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 FY23 revenue of RMB20.4bn (-1.0% YoY) and net income of RMB740mn (-9.9% YoY), above consensus estimates mainly due to exchange gains and other income.</li><li>FY23 GPM came in at 16.9%, largely in line, and 2H23 GPM recovered to 19.2% (+1.4ppts YoY/+5.1ppts HoH), driven by demand recovery and product upgrades.</li><li>For FY24E, mgmt. guided 10-15% YoY sales growth (+20-30% YoY including PSS), driven by: 1) an optics GPM turnaround in 2H24E on market recovery, spec upgrades and WLG ramp-up; 2) auto biz PSS integration to bring auto synergy; 3) acoustics/haptics/casing/hinges to benefit from model launches and market share gains, and 4) AI phone upgrades in acoustics and cooling parts. </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 FY23 revenue of RMB20.4bn (-1.0% YoY) and net income of RMB740mn (-9.9% YoY), above consensus estimates mainly due to exchange gains and other income.FY23 GPM came in at 16.9%, largely in line, and 2H23 GPM recovered to 19.2% (+1.4ppts YoY/+5.1ppts HoH), driven by demand recovery and product upgrades.For FY24E, mgmt. guided 10-15% YoY sales growth (+20-30% YoY including PSS), driven by: 1) an optics GPM turnaround in 2H24E on market recovery, spec upgrades and WLG ramp-up; 2) auto biz PSS integration to bring auto synergy; 3) acoustics/haptics/casing/hinges to benefit from model launches and market share gains, and 4) AI phone upgrades in acoustics and cooling parts. 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) - Solid Outlook for PSS Merger & Optics Margin Recovery