External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

AAC Technologies Holdings / Equity Bottom-Up

<ul><li>AAC will report 4Q22 results on 23 Mar. We estimate 4Q revenue/net profit to increase 16%/18% YoY to RMB 5,579mn/250mn, slightly below consensus, mainly driven by stronger demand in Apple‘s acoustics/haptics and Toyo’s PM sales contribution despite pressure in optics segment.</li><li>By segment, we expect acoustics/ED&amp;PM/optics to grow 2%/31%/29% YoY in 4Q22E.</li><li>Looking ahead, given Android’s ongoing inventory destocking and Apple’s weak seasonality in 1H23E, we believe demand weakness and loss-making optics segment will drag earnings recovery for AAC in the near term. </li></ul><p><em>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.</em></p>

AAC will report 4Q22 results on 23 Mar. We estimate 4Q revenue/net profit to increase 16%/18% YoY to RMB 5,579mn/250mn, slightly below consensus, mainly driven by stronger demand in Apple‘s acoustics/haptics and Toyo’s PM sales contribution despite pressure in optics segment.By segment, we expect acoustics/ED&amp;PM/optics to grow 2%/31%/29% YoY in 4Q22E.Looking ahead, given Android’s ongoing inventory destocking and Apple’s weak seasonality in 1H23E, we believe demand weakness and loss-making optics segment will drag earnings recovery for AAC in the near term. 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.

AAC Tech (2018 HK) – 4Q22 Preview: earnings recovery remains bumpy; Maintain HOLD