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>Goertek’s 3Q23 revenue/net profit growth of -6%/-73% YoY (+37%/+49% QoQ) was largely in line with previous market expectations.</li><li>Impressive QoQ revenue growth was driven by Meta Quest 3 and new smartphone launches in 3Q23, and GPM improved 2.5ppts QoQ to 10.2% given higher utilization and new product ramp-up.</li><li>Looking into 2H23E, we expect margin recovery to continue with better utilization and product mix, and revenue will sustain QoQ growth on PS5/Quest 3 momentum.</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>

Goertek’s 3Q23 revenue/net profit growth of -6%/-73% YoY (+37%/+49% QoQ) was largely in line with previous market expectations.Impressive QoQ revenue growth was driven by Meta Quest 3 and new smartphone launches in 3Q23, and GPM improved 2.5ppts QoQ to 10.2% given higher utilization and new product ramp-up.Looking into 2H23E, we expect margin recovery to continue with better utilization and product mix, and revenue will sustain QoQ growth on PS5/Quest 3 momentum.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.

Goertek (002241 CH) – 3Q23 Weakness In-Line

Goertek Inc A

Goertek (002241 CH) – 3Q23 Weakness In-Line