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

Sunny Optical Technology / Equity Bottom-Up

<ul><li>Sunny announced a FY25E positive profit alert with net profit growth of 70-75% YoY, driven by high-end spec upgrade, improved product mix and investment income from the deal for Goertek Optical Tech.</li><li>Excluding one-off gains of RMB919mn, mid-point of net profit is largely in-line with our/Bloomberg consensus estimates.</li><li>For 2026, we expect the smart driving trend (auto VLS/CCM), AI/AR glasses ramp-up and high-end camera spec upgrade to drive revenue growth, offsetting smartphone weakness on memory cost pressure. </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>

Sunny announced a FY25E positive profit alert with net profit growth of 70-75% YoY, driven by high-end spec upgrade, improved product mix and investment income from the deal for Goertek Optical Tech.Excluding one-off gains of RMB919mn, mid-point of net profit is largely in-line with our/Bloomberg consensus estimates.For 2026, we expect the smart driving trend (auto VLS/CCM), AI/AR glasses ramp-up and high-end camera spec upgrade to drive revenue growth, offsetting smartphone weakness on memory cost pressure. 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.

Sunny Optical (2382 HK) - FY25E Profit Alert In-Line...