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>Shennan Circuit released its 3Q24 results.</li><li>Revenue went up 37.9% YoY/8.5% QoQ to RMB4.73bn, beating Bloomberg consensus by 19.7%.</li><li>Net profit rose 15.3% YoY but declined 17.6% QoQ. GPM declined to 25.4% QoQ in 3Q24 from 27.1%/23.4% in 2Q24/3Q23. </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.

Shennan Circuit released its 3Q24 results.Revenue went up 37.9% YoY/8.5% QoQ to RMB4.73bn, beating Bloomberg consensus by 19.7%.Net profit rose 15.3% YoY but declined 17.6% QoQ. GPM declined to 25.4% QoQ in 3Q24 from 27.1%/23.4% in 2Q24/3Q23. 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.

Shennan Circuit (002916 CH) - 3Q Results Review: Solid Revenue Growth with Lower Margin

<ul><li>SCC released 1H24 results. Revenue went up by 38% YoY to RMB8.3bn, with double-digit growth across all segments (PCB/Substrate/PCBA: 25%/94%/42% YoY).</li><li>NP increased by 108% YoY to RMB987mn, on higher GPM (26.2% in 1H24 vs. 22.9%/23.8% in 1H/2H23) and cost optimization.</li><li>SCC delivered strong 1H24 results, driven by 1) strong AI demand, 2) Eagle Stream upgrades, 3) robust auto orders, 4) inventory restocking on consumer electronics market, and 5) margin expansion. </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.

SCC released 1H24 results. Revenue went up by 38% YoY to RMB8.3bn, with double-digit growth across all segments (PCB/Substrate/PCBA: 25%/94%/42% YoY).NP increased by 108% YoY to RMB987mn, on higher GPM (26.2% in 1H24 vs. 22.9%/23.8% in 1H/2H23) and cost optimization.SCC delivered strong 1H24 results, driven by 1) strong AI demand, 2) Eagle Stream upgrades, 3) robust auto orders, 4) inventory restocking on consumer electronics market, and 5) margin expansion. 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.

Shennan Circuit (002916 CH) - Strong 1H24 Results W/ Double-Digit Growth Across Segments

<ul><li>Shennan Circuit released its FY23 earnings, with revenue down 3.3% YoY to RMB13.5bn (5%/2% higher than our forecast/consensus) and net profit down 14.8% YoY to RMB1.4bn (11%/5% higher than our forecast/consensus).</li><li>The Company beat estimates thanks to a stronger-than-expected 4Q. The quarterly revenue/NP accounted for 30%/35% of full year results.</li><li>4Q revenue increased by 15.9% YoY/18.6% QoQ to RMB4.1bn, and net profit increased by 6.6% YoY/12.8% QoQ to RMB490mn. </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.

Shennan Circuit released its FY23 earnings, with revenue down 3.3% YoY to RMB13.5bn (5%/2% higher than our forecast/consensus) and net profit down 14.8% YoY to RMB1.4bn (11%/5% higher than our forecast/consensus).The Company beat estimates thanks to a stronger-than-expected 4Q. The quarterly revenue/NP accounted for 30%/35% of full year results.4Q revenue increased by 15.9% YoY/18.6% QoQ to RMB4.1bn, and net profit increased by 6.6% YoY/12.8% QoQ to RMB490mn. 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.

Shennan Circuit (002916 CH) - FY23 Results Beat Helped by Better 4Q

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>With a strong 20A/18A team, Intel might take some CPU shares back from AMD to affect TSMC but reduce geopolitical tensions from the US after Intel returning to the best. </li>
<li>SMIC can use DUV to do 3nm but different from others' because Moore's law is no longer using circuit line width but to use performance, power, density to determine 3nm. </li>
<li>New fabless industry opportunities are emerging in middle east countries, and south east Asia countries like Vietnam. Despite high cost issues, global expansion will help TSMC to attract global talents. </li>
</ul>


With a strong 20A/18A team, Intel might take some CPU shares back from AMD to affect TSMC but reduce geopolitical tensions from the US after Intel returning to the best. 
SMIC can use DUV to do 3nm but different from others' because Moore's law is no longer using circuit line width but to use performance, power, density to determine 3nm. 
New fabless industry opportunities are emerging in middle east countries, and south east Asia countries like Vietnam. Despite high cost issues, global expansion will help TSMC to attract global talents. 


A R&D Director Dr. Young Was at TSMC, SMIC, and Intel Foundry Shared Views on 3-1nm Competitions

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net SELL RMB 14.8bn of A-shares. It was a big net sell week in relatively low gross NORTHBOUND volume.</li>
<li>HK large caps outperformed Mainland large caps generally. Tech (HSTECH vs Star50 and ChiNext) saw even better HK outperformance.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 14.8bn of A-shares. It was a big net sell week in relatively low gross NORTHBOUND volume.
HK large caps outperformed Mainland large caps generally. Tech (HSTECH vs Star50 and ChiNext) saw even better HK outperformance.


Mainland Connect NORTHBOUND Flows (To 9 Aug 2024): Back to Net Selling of Renewables and Consumer

China

Shennan Circuits Co.,Ltd. manufactures printed circuit boards. The Company produces packaging base plates, substrates, electronic assemblies, system in package, and other products. Shennan Circuits markets its products across worldwide.

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Shennan Circuits (002916 CH)

Shennan Circuit (002916 CH) - 3Q Results Review: Solid Revenue Growth with Lower Margin

Shennan Circuit released its 3Q24 results. Revenue went up 37.9% YoY/8.5% QoQ to RMB4.73bn, beating Bloomberg consensus by 19.7%.

CMB International

Shennan Circuit (002916 CH) - Strong 1H24 Results W/ Double-Digit Growth Across Segments

SCC released 1H24 results. Revenue went up by 38% YoY to RMB8.3bn, with double-digit growth across all segments (PCB/Substrate/PCBA: 25%/94%/42% YoY).

CMB International

Shennan Circuit (002916 CH) - FY23 Results Beat Helped by Better 4Q

Shennan Circuit released its FY23 earnings, with revenue down 3.3% YoY to RMB13.5bn (5%/2% higher than our forecast/consensus) and net profit down...

CMB International

A R&D Director Dr. Young Was at TSMC, SMIC, and Intel Foundry Shared Views on 3-1nm Competitions

A R&D Director Dr. Young Was at TSMC, SMIC, and Intel Foundry Shared Views on 3-1nm Competitions. Intel might ramp up its 20A/18A ahead of TSMC 2nm...

Andrew Lu

Mainland Connect NORTHBOUND Flows (To 9 Aug 2024): Back to Net Selling of Renewables and Consumer

NORTHBOUND back to the sell side last week. Pretty much across the board but renewables-related (solar, btty, EVs) were all sells. EVs to be...

Travis Lundy

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