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 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

<ul><li>Shennan Circuits released its 3Q results. Revenue was RMB3.4bn, with YoY growth of -2.4% and QoQ growth of 5.5%.</li><li>Net profit (NP) was RMB434mn, with YoY growth of 1.1% and QoQ growth of 62.3% (including a one-time government subsidy o RMB151mn).</li><li>Gross margin slightly expanded to 23.4% in 3Q from 23.0% and 22.8% in 1Q and 2Q, driven by 1) a favorable product mix, 2) cost optimization, and 3) improved utilization in the substrate segment.</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 Circuits released its 3Q results. Revenue was RMB3.4bn, with YoY growth of -2.4% and QoQ growth of 5.5%.Net profit (NP) was RMB434mn, with YoY growth of 1.1% and QoQ growth of 62.3% (including a one-time government subsidy o RMB151mn).Gross margin slightly expanded to 23.4% in 3Q from 23.0% and 22.8% in 1Q and 2Q, driven by 1) a favorable product mix, 2) cost optimization, and 3) improved utilization in the substrate segment.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) – Pending Industry Recovery with In-Line 3Q Results

<ul><li>The worldwide PCB market experienced a significant decline of 20% YoY in 1H23, mainly due to falling demand for electronics products under global macroeconomic pressure.</li><li>This is in line with our previous prediction that “we expect the global PCB market will persistently encounter macroeconomic challenges due to weakened consumer demand and the ongoing destocking cycle among downstream industries.”</li><li>Shennan Circuit (002916 CH), a pure PCB manufacturer, is not immune to the market weakness. Maintain HOLD, with lowered TP of RMB72.</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.

The worldwide PCB market experienced a significant decline of 20% YoY in 1H23, mainly due to falling demand for electronics products under global macroeconomic pressure.This is in line with our previous prediction that “we expect the global PCB market will persistently encounter macroeconomic challenges due to weakened consumer demand and the ongoing destocking cycle among downstream industries.”Shennan Circuit (002916 CH), a pure PCB manufacturer, is not immune to the market weakness. Maintain HOLD, with lowered TP of RMB72.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) – Soft 1H23 Numbers Suggest No Immediate Turnaround

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>Following marginal growth of 1.0% YoY in 2022, the global PCB market declined by 15% YoY in 2023 to US$69.5bn, due to subdued demand across end markets and the digestion of excess inventory.</li><li>The quarterly revenue of the top 40 PCB suppliers fell YoY consecutively in 2023, but managed to grow QoQ in 3Q/4Q, suggesting the industry is bottoming out gradually.</li><li>For 2024, we expect the PCB sector to have a modest recovery, following its emergence from the trough in 2H23. </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.

Following marginal growth of 1.0% YoY in 2022, the global PCB market declined by 15% YoY in 2023 to US$69.5bn, due to subdued demand across end markets and the digestion of excess inventory.The quarterly revenue of the top 40 PCB suppliers fell YoY consecutively in 2023, but managed to grow QoQ in 3Q/4Q, suggesting the industry is bottoming out gradually.For 2024, we expect the PCB sector to have a modest recovery, following its emergence from the trough in 2H23. 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 PCB Sector - Modest Growth in Global PCB Sales

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) - 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

Shennan Circuit (002916 CH) – Pending Industry Recovery with In-Line 3Q Results

Net profit (NP) was RMB434mn, with YoY growth of 1.1% and QoQ growth of 62.3% (including a one-time government subsidy o RMB151mn).

CMB International

Shennan Circuit (002916 CH) – Soft 1H23 Numbers Suggest No Immediate Turnaround

Shennan Circuit (002916 CH), a pure PCB manufacturer, is not immune to the market weakness. Maintain HOLD, with lowered TP of RMB72.

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

China PCB Sector - Modest Growth in Global PCB Sales

Following marginal growth of 1.0% YoY in 2022, the global PCB market declined by 15% YoY in 2023 to US$69.5bn, due to subdued demand across end...

CMB International

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