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

Sunny Optical Technology Group / Equity Bottom-Up

<ul><li>Sunny reported a FY23E profit warning with earnings decline of 50-55% YoY, 23%/18% below our/consensus estimates on weak smartphone demand, intense competition, and the de-spec trend.</li><li>While we remain positive on Android recovery, gains of share of supply to Apple, and spec upgrade in FY24E, we believe consensus estimates are too bullish on margins and ASP recovery.</li><li>We cut FY24/25E EPS by 20%/19% to factor in the results miss and slower ASP/margin recovery in FY24-25E.</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.

Sunny reported a FY23E profit warning with earnings decline of 50-55% YoY, 23%/18% below our/consensus estimates on weak smartphone demand, intense competition, and the de-spec trend.While we remain positive on Android recovery, gains of share of supply to Apple, and spec upgrade in FY24E, we believe consensus estimates are too bullish on margins and ASP recovery.We cut FY24/25E EPS by 20%/19% to factor in the results miss and slower ASP/margin recovery in FY24-25E.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.

Sunny Optical (2382 HK) - 2023 Profit Warning Worse than Feared

<ul>
<li>Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.</li>
<li>We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.</li>
<li>We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. </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.


Apple is widely expected to launch its long-awaited MR headset in WWDC 2023 this week.
We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.
We expect technology upgrade to accelerate in displays, optics/sensors and tracking/interaction for enhancing user experience. 

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 Technology – Apple MR: Long-awaited next “iPhone moment”

Thematic (Sector/Industry)

<ul><li>Apple reported FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market consensus, thanks to better smartphone sales and continued margin expansion.</li><li>We are also encouraged by GPM of 46.2%, close to high-end of guidance range.</li><li>For FY1Q25E, mgmt. guided revenue growth at a lower pace (low-to-mid-singledigits YoY), while service revenue will grow at double digits at a similar rate in 1- 4QFY24 (+11-14% YoY). </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.

Apple reported FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market consensus, thanks to better smartphone sales and continued margin expansion.We are also encouraged by GPM of 46.2%, close to high-end of guidance range.For FY1Q25E, mgmt. guided revenue growth at a lower pace (low-to-mid-singledigits YoY), while service revenue will grow at double digits at a similar rate in 1- 4QFY24 (+11-14% YoY). 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.

Technology - Apple FY4Q24 Beat on Better Margin and China Sales

<ul><li>Largan (3008 TT, NR) announced 3Q results with revenue/GPM improved 73% and 1.8ppts QoQ thanks to the smartphone cycle, customers’ new model launches, shipment ramp-up, better product mix/ASP/UTR.</li><li>For 4Q24E/2025, mgmt. guided flattish Oct. shipments but Nov. shipments will decline MoM due to customers’ order cuts.</li><li>On the positive side, mgmt. maintained a positive view on stable ASP thanks to customer agreements, and pre-build orders for 1Q25E are well on track. </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.

Largan (3008 TT, NR) announced 3Q results with revenue/GPM improved 73% and 1.8ppts QoQ thanks to the smartphone cycle, customers’ new model launches, shipment ramp-up, better product mix/ASP/UTR.For 4Q24E/2025, mgmt. guided flattish Oct. shipments but Nov. shipments will decline MoM due to customers’ order cuts.On the positive side, mgmt. maintained a positive view on stable ASP thanks to customer agreements, and pre-build orders for 1Q25E are well on track. 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.

Technology - Implications of Largan 3Q24 Results

<ul><li>Meta officially unveiled the latest MR Quest 3S, prototype of its first Orion AR glasses, and updates on Meta AI and Ray-Ban smart glasses during the Meta Connect event.</li><li>The new Quest 3S came at US$ 299 as a more affordable version of Quest 3 (US$ 499) launched last year, equipped with reduced specs on display, resolution and optical solution, but featuring the same processor, MR functions, hand tracking and full gaming/social/entertainment experience with Horizon OS.</li><li>Meta also debuted Orion, its most advanced AR glass prototype, featuring wide FoV, holographic displays, see-through MR function, eye/hand tracking, new display architecture and wrist-based neural interface in a light design (100g). </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.

Meta officially unveiled the latest MR Quest 3S, prototype of its first Orion AR glasses, and updates on Meta AI and Ray-Ban smart glasses during the Meta Connect event.The new Quest 3S came at US$ 299 as a more affordable version of Quest 3 (US$ 499) launched last year, equipped with reduced specs on display, resolution and optical solution, but featuring the same processor, MR functions, hand tracking and full gaming/social/entertainment experience with Horizon OS.Meta also debuted Orion, its most advanced AR glass prototype, featuring wide FoV, holographic displays, see-through MR function, eye/hand tracking, new display architecture and wrist-based neural interface in a light design (100g). 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.

Technology - Meta Connect 2024: Quest 3S, Orion AR Glasses, AI and Ray-Ban Smart Glasses Updates

China

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.

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Sunny Optical Technology Group (2382 HK)

Sunny Optical (2382 HK) - 2023 Profit Warning Worse than Feared

Sunny reported a FY23E profit warning with earnings decline of 50-55% YoY, 23%/18% below our/consensus estimates on weak smartphone demand, intense...

CMB International

China Technology – Apple MR: Long-awaited next “iPhone moment”

We believe 2023 is set to be one of the best years in VR/AR ecosystem development as Apple’s first MR headset will set new standard for innovation.

CMB International

Technology - Apple FY4Q24 Beat on Better Margin and China Sales

Apple reported FY4Q24 (CY3Q23) revenue of US$94.9bn (+6% YoY) and EPS of US$0.97 (-34% YoY, +12% YoY excl. one-off charge), both above market...

CMB International

Technology - Implications of Largan 3Q24 Results

On the positive side, mgmt. maintained a positive view on stable ASP thanks to customer agreements, and pre-build orders for 1Q25E are well on track.

CMB International

Technology - Meta Connect 2024: Quest 3S, Orion AR Glasses, AI and Ray-Ban Smart Glasses Updates

Meta officially unveiled the latest MR Quest 3S, prototype of its first Orion AR glasses, and updates on Meta AI and Ray-Ban smart glasses during...

CMB International

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