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>Shengyi Tech unveiled its FY23 earnings preview after Tuesday's market close.</li><li>Full-year revenue was RMB16.6bn (-7.9% YoY) and net profit was RMB1.16bn (- 24.0% YoY), which were 3%/13% and 3%/9% lower than our/consensus estimates, respectively.</li><li>For 4Q23, revenue decreased 2.3% YoY and 5.1% QoQ to RMB4.2bn. Quarterly net profit dropped more sharply by 20.8% YoY and 23.1% QoQ to RMB264.6mn. </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.

Shengyi Tech unveiled its FY23 earnings preview after Tuesday's market close.Full-year revenue was RMB16.6bn (-7.9% YoY) and net profit was RMB1.16bn (- 24.0% YoY), which were 3%/13% and 3%/9% lower than our/consensus estimates, respectively.For 4Q23, revenue decreased 2.3% YoY and 5.1% QoQ to RMB4.2bn. Quarterly net profit dropped more sharply by 20.8% YoY and 23.1% QoQ to RMB264.6mn. 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.

Shengyi Tech (600183 CH) - FY23 preliminary results review; expect gradual recovery in 2024

<ul>
<li>We have noticed several news outlets reporting that Shengyi Tech’s latest ultralow (UL) loss CCL product (Synamic9GN) has been certified by Nvidia and is expected to begin the next testing phase soon.</li>
<li>Entering Nvidia’s supply chain not only is a validation of the company’s R&amp;D capabilities, but also suggests the company is likely to see continued margin expansion as high-end products typically yield a higher margin.</li>
<li>Our positive outlook for the company is further bolstered by its extensive market reach and the potential for the CCL sector to recover more quickly than the PCB sector in 2024.</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 have noticed several news outlets reporting that Shengyi Tech’s latest ultralow (UL) loss CCL product (Synamic9GN) has been certified by Nvidia and is expected to begin the next testing phase soon.
Entering Nvidia’s supply chain not only is a validation of the company’s R&amp;D capabilities, but also suggests the company is likely to see continued margin expansion as high-end products typically yield a higher margin.
Our positive outlook for the company is further bolstered by its extensive market reach and the potential for the CCL sector to recover more quickly than the PCB sector in 2024.

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.

Shengyi Tech (600183 CH) – Expect Shengyi to Enter Nvidia Supply Chain in 2024

<ul><li>Shengyi released its 3Q results. Revenue was RMB4,467mn with YoY growth of 3.8% growth and QoQ growth of 8.3%.</li><li>Net profit was RMB344mn with YoY growth of 31.6% and QoQ growth of 12.0%.</li><li>GPM expanded from 19.7%/18.9% in 1Q23/2Q23 to 20.0% in 3Q23, and its NPM expanded from 6.6%/7.4% in 1Q23/2Q23 to 7.7% in 3Q23.</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.

Shengyi released its 3Q results. Revenue was RMB4,467mn with YoY growth of 3.8% growth and QoQ growth of 8.3%.Net profit was RMB344mn with YoY growth of 31.6% and QoQ growth of 12.0%.GPM expanded from 19.7%/18.9% in 1Q23/2Q23 to 20.0% in 3Q23, and its NPM expanded from 6.6%/7.4% in 1Q23/2Q23 to 7.7% in 3Q23.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.

Shengyi Tech (600183 CH) – Decent 3Q Results

<ul><li>CCL and PCB industries faced ongoing challenges that added pressure on Shengyi Tech’s performance.</li><li>The Company’s 1H23 revenue/NP to shareholders declined by 15.9%/ 40.7% YoY to RMB7,880mn/ RMB555mn.</li><li>GPM fell to 19.3% in 1H23 vs. 23.4%/20.5% in 1H22/2H22. </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.

CCL and PCB industries faced ongoing challenges that added pressure on Shengyi Tech’s performance.The Company’s 1H23 revenue/NP to shareholders declined by 15.9%/ 40.7% YoY to RMB7,880mn/ RMB555mn.GPM fell to 19.3% in 1H23 vs. 23.4%/20.5% in 1H22/2H22. 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.

Shengyi Tech (600183 CH) – Expect Modest Sequential Growth in 2H23

Thematic (Sector/Industry)

<ul><li>Global PCB market: The global PCB market showed minimal growth in 2022, with a modest 1.0% YoY increase, but it is expected to face a substantial decline of 4.1% in 2023.</li><li>In terms of quarterly performance, both 1Q23 and 2Q23 have recorded steep declines of more than 20% YoY, signaling a rather bleak outlook for the global PCB market.</li><li>Moving forward, we expect the global PCB market will persistently encounter macroeconomic challenges due to weakened consumer demand and the ongoing destocking cycle among downstream industries in 2H23. We may see some gradual recovery in 2024.</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.

Global PCB market: The global PCB market showed minimal growth in 2022, with a modest 1.0% YoY increase, but it is expected to face a substantial decline of 4.1% in 2023.In terms of quarterly performance, both 1Q23 and 2Q23 have recorded steep declines of more than 20% YoY, signaling a rather bleak outlook for the global PCB market.Moving forward, we expect the global PCB market will persistently encounter macroeconomic challenges due to weakened consumer demand and the ongoing destocking cycle among downstream industries in 2H23. We may see some gradual recovery in 2024.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

Shengyi Technology Co., Ltd. manufactures and markets electronic components. The Company's products include copper coated panels, printed circuit boards, and other related products.

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Shengyi Technology (600183 CH)

Shengyi Tech (600183 CH) - FY23 preliminary results review; expect gradual recovery in 2024

New CCL product, which has been certified by Nvidia and is expected to begin the next testing phase soon, should also contribute additional revenue...

CMB International

Shengyi Tech (600183 CH) – Expect Shengyi to Enter Nvidia Supply Chain in 2024

We have noticed several news outlets reporting that Shengyi Tech’s latest ultralow (UL) loss CCL product (Synamic9GN) has been certified by Nvidia...

CMB International

Shengyi Tech (600183 CH) – Decent 3Q Results

Shengyi released its 3Q results. Revenue was RMB4,467mn with YoY growth of 3.8% growth and QoQ growth of 8.3%. Net profit was RMB344mn with YoY...

CMB International

Shengyi Tech (600183 CH) – Expect Modest Sequential Growth in 2H23

he Company’s 1H23 revenue/NP to shareholders declined by 15.9%/ 40.7% YoY to RMB7,880mn/ RMB555mn. GPM fell to 19.3% in 1H23 vs. 23.4%/20.5% in...

CMB International

China PCB Sector- Weak Market in 2023

Global PCB market: The global PCB market showed minimal growth in 2022, with a modest 1.0% YoY increase, but it is expected to face a substantial...

CMB International

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