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>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

<ul><li>We hosted BOEVx at CMBI Technology Corporate Day on 26 Jun.</li><li>Overall, mgmt. expects larger and high-end displays remain the major upgrade trend and BOEVx is well positioned to benefit given its industry leadership position. Mgmt.</li><li>guided overall sales growth to outperform the market and NPM recovery on track in FY24E driven by ASP hikes, better operating efficiency, overseas orders and rapid growth of system products. </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 CMBI Technology Corporate Day on 26 Jun.Overall, mgmt. expects larger and high-end displays remain the major upgrade trend and BOEVx is well positioned to benefit given its industry leadership position. Mgmt.guided overall sales growth to outperform the market and NPM recovery on track in FY24E driven by ASP hikes, better operating efficiency, overseas orders and rapid growth of system products. 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) - Large-Size/High-End Display Demand

<ul><li>BOEVx delivered flattish revenue in 2023 while net profit dropped 18% YoY due to EBITDA margin pressure on lower ASP and higher depreciation.</li><li>For 2H23, we are encouraged by its NPM recovery to 4.9% (vs 3.9% in 1H23), given improving yield and operation efficiency at the Chengdu plant.</li><li>For 2024, mgmt. is positive on highend product growth, rising UTR and expansion of overseas 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.

BOEVx delivered flattish revenue in 2023 while net profit dropped 18% YoY due to EBITDA margin pressure on lower ASP and higher depreciation.For 2H23, we are encouraged by its NPM recovery to 4.9% (vs 3.9% in 1H23), given improving yield and operation efficiency at the Chengdu plant.For 2024, mgmt. is positive on highend product growth, rising UTR and expansion of overseas 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) - Focus on High-End Demand and Overseas Demand to Drive Recovery

<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>Despite 1H23 results miss (link), mgmt. guided 1) in-line double-digit growth for FY23E revenue, 2) shipment recovery and stabilised ASP, 3) UTR and cost control measures to drive margin recovery in 2H.</li><li>In addition, mgmt. expects continued overseas expansion and OLED/Mini/LTOP products to drive growth into FY25E.</li><li>We lowered our FY23-25E EPS by 8-14% mainly to reflect 1H23 auto OEM price war and rising costs from capacity ramp-up. </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.

Despite 1H23 results miss (link), mgmt. guided 1) in-line double-digit growth for FY23E revenue, 2) shipment recovery and stabilised ASP, 3) UTR and cost control measures to drive margin recovery in 2H.In addition, mgmt. expects continued overseas expansion and OLED/Mini/LTOP products to drive growth into FY25E.We lowered our FY23-25E EPS by 8-14% mainly to reflect 1H23 auto OEM price war and rising costs from capacity ramp-up. 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) – Positive on Shipment Recovery and Capacity Expansion in 2H23E

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)