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

Shenzhen SC New Energy Technol / Equity Bottom-Up

Shenzhen SC New Energy Technol (300724 CH)

<div><div><div><div><ul><li>S.C comfortably beat market expectations by delivering net profit growth of 1.2x YoY in 3Q22, driven by 41% YoY increase in revenue, 0.4ppt YoY expansion of gross margin and FX gains on strong dollar.</li><li>The impressive results reaffirm our positive stance on S.C’s well diversified offerings of technologies including TOPCon, HJT and Perovskite solar cell (钙钛矿) equipment.</li><li>We revise up our 2022E/23E/24E earnings forecast by 21%/9%/8%. </li></ul></div></div></div></div><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>

S.C comfortably beat market expectations by delivering net profit growth of 1.2x YoY in 3Q22, driven by 41% YoY increase in revenue, 0.4ppt YoY expansion of gross margin and FX gains on strong dollar.The impressive results reaffirm our positive stance on S.C’s well diversified offerings of technologies including TOPCon, HJT and Perovskite solar cell (钙钛矿) equipment.We revise up our 2022E/23E/24E earnings forecast by 21%/9%/8%. 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.

S.C New Energy Technology (300724 CH) – 3Q22 net profit +1.2x YoY; A clean beat