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

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

<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

China

Zhejiang Dahua Technology Co., Ltd. researches, designs and manufactures security and surveillance equipments. It also modular-designs both hardware and software with flexibility for different configurations, various scales of applications and future expansion.

WUS Printed Circuit (Kunshan) Co., Ltd produces and sells electrical equipments and related products.  The Company's products include double-side circuit board, multi-layers circuit board, and connector for electrical equipments.

Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH)

AAC Technologies Holdings Inc designs, develops and manufactures a broad range of miniaturized components that include speakers, receivers and microphones in the acoustic segment and others such as haptics vibrators, RF and antennas, and optical lenses. AAC's products are found in mobile devices such as smartphones, tablets, wearables, ultrabooks, notebooks and electronic book-readers.

Universal Scientific Industrial (Shanghai) Company Limited develops, procures, manufactures, provides logistics and maintenance services. The Company's main product types include communications, computer and storage, consumer electronics, industrial, and other related types.

Universal Scientific Industrial (Shanghai) (601231 CH)

Universal Scientific Industrial (Shanghai)

Unisplendour Corporation Limited manufactures computer hardware, develops computer software, provides system integration services, and acts as a sales agency for overseas computer product manufacturers.  The Company's products include scanners, notebooks, and networking products.  Tsinghua Unisplendour also provides environmental protection engineering services.

Unisplendour Corporation Limited (000938 CH)

Sunny Optical Technology Group Co., Limited designs and manufactures optical and optical related products. The Company's products include glass/plastic lenses, prisms, mobile phone camera modules, microscopes, surveying instruments, and other analytical instruments.

Unigroup Guoxin Co., Ltd., formerly Tongfang Guoxin Electronics Co., Ltd., is a China-based company, principally engaged in the design and distribution of integrated circuits (ICs). The Company's IC products consist of smart card chips, special IC products and memory chips. In addition, the Company also engages in the development, manufacture and distribution of quartz crystal components. The Company distributes its products within domestic market and to overseas markets.

Lingyi iTech (Guangdong) Company manufactures magnetic material components. The Company develops, produces, and distributes ferrite permanent magnet components, ferrite soft magnet components, and other magnetic material components. Lingyi iTech (Guangdong) markets its products worldwide.

Chaozhou Three-Circle Group Co. Ltd. manufactures advanced ceramics. The Company researches, develops, produces, and sells ceramic ferrules, sleeves, substrates, capacitors, and other ceramic products. Chaozhou Three-Circle Group provides its products for optic telecommunication, machinery, environmental protection, and new energy industries.

Victory Giant Technology (Huizhou) Co., Ltd. manufactures electronic products. The Company specializes in high-density PCB development, production and sales.

Samsung Electro-Mechanics Co., Ltd. manufactures a variety of electronic components used in computers, audio and video products, industrial electronics, and telecommunication equipment. The Company's products include multi-layer boards and capacitors, optical Pick Ups, deflection yokes (DY), keyboards, speakers, and light emitting diode (LED) products.

Samsung Electro Mechanics Co, Ltd. (009150 KS)

Jentech Precision Industrial Company Ltd. provides tooling, precision metal stamping, custom insert molding, injection molding, and assembly solutions for medical, consumer electronics, semiconductor, automotive, appliance, and micro electronic markets to a wide variety of industries.

YASKAWA Electric Corporation manufactures and markets servomotors, controllers, inverters, and industrial robots.  The Company's products include spindle controllers, computerized numerical control (CNC) systems, and system engineering.

Insight Enterprises, Inc. offers information technology hardware, software, and services to large enterprises, small to medium sized businesses, and public sector institutions in North America, Europe, the Middle East, Africa, and Asia-Pacific.

FPT Corp is an information and communication technology company. The Company provides services in mobile distribution, systems integration, software outsourcing and development, Internet and e-media content, and computer assembly.

Dolby Laboratories Inc. develops audio signal processing systems for the motion picture, broadcasting, and music recording industries, as well as the consumer market.

Innolux Corporation manufactures TFT-LCD, LCD models and LCD monitors. The company also provides research, development, manufacturing and retails business.

LOTES Co., Ltd specialize in design and manufacture of connectors, CPU Socket, Coolers and Antenna for Notebook Computer, Personal Computer, Mobile electronic device and Ditial Video.

Arrow Electronics, Inc. distributes electronic components and computer products to industrial and commercial customers.  The Company distributes a variety of products including computer systems, peripherals, software, and mass storage products to original equipment manufacturers and commercial customers worldwide.

SYNNEX Corporation provides information technology supply chain services.  The Company offers services to original equipment manufacturers and software publishers worldwide.  SYNNEX offers product distribution, related logistics services, and contract assembly.

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

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

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

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