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>Wingtech released its 3Q23 results with revenue/NP growth of 11.9%/11.4% YoY and 2.9%/5.5% QoQ, respectively.</li><li>The Company’s gross margin remained consistent while improving slightly from 17.3% in 2Q23 to 17.4% in 3Q23.</li><li>We continue to see strength in Company’s legacy business, which alleviated market concerns on its legacy business’ competitiveness and new business’ integration and growth as we previously expected.</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.

Wingtech released its 3Q23 results with revenue/NP growth of 11.9%/11.4% YoY and 2.9%/5.5% QoQ, respectively.The Company’s gross margin remained consistent while improving slightly from 17.3% in 2Q23 to 17.4% in 3Q23.We continue to see strength in Company’s legacy business, which alleviated market concerns on its legacy business’ competitiveness and new business’ integration and growth as we previously expected.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.

Wingtech (600745 CH) – 3Q Results Confirmed ODM Back on Track

<ul><li>Wingtech released its 1H23 results, posting revenue and NP growth of 2.5% and 7.2% YoY.</li><li>By segment, ODM/semi sales (accounted for 71%/26% of the total business) grew 6.2%/-0.3% YoY.</li><li>Overall GPM was 17% amid soft consumer electronic consumption. </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.

Wingtech released its 1H23 results, posting revenue and NP growth of 2.5% and 7.2% YoY.By segment, ODM/semi sales (accounted for 71%/26% of the total business) grew 6.2%/-0.3% YoY.Overall GPM was 17% amid soft consumer electronic consumption. 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.

Wingtech (600745 CH) – Strong 2Q23 Results on ODM Business Turning Profitable

Thematic (Sector/Industry)

<ul><li>In our last report dated 17 October, we highlighted a list of 21 long ideas.</li><li>The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).</li><li>China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.</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.

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.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.

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

<ul><li>Wingtech received an official notice from the UK government on 17 Nov that the Company was required to sell at least 86% stake of its Newport Wafer Fab (“NWF”) (acquired in 2021 with 100% ownership).</li><li>Wingtech believes the order has no significant impact on operations.</li><li>Potential loss may incur if future transaction price is lower than the acquisition price but the impact should be limited.</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.

Wingtech received an official notice from the UK government on 17 Nov that the Company was required to sell at least 86% stake of its Newport Wafer Fab (“NWF”) (acquired in 2021 with 100% ownership).Wingtech believes the order has no significant impact on operations.Potential loss may incur if future transaction price is lower than the acquisition price but the impact should be limited.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.

Wingtech (600745 CH) – NWF Divesture Order Will Have Trivial Impact on Operation

<ul><li>Wingtech announced its 3Q22 results. 3Q revenue declined slightly by 2.1% YoY and 0.8% QoQ, to RMB13.6bn. NP to shareholders declined by 5.8% YoY but grew 12.2% QoQ to RMB762mn.</li><li>GPM increased to 20.2% in 3Q22 (vs. 17.0%/17.2% in 3Q21/2Q22).</li><li>We think 3Q results were solid and confirmed the resilience of Wingtech’s power semi business.</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.

Wingtech announced its 3Q22 results. 3Q revenue declined slightly by 2.1% YoY and 0.8% QoQ, to RMB13.6bn. NP to shareholders declined by 5.8% YoY but grew 12.2% QoQ to RMB762mn.GPM increased to 20.2% in 3Q22 (vs. 17.0%/17.2% in 3Q21/2Q22).We think 3Q results were solid and confirmed the resilience of Wingtech’s power semi business.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.

Wingtech (600745 CH) – Mispriced Business Represents Attractive Buying Opportunity

China

Wingtech Technology Co.,Ltd manufactures communications equipment. The Company produces mobile phones, tablets, smart devices, and other equipment. Wingtech Technology also operates real estate development, hotel management, financing, and other businesses.

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Wingtech Technology (600745 CH)

Wingtech (600745 CH) – 3Q Results Confirmed ODM Back on Track

We continue to see strength in Company’s legacy business, which alleviated market concerns on its legacy business’ competitiveness and new...

CMB International

Wingtech (600745 CH) – Strong 2Q23 Results on ODM Business Turning Profitable

Wingtech released its 1H23 results, posting revenue and NP growth of 2.5% and 7.2% YoY. By segment, ODM/semi sales (accounted for 71%/26% of the...

CMB International

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI...

CMB International

Wingtech (600745 CH) – NWF Divesture Order Will Have Trivial Impact on Operation

Wingtech received an official notice from the UK government on 17 Nov that the Company was required to sell at least 86% stake of its Newport Wafer...

CMB International

Wingtech (600745 CH) – Mispriced Business Represents Attractive Buying Opportunity

GPM increased to 20.2% in 3Q22 (vs. 17.0%/17.2% in 3Q21/2Q22). We think 3Q results were solid and confirmed the resilience of Wingtech’s power semi...

CMB International

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