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”

Thematic (Sector/Industry)

<ul><li>Apple reported FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market consensus, thanks to better smartphone sales and continued margin expansion.</li><li>We are also encouraged by GPM of 46.2%, close to high-end of guidance range.</li><li>For FY1Q25E, mgmt. guided revenue growth at a lower pace (low-to-mid-singledigits YoY), while service revenue will grow at double digits at a similar rate in 1- 4QFY24 (+11-14% YoY). </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 reported FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market consensus, thanks to better smartphone sales and continued margin expansion.We are also encouraged by GPM of 46.2%, close to high-end of guidance range.For FY1Q25E, mgmt. guided revenue growth at a lower pace (low-to-mid-singledigits YoY), while service revenue will grow at double digits at a similar rate in 1- 4QFY24 (+11-14% YoY). 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 FY4Q24 Beat on Better Margin and China Sales

<ul><li>Largan (3008 TT, NR) announced 3Q results with revenue/GPM improved 73% and 1.8ppts QoQ thanks to the smartphone cycle, customers’ new model launches, shipment ramp-up, better product mix/ASP/UTR.</li><li>For 4Q24E/2025, mgmt. guided flattish Oct. shipments but Nov. shipments will decline MoM due to customers’ order cuts.</li><li>On the positive side, mgmt. maintained a positive view on stable ASP thanks to customer agreements, and pre-build orders for 1Q25E are well on track. </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.

Largan (3008 TT, NR) announced 3Q results with revenue/GPM improved 73% and 1.8ppts QoQ thanks to the smartphone cycle, customers’ new model launches, shipment ramp-up, better product mix/ASP/UTR.For 4Q24E/2025, mgmt. guided flattish Oct. shipments but Nov. shipments will decline MoM due to customers’ order cuts.On the positive side, mgmt. maintained a positive view on stable ASP thanks to customer agreements, and pre-build orders for 1Q25E are well on track. 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 - Implications of Largan 3Q24 Results

<ul><li>Huawei has launched the long-awaited world’s first tri-fold smartphone, Mate XT, yesterday (10 Sep), featuring tri-foldable screen with two hinges, flagship camera system (OIS/periscope/ultrawide angle) and AI features supported by in-house Kylin chips and Harmony OS.</li><li>Over 4mn preorders were made ahead of the launch. We believe the launch of this premium device could strengthen Huawei’s technology leadership in the foldable phone market (vs Samsung/Apple).</li><li>The design breakthrough will also boost foldable phone shipment momentum and ASP growth into FY24/25E given the new form factor, premium spec and AI-enabled features. </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.

Huawei has launched the long-awaited world’s first tri-fold smartphone, Mate XT, yesterday (10 Sep), featuring tri-foldable screen with two hinges, flagship camera system (OIS/periscope/ultrawide angle) and AI features supported by in-house Kylin chips and Harmony OS.Over 4mn preorders were made ahead of the launch. We believe the launch of this premium device could strengthen Huawei’s technology leadership in the foldable phone market (vs Samsung/Apple).The design breakthrough will also boost foldable phone shipment momentum and ASP growth into FY24/25E given the new form factor, premium spec and AI-enabled features. 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 - Huawei Mate XT: the world’s first tri-fold smartphone is unveiled

<ul><li>Apple reported 3QFY24 (2QCY24) revenue of US$85.78bn (+5% YoY) and EPS of US$1.40 (+11% YoY), which are 2% and 3% above Bloomberg consensus, thanks to strong iPad sales (+24%), record services revenue (+14%), and record sales in Americas, Europe, and the rest of APAC offsetting China weakness.</li><li>For 4QFY24E, mgmt. expected revenue to grow at a similar pace (+5% YoY) as fiscal 3Q, and service revenue to grow double digits at a similar rate (+10-14%) as the previous three quarters.</li><li>With the upcoming launch of Apple Intelligence/iOS18 in fall, we expect AI features and product upgrades to boost replacement cycle of iPhone 16 in 2H24E. </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 reported 3QFY24 (2QCY24) revenue of US$85.78bn (+5% YoY) and EPS of US$1.40 (+11% YoY), which are 2% and 3% above Bloomberg consensus, thanks to strong iPad sales (+24%), record services revenue (+14%), and record sales in Americas, Europe, and the rest of APAC offsetting China weakness.For 4QFY24E, mgmt. expected revenue to grow at a similar pace (+5% YoY) as fiscal 3Q, and service revenue to grow double digits at a similar rate (+10-14%) as the previous three quarters.With the upcoming launch of Apple Intelligence/iOS18 in fall, we expect AI features and product upgrades to boost replacement cycle of iPhone 16 in 2H24E. 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 3QFY24 Beat on Strong IPad and Services

China

Q TECHNOLOGY (GROUP) Company Limited is a PRC-based camera module manufacturer focusing on mid-to-high end camera module market for Chinese branded smartphone, tablet and PC manufacturers.

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Q Technology Group (1478 HK)

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 FY4Q24 Beat on Better Margin and China Sales

Apple reported FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market...

CMB International

Technology - Implications of Largan 3Q24 Results

On the positive side, mgmt. maintained a positive view on stable ASP thanks to customer agreements, and pre-build orders for 1Q25E are well on track.

CMB International

Technology - Huawei Mate XT: the world’s first tri-fold smartphone is unveiled

We believe the launch of this premium device could strengthen Huawei’s technology leadership in the foldable phone market (vs Samsung/Apple).

CMB International

Technology - Apple 3QFY24 Beat on Strong IPad and Services

Apple reported 3QFY24 (2QCY24) revenue of US$85.78bn (+5% YoY) and EPS of US$1.40 (+11% YoY), which are 2% and 3% above Bloomberg consensus

CMB International

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