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's FY25 earnings decline of 18% YoY was mainly dragged by lower GPM and weaker sales from major smartphone clients in 2H25, while revenue growth (+1% YoY) was largely in-line.</li><li>Looking into FY26E, mgmt. guided stable revenue with major growth drivers from smartphone components (highend/fold), automobile rising content value, and robust AI server biz (liquid cooling).</li><li>Overall, we lowered our FY26-27E EPS forecasts by 9-16% to factor in FY25 results, OEM biz weakness and lower GPM. </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's FY25 earnings decline of 18% YoY was mainly dragged by lower GPM and weaker sales from major smartphone clients in 2H25, while revenue growth (+1% YoY) was largely in-line.Looking into FY26E, mgmt. guided stable revenue with major growth drivers from smartphone components (highend/fold), automobile rising content value, and robust AI server biz (liquid cooling).Overall, we lowered our FY26-27E EPS forecasts by 9-16% to factor in FY25 results, OEM biz weakness and lower GPM. 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) - Expect 2026 Growth Drivers from Apple Fold, Auto Business and AI Server Ramp-Up

BYD Electronic

BYDE (285 HK) - Expect 2026 Growth Drivers from Apple Fold, Auto Business and AI Server Ramp-Up