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 reported a positive profit alert with 2024 earnings growth of 130-145% YoY to RMB 1.7bn-1.82bn, with mid-point in-line with our estimates and 5% above consensus.</li><li>The strong results were driven by global smartphone recovery, spec upgrade across segments (acoustics/MEMS/haptics/thermal/optics), auto acoustics PSS integration and improving efficiency.</li><li>Looking ahead to 2025, we believe AAC will continue to benefit from content value increase in AI/foldable phones (acoustics/MEMS/thermal/haptics/hinge/optics), AI smart glasses (MEMS/acoustics), and order wins in auto acoustics (Xiaomi/HW/Li/XPeng). </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 reported a positive profit alert with 2024 earnings growth of 130-145% YoY to RMB 1.7bn-1.82bn, with mid-point in-line with our estimates and 5% above consensus.The strong results were driven by global smartphone recovery, spec upgrade across segments (acoustics/MEMS/haptics/thermal/optics), auto acoustics PSS integration and improving efficiency.Looking ahead to 2025, we believe AAC will continue to benefit from content value increase in AI/foldable phones (acoustics/MEMS/thermal/haptics/hinge/optics), AI smart glasses (MEMS/acoustics), and order wins in auto acoustics (Xiaomi/HW/Li/XPeng). 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) - Multiple Growth Drivers and Improving Margin to Continue into 2025