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>Intron Tech reported 1H24 revenue of RMB 2.84bn (+8% YoY) and net profit of RMB 97.7mn (-37% YoY), both below our/consensus estimates, mainly due to the GPM decline to 15.9% (-4.7ppts YoY) on intensified competition and price pressure from auto OEM customers.</li><li>Looking ahead to 2H24E, mgmt. guided net profit margin to recover HoH on new order wins in new energy/ADAS and overseas customer expansion.</li><li>We trim FY24-25E EPS by 43-49% to factor in the 1H24 miss, margin pressure and weaker topline growth. </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>

Intron Tech reported 1H24 revenue of RMB 2.84bn (+8% YoY) and net profit of RMB 97.7mn (-37% YoY), both below our/consensus estimates, mainly due to the GPM decline to 15.9% (-4.7ppts YoY) on intensified competition and price pressure from auto OEM customers.Looking ahead to 2H24E, mgmt. guided net profit margin to recover HoH on new order wins in new energy/ADAS and overseas customer expansion.We trim FY24-25E EPS by 43-49% to factor in the 1H24 miss, margin pressure and weaker topline growth. 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.

Intron Tech (1760 HK) - 1H24 Below on Weaker Margin

Intron Technology

Intron Tech (1760 HK) - 1H24 Below on Weaker Margin