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 announced 3Q24 results. Revenue was RMB5.1bn, up 14.5% YoY but down 1.7% QoQ, in-line with Bloomberg consensus.</li><li>GPM was 22.9%, up 1.1ppts from 2Q24, benefitting from favourable product mix and lowered material costs.</li><li>NP was RMB440mn, up 27.8% YoY but down 18.6% QoQ. NPM lowered to 8.6% (vs. 10.4% in 2Q24). </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 announced 3Q24 results. Revenue was RMB5.1bn, up 14.5% YoY but down 1.7% QoQ, in-line with Bloomberg consensus.GPM was 22.9%, up 1.1ppts from 2Q24, benefitting from favourable product mix and lowered material costs.NP was RMB440mn, up 27.8% YoY but down 18.6% QoQ. NPM lowered to 8.6% (vs. 10.4% in 2Q24). 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) - PCB Outperformed CCL in 3Q; Margin Improved Sequentially

<ul><li>Shengyi Tech released its 1H24 earnings. Revenue improved by 22.2% YoY/10.6% HoH to RMB9.6bn, driven by solid demand of AI servers, growing auto orders and inventory restocking.</li><li>During the same period, GPM improved to 21.6% (vs. 19.3%/19.2% in 1H/2H23), benefiting from improving utilization and a favorable product mix towards high-margin products.</li><li>Consequently, NP increased by 68.0% YoY/53.1% HoH to RMB932mn. 1H24 revenue/NP accounted for 47%/43% of our FY24E forecast. </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 released its 1H24 earnings. Revenue improved by 22.2% YoY/10.6% HoH to RMB9.6bn, driven by solid demand of AI servers, growing auto orders and inventory restocking.During the same period, GPM improved to 21.6% (vs. 19.3%/19.2% in 1H/2H23), benefiting from improving utilization and a favorable product mix towards high-margin products.Consequently, NP increased by 68.0% YoY/53.1% HoH to RMB932mn. 1H24 revenue/NP accounted for 47%/43% of our FY24E forecast. 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) - Solid 1H24 Earnings

<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

Thematic (Sector/Industry)

<ul><li>Seven out of the 16 leading PCB manufacturers in China have announced profit alerts by mid-July, with an avg. 75% to 105% YoY and 21% to 43% QoQ increase in net profit for 2Q24.</li><li>We think the strong performance is supported by inventory restocking and upgrade cycle driven by the AI boom.</li><li>These positive announcements added momentum for the PCB sector, with an avg. 9% month-to-date increase in share price (for the seven companies with profit alerts announcements).</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.

Seven out of the 16 leading PCB manufacturers in China have announced profit alerts by mid-July, with an avg. 75% to 105% YoY and 21% to 43% QoQ increase in net profit for 2Q24.We think the strong performance is supported by inventory restocking and upgrade cycle driven by the AI boom.These positive announcements added momentum for the PCB sector, with an avg. 9% month-to-date increase in share price (for the seven companies with profit alerts announcements).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.

Semiconductors - PCB sector: 1H24 earnings preview

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) - PCB Outperformed CCL in 3Q; Margin Improved Sequentially

Shengyi Tech announced 3Q24 results. Revenue was RMB5.1bn, up 14.5% YoY but down 1.7% QoQ, in-line with Bloomberg consensus.

CMB International

Shengyi Tech (600183 CH) - Solid 1H24 Earnings

Shengyi Tech released its 1H24 earnings. Revenue improved by 22.2% YoY/10.6% HoH to RMB9.6bn, driven by solid demand of AI servers, growing auto...

CMB International

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

Semiconductors - PCB sector: 1H24 earnings preview

Seven out of the 16 leading PCB manufacturers in China have announced profit alerts by mid-July, with an avg. 75% to 105% YoY and 21% to 43% QoQ...

CMB International

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