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>Q-tech preannounced 1H25E net profit growth of 150-180% YoY, with mid-point of RMB305mn beating Bloomberg consensus by 20% and tracking 54% of our FY25E NP estimate.</li><li>Mgmt. attributed the results to 1) spec upgrades and a better revenue mix with mid/high-end HCM and auto/IoT CCM, 2) a better GPM on higher UTR and ASP hikes, 3) FPM’s improved product mix and shipment growth, and 4) Nexmax’s improving performance.</li><li>For 2H25E, we are positive on Q-tech’s high-end smartphone CCM demand (OIS/periscope), non-mobile CCM momentum (IoT/auto) and ultrasonic FPM upgrade cycle. </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>

Q-tech preannounced 1H25E net profit growth of 150-180% YoY, with mid-point of RMB305mn beating Bloomberg consensus by 20% and tracking 54% of our FY25E NP estimate.Mgmt. attributed the results to 1) spec upgrades and a better revenue mix with mid/high-end HCM and auto/IoT CCM, 2) a better GPM on higher UTR and ASP hikes, 3) FPM’s improved product mix and shipment growth, and 4) Nexmax’s improving performance.For 2H25E, we are positive on Q-tech’s high-end smartphone CCM demand (OIS/periscope), non-mobile CCM momentum (IoT/auto) and ultrasonic FPM upgrade cycle. 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.

Q-Tech (1478 HK) - Beginning of Earnings Upward Revision Cycle; Raise TP to HK$13.21

Q Technology Group

Q-Tech (1478 HK) - Beginning of Earnings Upward Revision Cycle; Raise TP to HK$13.21