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 is a fast-growing automotive electronics system solution provider in China, focusing on new energy, powertrain, body control and intelligent driving systems.</li><li>Riding on automotive electrification and intelligence trends, we believe Intron is well-positioned to seize opportunities in booming automotive electronics and semiconductor market in China.</li><li>As Infineon’s largest automotive semi partner in Greater China and Horizon Robotics’ major IDH partner, we estimate Intron will deliver 33%/34% sales/earnings CAGR in 2022-25E, driven by 39%/65% sales CAGR in New Energy/Automation &amp; Connectivity segment. </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 is a fast-growing automotive electronics system solution provider in China, focusing on new energy, powertrain, body control and intelligent driving systems.Riding on automotive electrification and intelligence trends, we believe Intron is well-positioned to seize opportunities in booming automotive electronics and semiconductor market in China.As Infineon’s largest automotive semi partner in Greater China and Horizon Robotics’ major IDH partner, we estimate Intron will deliver 33%/34% sales/earnings CAGR in 2022-25E, driven by 39%/65% sales CAGR in New Energy/Automation &amp; Connectivity segment. 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 Technology (1760 HK) – Beneficiary of Automotive Megatrends