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>BYDE‘s 3Q24 revenue/NP growth of 21%/1% YoY was largely in-line, while GPM improved 1.7ppts QoQ to 8.5%, slightly ahead of expectations, given higher UTR in iPhone casing, stable Android demand and NEV growth.</li><li>For 4Q24, we expect stronger revenue/NP growth driven by iPhone/iPad seasonality, Huawei/Xiaomi flagship model launches and AI server biz ramp-up.</li><li>Looking into 2025, we remain positive on iPhone AI cycle, stable Android flagship demand, high-end NEV products and AI server momentum. </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.

BYDE‘s 3Q24 revenue/NP growth of 21%/1% YoY was largely in-line, while GPM improved 1.7ppts QoQ to 8.5%, slightly ahead of expectations, given higher UTR in iPhone casing, stable Android demand and NEV growth.For 4Q24, we expect stronger revenue/NP growth driven by iPhone/iPad seasonality, Huawei/Xiaomi flagship model launches and AI server biz ramp-up.Looking into 2025, we remain positive on iPhone AI cycle, stable Android flagship demand, high-end NEV products and AI server momentum. 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.

BYDE (285 HK) - 3Q24 In-Line; Eyes on Jabil/NEV/AI Server Ramp-Up

<ul><li>We maintain the BUY rating of BYDE with new TP of HK$40.89 as we believe multiple growth drivers from Apple share gains, Jabil synergy, NEV product pipeline, robotics and AI server business expansion will offset earnings impact from higher expenses of Jabil integration in the near term.</li><li>We lowered FY24- 26E EPS by 7-14% to factor in 1H24 results, stronger smartphone recovery, and Jabil’s integration expenses.</li><li>We estimate net profit to grow 8%/43% YoY in FY24/25E. We think recent share price corrections have reflected Jabil-related expenses for interest costs, and intangible asset depreciation. </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 maintain the BUY rating of BYDE with new TP of HK$40.89 as we believe multiple growth drivers from Apple share gains, Jabil synergy, NEV product pipeline, robotics and AI server business expansion will offset earnings impact from higher expenses of Jabil integration in the near term.We lowered FY24- 26E EPS by 7-14% to factor in 1H24 results, stronger smartphone recovery, and Jabil’s integration expenses.We estimate net profit to grow 8%/43% YoY in FY24/25E. We think recent share price corrections have reflected Jabil-related expenses for interest costs, and intangible asset depreciation. 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.

BYDE (285 HK) - Positive on Multiple Growth Drivers

<ul><li>BYDE reported 1H24 revenue growth of 40% YoY, largely in-line with estimates, driven by Apple share gains, Android recovery, Jabil consolidation and strong NEV segment.</li><li>Net profit growth of 0.1% YoY is below our/consensus estimate by 21%/15% YoY, mainly dragged by weaker GPM (-1ppt YoY) and higher selling expenses (+211% YoY).</li><li>Mgmt. will host an analyst briefing at 9:30am HKT today (29 Aug), and we will look for details on 1) Apple’s business outlook (iPad/iPhone), 2) GPM and selling expenses guidance, 3) NEV product pipeline, and 4) AI server business updates.</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.

BYDE reported 1H24 revenue growth of 40% YoY, largely in-line with estimates, driven by Apple share gains, Android recovery, Jabil consolidation and strong NEV segment.Net profit growth of 0.1% YoY is below our/consensus estimate by 21%/15% YoY, mainly dragged by weaker GPM (-1ppt YoY) and higher selling expenses (+211% YoY).Mgmt. will host an analyst briefing at 9:30am HKT today (29 Aug), and we will look for details on 1) Apple’s business outlook (iPad/iPhone), 2) GPM and selling expenses guidance, 3) NEV product pipeline, and 4) AI server business updates.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.

BYDE (285 HK) - 1H24 First Take: Strong Revenue Growth Dragged by GPM and Selling Expenses

<ul><li>BYDE will report 1H24 results in Aug. We estimate 1H24 revenue/NP growth of 32%/26% driven by iPad share gains, Android recovery, Jabil biz consolidation, stable NEV components sales and new intelligent product business.</li><li>For 2H24E/2025E, we are positive on iPad/iPhone upgrade cycle, Android high-end orders, automotive orders and AI servers to drive revenue growth.</li><li>We cut FY24-26E EPS by 6% to mainly factor in a weaker GPM. Our FY24-26E EPS estimates are 1- 9% above consensus.</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.

BYDE will report 1H24 results in Aug. We estimate 1H24 revenue/NP growth of 32%/26% driven by iPad share gains, Android recovery, Jabil biz consolidation, stable NEV components sales and new intelligent product business.For 2H24E/2025E, we are positive on iPad/iPhone upgrade cycle, Android high-end orders, automotive orders and AI servers to drive revenue growth.We cut FY24-26E EPS by 6% to mainly factor in a weaker GPM. Our FY24-26E EPS estimates are 1- 9% above consensus.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.

BYDE (285 HK) - Expect Solid Growth on IPad/ IPhone Cycle, Android Recovery and NEV Orders

<ul><li>We hosted BYDE at CMBI Technology Corporate Day on 28 Jun. Mgmt. reiterated their positive outlook in 2024: 1) Apple/Android: iPad share gains, AI iPhone upgrade cycle and high-end Android growth;</li><li>2) NEV: smart cockpits, heat-pump system, high-end ADAS system and active suspension products to drive 40%+ sales growth in FY24E;</li><li>3) Nvidia AI server/robotics: AI servers for Chinese CSPs and autonomous mobile robots (AMRs) for factories. </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 BYDE at CMBI Technology Corporate Day on 28 Jun. Mgmt. reiterated their positive outlook in 2024: 1) Apple/Android: iPad share gains, AI iPhone upgrade cycle and high-end Android growth;2) NEV: smart cockpits, heat-pump system, high-end ADAS system and active suspension products to drive 40%+ sales growth in FY24E;3) Nvidia AI server/robotics: AI servers for Chinese CSPs and autonomous mobile robots (AMRs) for factories. 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.

BYDE (285 HK) - CMBI Corp Day Takeaways: IPad/IPhone Cycle, NEV, AI Servers and Robotics

China

BYD Electronic International Co., Ltd. researches, develops, manufactures handset components such as handset casings and handset keypads and modules for handset manufacturers.  The Company also provides assembly services comprising assembly service and PCB assembly service to global handset manufacturers.

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BYD Electronics (285 HK)

BYDE (285 HK) - 3Q24 In-Line; Eyes on Jabil/NEV/AI Server Ramp-Up

BYDE‘s 3Q24 revenue/NP growth of 21%/1% YoY was largely in-line, while GPM improved 1.7ppts QoQ to 8.5%, slightly ahead of expectations

CMB International

BYDE (285 HK) - Positive on Multiple Growth Drivers

We estimate net profit to grow 8%/43% YoY in FY24/25E. We think recent share price corrections have reflected Jabil-related expenses for interest...

CMB International

BYDE (285 HK) - 1H24 First Take: Strong Revenue Growth Dragged by GPM and Selling Expenses

BYDE reported 1H24 revenue growth of 40% YoY, largely in-line with estimates, driven by Apple share gains, Android recovery, Jabil consolidation...

CMB International

BYDE (285 HK) - Expect Solid Growth on IPad/ IPhone Cycle, Android Recovery and NEV Orders

We estimate 1H24 revenue/NP growth of 32%/26% driven by iPad share gains, Android recovery, Jabil biz consolidation, stable NEV components sales...

CMB International

BYDE (285 HK) - CMBI Corp Day Takeaways: IPad/IPhone Cycle, NEV, AI Servers and Robotics

The stock now trades at 15.2x FY24E P/E, which is attractive in our view. Our TP of HK$45.15 is based on 17.2x FY24E P/E. Reiterate BUY and BYDE is...

CMB International

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