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

<ul><li>BOEVx’s revenue climbed 7.9% YoY driven by both conventional and NEV customer expansion and order ramp-up, and strong NEV demand in China/US.</li><li>However, net profit declined 19% YoY, which is 36%/33% below our/consensus estimates mainly due to EBITDA decline on price adjustment and rising costs on Chengdu plant capacity expansion.</li><li>The company will host earnings call tomorrow at 10am and we believe market will focus on auto market demand outlook and pricing trend, Chengdu plant profitability and overseas market customer expansion. </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>

BOEVx’s revenue climbed 7.9% YoY driven by both conventional and NEV customer expansion and order ramp-up, and strong NEV demand in China/US.However, net profit declined 19% YoY, which is 36%/33% below our/consensus estimates mainly due to EBITDA decline on price adjustment and rising costs on Chengdu plant capacity expansion.The company will host earnings call tomorrow at 10am and we believe market will focus on auto market demand outlook and pricing trend, Chengdu plant profitability and overseas market customer expansion. 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.

BOE Varitronix (710 HK) – 1H23 First Take: Earnings Miss on Lower Margin