External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

AAC Technologies Holdings / Equity Bottom-Up

<ul><li>We estimate AAC to deliver strong revenue/net profit growth of 24%/66% YoY in 1H25E, driven by 1) Acoustics/automotive PSS: Android master-SLS/combo speaker upgrade, AI glasses orders and domestic client wins in auto acoustics;</li><li>2) Electromagnetic drive: haptics spec upgrade and new product ramp-up;</li><li>3) Precision mechanics: Android foldable phone casing, VC in AI phones and hinge order wins...</li></ul><p><em>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.</em></p>

We estimate AAC to deliver strong revenue/net profit growth of 24%/66% YoY in 1H25E, driven by 1) Acoustics/automotive PSS: Android master-SLS/combo speaker upgrade, AI glasses orders and domestic client wins in auto acoustics;2) Electromagnetic drive: haptics spec upgrade and new product ramp-up;3) Precision mechanics: Android foldable phone casing, VC in AI phones and hinge order wins...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.

AAC Tech (2018 HK) - 1H25 Preview: Structural Upgrade Cycle Across Multiple Segments