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 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 has released its 3Q23 results, with resilient growth in both revenue/NP at 14.9%/89.5% YoY and 39.7%/88.4% QoQ, respectively.</li><li>The strong revenue growth was driven by substantial global demand for 400G and 800G optical transceivers.</li><li>Notably, the Company's gross margin showed consistent improvement across the first three quarters of 2023, climbing from 29.5%/31.1% in 1Q/2Q to 33.5% in 3Q. </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 released its 3Q23 results, with resilient growth in both revenue/NP at 14.9%/89.5% YoY and 39.7%/88.4% QoQ, respectively.The strong revenue growth was driven by substantial global demand for 400G and 800G optical transceivers.Notably, the Company's gross margin showed consistent improvement across the first three quarters of 2023, climbing from 29.5%/31.1% in 1Q/2Q to 33.5% in 3Q. 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) – Strong 3Q Results on Accelerating AI Revenue

<ul><li>Since our downgrade report on 14 Aug, we have seen a continuous decline on Innolight’s share price by more than 23%.</li><li>Our current view on the stock is becoming increasingly favourable, driven by: 1) continuous strong momentum observed in building up AI infrastructure globally; and 2) quick uptake seen in downstream application market (e.g., AI-powered Ads adopted by Meta, Google and Amazon, GitHub copilot by Microsoft).</li><li>In addition, companies within the AI hardware value chain start to report strong earnings. </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.

Since our downgrade report on 14 Aug, we have seen a continuous decline on Innolight’s share price by more than 23%.Our current view on the stock is becoming increasingly favourable, driven by: 1) continuous strong momentum observed in building up AI infrastructure globally; and 2) quick uptake seen in downstream application market (e.g., AI-powered Ads adopted by Meta, Google and Amazon, GitHub copilot by Microsoft).In addition, companies within the AI hardware value chain start to report strong earnings. 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) – Expect Higher Contribution from AI Revenue in 3Q

<ul><li>Innolight released 1H23 results. Total revenue was RMB4,004mn (-5.4% YoY), mixed impacts from increasing demand for AI-related transceivers and deteriorated demand for traditional datacenter products.</li><li>NP was RMB613.8mn (24.6% YoY), mainly driven by higher GPM and operating cost optimization.</li><li>1H23 NP was close to the mid-point of the preliminary range. </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 released 1H23 results. Total revenue was RMB4,004mn (-5.4% YoY), mixed impacts from increasing demand for AI-related transceivers and deteriorated demand for traditional datacenter products.NP was RMB613.8mn (24.6% YoY), mainly driven by higher GPM and operating cost optimization.1H23 NP was close to the mid-point of the preliminary range. 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) – Investors Focusing on 800G Transceivers Ramp-Up After 1H23 Results

<ul><li>Innolight delivered strong 3Q results, with revenue up 30.1% YoY and NP to shareholders up 64.2% YoY. </li><li>Sales grew consecutive two quarters in 2Q/3Q (2.6%/22.9% QoQ), in line with our previous expectation that “sales will deliver steady QoQ growth” (link). </li><li>NP to shareholders was above estimates, driven by higher GPM (29.7% in 3Q, up 2.5 ppt from 2Q), which was a result of a favorable product mix and FX tailwind.</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 strong 3Q results, with revenue up 30.1% YoY and NP to shareholders up 64.2% YoY. Sales grew consecutive two quarters in 2Q/3Q (2.6%/22.9% QoQ), in line with our previous expectation that “sales will deliver steady QoQ growth” (link). NP to shareholders was above estimates, driven by higher GPM (29.7% in 3Q, up 2.5 ppt from 2Q), which was a result of a favorable product mix and FX tailwind.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 3Q results; Cloud capex may moderate in 2023E after record spending

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)

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) – Strong 3Q Results on Accelerating AI Revenue

nnolight has released its 3Q23 results, with resilient growth in both revenue/NP at 14.9%/89.5% YoY and 39.7%/88.4% QoQ, respectively.

CMB International

Innolight (300308 CH) – Expect Higher Contribution from AI Revenue in 3Q

Our current view on the stock is becoming increasingly favourable, driven by: 1) continuous strong momentum observed in building up AI...

CMB International

Innolight (300308 CH) – Investors Focusing on 800G Transceivers Ramp-Up After 1H23 Results

NP was RMB613.8mn (24.6% YoY), mainly driven by higher GPM and operating cost optimization. 1H23 NP was close to the mid-point of the preliminary...

CMB International

Innolight (300308 CH) – Solid 3Q results; Cloud capex may moderate in 2023E after record spending

Sales grew consecutive two quarters in 2Q/3Q (2.6%/22.9% QoQ), in line with our previous expectation that “sales will deliver steady QoQ growth”...

CMB International

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