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>BYDE will report 1H24 results in Aug. We estimate 1H24 revenue/NP growth of 32%/26% driven by iPad share gains, Android recovery, Jabil biz consolidation, stable NEV components sales and new intelligent product business.</li><li>For 2H24E/2025E, we are positive on iPad/iPhone upgrade cycle, Android high-end orders, automotive orders and AI servers to drive revenue growth.</li><li>We cut FY24-26E EPS by 6% to mainly factor in a weaker GPM. Our FY24-26E EPS estimates are 1- 9% above consensus.</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>

BYDE will report 1H24 results in Aug. We estimate 1H24 revenue/NP growth of 32%/26% driven by iPad share gains, Android recovery, Jabil biz consolidation, stable NEV components sales and new intelligent product business.For 2H24E/2025E, we are positive on iPad/iPhone upgrade cycle, Android high-end orders, automotive orders and AI servers to drive revenue growth.We cut FY24-26E EPS by 6% to mainly factor in a weaker GPM. Our FY24-26E EPS estimates are 1- 9% above consensus.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.

BYDE (285 HK) - Expect Solid Growth on IPad/ IPhone Cycle, Android Recovery and NEV Orders

BYD Electronics

BYDE (285 HK) - Expect Solid Growth on IPad/ IPhone Cycle, Android Recovery and NEV Orders