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 1H22 revenue/net profit declined 2%/61% YoY, in-line with our estimate/consensus.</li><li>GPM dropped 0.6ppts YoY to 5.3%, lower than consensus of 5.8%, mainly due to COVID-19 impact, weak demand and low UTR.</li><li>While 2Q22 revenue/net profit declined 8%/46% YoY due to Shanghai lockdown, we believe 2Q NPM QoQ recovery (2%, vs 0.9% in 1Q) is a positive sign for earnings improvement in 2H22E.</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>

BYDE’s 1H22 revenue/net profit declined 2%/61% YoY, in-line with our estimate/consensus.GPM dropped 0.6ppts YoY to 5.3%, lower than consensus of 5.8%, mainly due to COVID-19 impact, weak demand and low UTR.While 2Q22 revenue/net profit declined 8%/46% YoY due to Shanghai lockdown, we believe 2Q NPM QoQ recovery (2%, vs 0.9% in 1Q) is a positive sign for earnings improvement in 2H22E.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.

Research from EqualOcean, EqualOcean

EqualOcean

Research from EqualOcean

EqualOcean is an investment research firm and information service provider focusing on China's Technology, Automotive and Consumer Internet sectors. With unique research and due diligence methodology, we provide tailored insights into a wide range of industries and companies, empowering our clients' value-added decisions.

Founded in 2014, EqualOcean is headquartered in Beijing and has offices in Shanghai, Shenzhen and New York.

Thematic (Sector/Industry)

<ul><li>An eventful year - The semiconductor shortage is both accidental and inevitable</li><li>Dawn in 2022 - The crunch is likely to be relieved in 2022 but it will take years to fully meet the industry's needs. </li><li>Favored electric cars - Albeit auto brands can't get components on time, many of them are now prioritizing EV production. </li></ul>

An eventful year - The semiconductor shortage is both accidental and inevitableDawn in 2022 - The crunch is likely to be relieved in 2022 but it will take years to fully meet the industry's needs. Favored electric cars - Albeit auto brands can't get components on time, many of them are now prioritizing EV production. 

Tesla Can Deal with Supply Chain Shortage, Unlike Most Chinese Peers

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) – 1H22 Weakness In-Line

BYDE’s 1H22 revenue/net profit declined 2%/61% YoY, in-line with our estimate/consensus. GPM dropped 0.6ppts YoY to 5.3%, lower than consensus of 5.8%

CMB International

Tesla Can Deal with Supply Chain Shortage, Unlike Most Chinese Peers

BYD is positioned well, too. The global automotive industry is facing a deepening supply chain crisis

EqualOcean

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