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

<ul><li>BYDE posted 2H24 revenue of RMB98.7 (+34% YoY), largely in-line, but net profit of RMB2.75bn (+9% YoY) is 9%/18% below our/consensus estimates, mainly dragged by weaker GPM at 7.0% (vs 8.2% in 2H23).</li><li>By segment, 1) CE assembly/components sales grew 21%/136% YoY on high-end Android and Apple share gains, 2) auto biz jumped 60% YoY on strong shipment and product launches, 3) new intelligent declined 15% YoY due to weak household energy storage.</li><li>Mgmt. will host an analyst briefing at 11:20am HKT today (25 Mar), and we will look for details on 1) GPM outlook given 2H24 miss, 2) Apple’s product pipeline and guidance (iPad/iPhone/smart home), 3) NEV progress and margin trend, and 4) AI server ODM/component business updates.</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>

BYDE posted 2H24 revenue of RMB98.7 (+34% YoY), largely in-line, but net profit of RMB2.75bn (+9% YoY) is 9%/18% below our/consensus estimates, mainly dragged by weaker GPM at 7.0% (vs 8.2% in 2H23).By segment, 1) CE assembly/components sales grew 21%/136% YoY on high-end Android and Apple share gains, 2) auto biz jumped 60% YoY on strong shipment and product launches, 3) new intelligent declined 15% YoY due to weak household energy storage.Mgmt. will host an analyst briefing at 11:20am HKT today (25 Mar), and we will look for details on 1) GPM outlook given 2H24 miss, 2) Apple’s product pipeline and guidance (iPad/iPhone/smart home), 3) NEV progress and margin trend, and 4) AI server ODM/component business updates.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.

BYDE (285 HK) - 2H24 First Take: NP Miss on Weak GPM

BYD Electronics

BYDE (285 HK) - 2H24 First Take: NP Miss on Weak GPM