External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>We hosted an investor call with BOEVx regarding the recent US reciprocal tariffs.</li><li>Overall, mgmt. believes there is limited impact on their financials given low US sales exposure.</li><li>Regionally, BOEVx is positive on Vietnam’s capacity ramp-up in 2025 and already received orders from the US and South Korean customers. </li></ul>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.

We hosted an investor call with BOEVx regarding the recent US reciprocal tariffs.Overall, mgmt. believes there is limited impact on their financials given low US sales exposure.Regionally, BOEVx is positive on Vietnam’s capacity ramp-up in 2025 and already received orders from the US and South Korean customers. 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) - Limited Impact from Tariff Given Low US Exposure

<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>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.

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 Strong Sales Dragged by Weaker Margin

<ul><li>We hosted BOEVx at 4Q outlook investor call this week. Mgmt. is positive on demand recovery in both domestic and overseas markets as well as rapid growth in system business in 2H24E.</li><li>As for Chengdu plant, mgmt. guided UTR to improve to 70-80% in the near term (vs. 60-70% now) given larger orders and better sales in 2H24E.</li><li>As for overseas markets, mgmt. stated Japan/Korea/ Europe project wins are on track in FY25-26E and reiterated 50% overseas sales mix guidance in FY27E.</li></ul>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.

We hosted BOEVx at 4Q outlook investor call this week. Mgmt. is positive on demand recovery in both domestic and overseas markets as well as rapid growth in system business in 2H24E.As for Chengdu plant, mgmt. guided UTR to improve to 70-80% in the near term (vs. 60-70% now) given larger orders and better sales in 2H24E.As for overseas markets, mgmt. stated Japan/Korea/ Europe project wins are on track in FY25-26E and reiterated 50% overseas sales mix guidance in FY27E.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) - Chengdu Plant, System Biz and Overseas Market to Drive Growth

<ul><li>BOE Varitronix (BOEVx) is the global largest automotive display leader capturing 18% market share in 1H22 (by shipment area).</li><li>Leveraging BOE Group’s leading technology and strong client base, BOEVx is rapidly transforming into an integrated automotive smart cockpit display solution provider.</li><li>Backed by its industry leadership and solid product roadmap, we believe BOEVx is well positioned to benefit from upgrade trend in the booming smart cockpit market.</li></ul>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 (BOEVx) is the global largest automotive display leader capturing 18% market share in 1H22 (by shipment area).Leveraging BOE Group’s leading technology and strong client base, BOEVx is rapidly transforming into an integrated automotive smart cockpit display solution provider.Backed by its industry leadership and solid product roadmap, we believe BOEVx is well positioned to benefit from upgrade trend in the booming smart cockpit market.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) – Global auto display leader riding on smart cockpit trend

<ul><li>BOEVx will report 1H24 results in Aug. We estimate 1H24 revenue to grow 15% YoY driven by high-end displays, overseas client orders and Chengdu plant rampup, while net profit decline may narrow to -16% YoY (vs -18%/-19% YoY in 2H23/1H23) given inventory digestion offsetting better utilization.</li><li>For 2H24E, we expect revenue/net profit to improve due to order seasonality, better product mix and rising UTR.</li><li>We lower FY24-26E EPS by 17-30% to factor in ASP/margin weakness offsetting stronger shipments and market share gains. </li></ul>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.

BOEVx will report 1H24 results in Aug. We estimate 1H24 revenue to grow 15% YoY driven by high-end displays, overseas client orders and Chengdu plant rampup, while net profit decline may narrow to -16% YoY (vs -18%/-19% YoY in 2H23/1H23) given inventory digestion offsetting better utilization.For 2H24E, we expect revenue/net profit to improve due to order seasonality, better product mix and rising UTR.We lower FY24-26E EPS by 17-30% to factor in ASP/margin weakness offsetting stronger shipments and market share gains. 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) - Margin Weakness Priced In; Expect Gradual ASP/Margin Recovery in 2H

Hong Kong

BOE Varitronix Limited designs, manufactures, and sells small-to-medium sized LCDs (liquid crystal displays) and related products. The Company offers displays for dashboards, clock, rear seat, power meter, washing machines, ovens, blood glucose meters, dental instruments, and label printers. BOE Vanitronix markets its products worldwide.

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BOE Varitronix (710 HK)