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>Hikvision delivered a weaker than expected FY1Q23 with revenue of RMB16.2bn (-2% YoY) and net profit of RMB1.81bn (-21% YoY).</li><li>Sequential improvement in top-line (vs -9% YoY in FY4Q22) and GPM (+1.4 ppts YoY) were the bright spots.</li><li>Hikvision will focus on quality growth in FY23E with better control on project profitability, headcount (+10% YoY in FY22, stable in FY23E) and opex. </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>

Hikvision delivered a weaker than expected FY1Q23 with revenue of RMB16.2bn (-2% YoY) and net profit of RMB1.81bn (-21% YoY).Sequential improvement in top-line (vs -9% YoY in FY4Q22) and GPM (+1.4 ppts YoY) were the bright spots.Hikvision will focus on quality growth in FY23E with better control on project profitability, headcount (+10% YoY in FY22, stable in FY23E) and opex. 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.

Hikvision (002415 CH) – Taking time to recover

Hangzhou Hikvision

Hikvision (002415 CH) – Taking time to recover