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>BOEVx posted strong FY24 sales growth of 25% YoY driven by automotive display (LTPS/Oxide/OLED), auto display system (intelligent/cockpit) and overseas market orders (US/Japan/Korea +47%/50%/24% YoY), but net profit missed mainly due to product mix shift, pricing pressure, higher inventory costs and less government grants.</li><li>Looking into 2025/26, as a global No.1 auto display supplier, BOEVx will focus on multiple growth drivers: 1) system product expansion (smart cockpit/AI); 2) high-end auto display ramp (LTPS/Oxide/OLED) backed by Chengdu capacity; 3) overseas order wins (esp. Europe, Japan, Korea), and 4) R&amp;D investment in AI/auto display technologies.</li><li>We trim FY25-26E EPS estimates by 8%/1% to reflect FY24 results and slower margin recovery. We believe BOEVx will continue to benefit from strong product pipeline and overseas expansion. Maintain BUY with new TP of HK$9.63.</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>

BOEVx posted strong FY24 sales growth of 25% YoY driven by automotive display (LTPS/Oxide/OLED), auto display system (intelligent/cockpit) and overseas market orders (US/Japan/Korea +47%/50%/24% YoY), but net profit missed mainly due to product mix shift, pricing pressure, higher inventory costs and less government grants.Looking into 2025/26, as a global No.1 auto display supplier, BOEVx will focus on multiple growth drivers: 1) system product expansion (smart cockpit/AI); 2) high-end auto display ramp (LTPS/Oxide/OLED) backed by Chengdu capacity; 3) overseas order wins (esp. Europe, Japan, Korea), and 4) R&amp;D investment in AI/auto display technologies.We trim FY25-26E EPS estimates by 8%/1% to reflect FY24 results and slower margin recovery. We believe BOEVx will continue to benefit from strong product pipeline and overseas expansion. Maintain BUY with new TP of HK$9.63.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.

BOE Varitronix(710 HK) - FY24 강력한 매출, 마진 약화로 인해 지연