY and 2% QoQ to RMB6.7bn, driven by continued global cloud capex and growing demand for 400G/800G optical transceivers.</li><li>NP was up 57% YoY and 12% QoQ to RMB1.6bn, driven by growth in orders and a better margin.</li><li>GPM improved to 36.7% (vs. 32.8%/35.1% in 1Q24/4Q24), significantly above BBG consensus of 31.9% despite that 1Q GPM was normally lower due to seasonality and price adjustments. </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 announced 1Q25 results. Revenue was up 38% YoY and 2% QoQ to RMB6.7bn, driven by continued global cloud capex and growing demand for 400G/800G optical transceivers.NP was up 57% YoY and 12% QoQ to RMB1.6bn, driven by growth in orders and a better margin.GPM improved to 36.7% (vs. 32.8%/35.1% in 1Q24/4Q24), significantly above BBG consensus of 31.9% despite that 1Q GPM was normally lower due to seasonality and price adjustments. 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) - Solid 1Q25 Earnings W/ Strong Beat on Margins

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)

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

Technology (Hardware/Semi) - 23 Nov 2023

Nvidia released FY3Q24 results with quarterly revenue at US$18.1bn, up 34% QoQ and 206% YoY. GPM was 74.0%, up 3.9ppts QoQ. Net profit was...

CMB International

Innolight (300308 CH) - Record Revenue and Earnings Coupled with Significant Margin Expansion

Innolight delivered exceptionally strong 2Q25 results. Quarterly revenue was a record RMB8.1bn, up 36%/ 22% YoY/QoQ, driven by robust demand for...

CMB International

Innolight (300308 CH) - 2Q Earnings Reinforce AI Infrastructure Spend Momentum

2Q NP alone is estimated to be RMB2.0bn-RMB2.8bn, up 50%-107% YoY/27%-78% QoQ. 2Q NP beat Bloomberg consensus of RMB1.9bn by 9%-52%.

CMB International

Innolight (300308 CH) - Solid 1Q25 Earnings W/ Strong Beat on Margins

Innolight has announced 1Q25 results. Revenue was up 38% YoY and 2% QoQ to RMB6.7bn, driven by continued global cloud capex and growing demand for...

CMB International

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