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

Luxshare Precision Industry / Equity Bottom-Up

<ul><li>Luxshare posted 3Q23 revenue/NP growth of -8.5%/+15.4% YoY, and preannounced FY23E earnings growth of 17.5-22.5% YoY, implying 31% YoY in 4Q23E.</li><li>3Q23 earnings was largely in-line with the profit alert earlier, while weaker 3Q revenue was mainly due to 1) structural changes of communications product portfolio, 2) lack of wearables product launches, 3) SiP products delivery changes, 4) weaker Mini-LED sales, and 5) customer inventory corrections.</li><li>Looking forward, despite ongoing macro headwinds, we believe that Luxshare is well-positioned to benefit from gain share in iPhone/MacBook/iPad/Watch OEM/components, and capture opportunities in automobile tier-1 and comm. businesses.</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>

Luxshare posted 3Q23 revenue/NP growth of -8.5%/+15.4% YoY, and preannounced FY23E earnings growth of 17.5-22.5% YoY, implying 31% YoY in 4Q23E.3Q23 earnings was largely in-line with the profit alert earlier, while weaker 3Q revenue was mainly due to 1) structural changes of communications product portfolio, 2) lack of wearables product launches, 3) SiP products delivery changes, 4) weaker Mini-LED sales, and 5) customer inventory corrections.Looking forward, despite ongoing macro headwinds, we believe that Luxshare is well-positioned to benefit from gain share in iPhone/MacBook/iPad/Watch OEM/components, and capture opportunities in automobile tier-1 and comm. businesses.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.

Luxshare (002475 CH) – Resilient 3Q23 Despite Macro Headwinds