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>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”

<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

Thematic (Sector/Industry)

<ul><li>Meta officially unveiled the Quest 3, Ray-Ban smart glasses and AI Chatbot during Meta Connect event.</li><li>The new Quest 3 marks a pivot from VR to MR for Meta, ahead of Apple’s Vision Pro pushing into market in 2024.</li><li>Quest 3 features major upgrades in display and optics (Mini-LED, pancake), a faster Qualcomm XR2 Gen 2 chips, improved resolution and interactive sensors enabling mixed reality pass-through, which is in-line with preview earlier this year.</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.

Meta officially unveiled the Quest 3, Ray-Ban smart glasses and AI Chatbot during Meta Connect event.The new Quest 3 marks a pivot from VR to MR for Meta, ahead of Apple’s Vision Pro pushing into market in 2024.Quest 3 features major upgrades in display and optics (Mini-LED, pancake), a faster Qualcomm XR2 Gen 2 chips, improved resolution and interactive sensors enabling mixed reality pass-through, which is in-line with preview earlier this year.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 – Takeaways of Meta Connect 3: Quest 3, Ray-Ban smart glasses and Meta AI Chatbot

<ul><li>Apple introduced four new iPhone 15 models (15/15 Plus, 15 Pro/Pro Max), featuring major camera upgrade (periscope lens), 3nm A17 Pro chips, titanium alloy casing, USB-C socket, customizable action button, and spatial video support for Vision Pro display.</li><li>Apple also updated two Apple Watch (Series 9, Ultra 2). We believe most spec are in-line with expectations, and no price hike for all models (same storage) will be positive to share gain.</li><li>For stocks, given major upgrades in camera, USB-C and mid-frame casing, we prefer Apple supply chain such as Luxshare for iPhone/Watch OEM share gain, BYDE for titanium casing upgrade trend (Jabil), Tongda for structural component upgrade, FIT Hon Teng for USB-C adoption, and Sunny Optical/Cowell for improved camera (periscope).</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 introduced four new iPhone 15 models (15/15 Plus, 15 Pro/Pro Max), featuring major camera upgrade (periscope lens), 3nm A17 Pro chips, titanium alloy casing, USB-C socket, customizable action button, and spatial video support for Vision Pro display.Apple also updated two Apple Watch (Series 9, Ultra 2). We believe most spec are in-line with expectations, and no price hike for all models (same storage) will be positive to share gain.For stocks, given major upgrades in camera, USB-C and mid-frame casing, we prefer Apple supply chain such as Luxshare for iPhone/Watch OEM share gain, BYDE for titanium casing upgrade trend (Jabil), Tongda for structural component upgrade, FIT Hon Teng for USB-C adoption, and Sunny Optical/Cowell for improved camera (periscope).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 Launch Event: IPhone 15/Apple Watch Inline

<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

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)

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

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

China Technology – Takeaways of Meta Connect 3: Quest 3, Ray-Ban smart glasses and Meta AI Chatbot

The new Quest 3 marks a pivot from VR to MR for Meta, ahead of Apple’s Vision Pro pushing into market in 2024. Quest 3 features major upgrades in...

CMB International

China Technology – Apple Launch Event: IPhone 15/Apple Watch Inline

Apple also updated two Apple Watch (Series 9, Ultra 2). We believe most spec are in-line with expectations, and no price hike for all models (same...

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

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