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>Following a challenging 2023, we expect AI-driven upgrade and AR/VR product launches will boost revenue and profitability recovery in FY24E, and impact of share loss of the major TWS project should normalise in 2H24E. In the longer term, we believe Goertek will continue to benefit from AR/VR secular trend with more product launches from major players such as Meta, Sony, Google, Samsung and Huawei.</li><li>For FY23, revenue/earnings decline of -6%/-38% YoY was mainly dragged by TWS order loss and weak VR/AR demand, but we are encouraged by continued GPM recovery in 4Q23 (10.6% vs. 7.7%/10.1% in 2Q/3Q23).</li><li>To reflect FY23 results and gradual recovery in FY24/25E, we trimmed FY24/25E EPS by 9%/11% and adjusted TP to RMB17.56, based on same 25x FY24E P/E (7-yr hist avg). </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.

Following a challenging 2023, we expect AI-driven upgrade and AR/VR product launches will boost revenue and profitability recovery in FY24E, and impact of share loss of the major TWS project should normalise in 2H24E. In the longer term, we believe Goertek will continue to benefit from AR/VR secular trend with more product launches from major players such as Meta, Sony, Google, Samsung and Huawei.For FY23, revenue/earnings decline of -6%/-38% YoY was mainly dragged by TWS order loss and weak VR/AR demand, but we are encouraged by continued GPM recovery in 4Q23 (10.6% vs. 7.7%/10.1% in 2Q/3Q23).To reflect FY23 results and gradual recovery in FY24/25E, we trimmed FY24/25E EPS by 9%/11% and adjusted TP to RMB17.56, based on same 25x FY24E P/E (7-yr hist avg). 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.

Goertek (002241 CH) - Focus on VR/AR/Gaming Business and Margin Recovery in FY24/25E

<ul><li>Goertek’s 3Q23 revenue/net profit growth of -6%/-73% YoY (+37%/+49% QoQ) was largely in line with previous market expectations.</li><li>Impressive QoQ revenue growth was driven by Meta Quest 3 and new smartphone launches in 3Q23, and GPM improved 2.5ppts QoQ to 10.2% given higher utilization and new product ramp-up.</li><li>Looking into 2H23E, we expect margin recovery to continue with better utilization and product mix, and revenue will sustain QoQ growth on PS5/Quest 3 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.

Goertek’s 3Q23 revenue/net profit growth of -6%/-73% YoY (+37%/+49% QoQ) was largely in line with previous market expectations.Impressive QoQ revenue growth was driven by Meta Quest 3 and new smartphone launches in 3Q23, and GPM improved 2.5ppts QoQ to 10.2% given higher utilization and new product ramp-up.Looking into 2H23E, we expect margin recovery to continue with better utilization and product mix, and revenue will sustain QoQ growth on PS5/Quest 3 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.

Goertek (002241 CH) – 3Q23 Weakness In-Line

<ul><li>Goertek’s 1H23 revenue/net profit growth of +3.6%/-79.7% YoY was largely inline with previous profit warning.</li><li>1H23 GPM dropped to 7.3% (-5.7ppts YoY, - 2.5ppts HoH) mainly dragged by hearable/smart product segments.</li><li>Looking into 2H23E, we expect gradual margin recovery with improving utilization and better product mix, and revenue may remain weak due to industry headwinds and Airpods biz uncertainty. </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.

Goertek’s 1H23 revenue/net profit growth of +3.6%/-79.7% YoY was largely inline with previous profit warning.1H23 GPM dropped to 7.3% (-5.7ppts YoY, - 2.5ppts HoH) mainly dragged by hearable/smart product segments.Looking into 2H23E, we expect gradual margin recovery with improving utilization and better product mix, and revenue may remain weak due to industry headwinds and Airpods biz uncertainty. 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.

Goertek (002241 CH) – 1H23 Weakness In-Line; Lower TP on Slower Demand Recovery

<ul>
<li>Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.</li>
<li>We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.</li>
<li>We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. </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.


Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.
We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.
We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. 

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.

China Technology – Apple MR: Long-awaited next “iPhone moment”

Thematic (Sector/Industry)

<ul>
<li>Apple announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.</li>
<li>The long-awaited updates focused on enhancing user experience, privacy and ecosystem integration, leveraging generative models for personalised interactions and integrating ChatGPT in Siri for content generation.</li>
<li>In addition, Apple released VisionOS 2 and announced international launch schedules (28 June for China/Japan/Singapore, 12 July for Australia/Canada/France/ Germany/UK).</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.


Apple announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.
The long-awaited updates focused on enhancing user experience, privacy and ecosystem integration, leveraging generative models for personalised interactions and integrating ChatGPT in Siri for content generation.
In addition, Apple released VisionOS 2 and announced international launch schedules (28 June for China/Japan/Singapore, 12 July for Australia/Canada/France/ Germany/UK).

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.

Technology - Apple WWDC 2024: Apple Intelligence, iOS 18, Siri with ChatGPT and more

China

GoerTek, Inc. manufactures wireless communication products. The Company offers wireless communication devices armed with wireless technology, active noise cancellation headphones, VoIP devices, hands-free headsets, and other electro-acoustic devices. GoerTek serves the telecommunication and electro-acoustic industries worldwide.

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Goertek Inc A (002241 CH)

Goertek (002241 CH) - Focus on VR/AR/Gaming Business and Margin Recovery in FY24/25E

Following a challenging 2023, we expect AI-driven upgrade and AR/VR product launches will boost revenue and profitability recovery in FY24E

CMB International

Goertek (002241 CH) – 3Q23 Weakness In-Line

Goertek’s 3Q23 revenue/net profit growth of -6%/-73% YoY (+37%/+49% QoQ) was largely in line with previous market expectations.

CMB International

Goertek (002241 CH) – 1H23 Weakness In-Line; Lower TP on Slower Demand Recovery

Goertek’s 1H23 revenue/net profit growth of +3.6%/-79.7% YoY was largely inline with previous profit warning. 1H23 GPM dropped to 7.3% (-5.7ppts...

CMB International

China Technology – Apple MR: Long-awaited next “iPhone moment”

We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.

CMB International

Technology - Apple WWDC 2024: Apple Intelligence, iOS 18, Siri with ChatGPT and more

Apple announced significant updates on iOS 18 and showcased its new personal intelligence system “Apple Intelligence” across iPhone, iPad and Mac.

CMB International

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