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

Luxshare Precision Industry / Equity Bottom-Up

<ul><li>Luxshare’s 3Q24 revenue/NP growth of 27%/22% YoY was largely in-line with the earnings pre-announcement, and FY24E net profit guidance of 20-25% YoY was largely in-line with consensus.</li><li>Looking into 2025, we believe Luxshare is well-positioned to capture growth opportunities in Apple intelligence trend on high exposure across Apple products, datacentre connectivity momentum and auto electronics business expansion.</li><li>The stock now trades at 18.9x FY25E P/E. We rolled forward our target multiple to FY25E, and our new TP of RMB 55.09 is based on 24x FY25E P/E (vs prior 24x FY24E P/E). Maintain BUY.</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>

Luxshare’s 3Q24 revenue/NP growth of 27%/22% YoY was largely in-line with the earnings pre-announcement, and FY24E net profit guidance of 20-25% YoY was largely in-line with consensus.Looking into 2025, we believe Luxshare is well-positioned to capture growth opportunities in Apple intelligence trend on high exposure across Apple products, datacentre connectivity momentum and auto electronics business expansion.The stock now trades at 18.9x FY25E P/E. We rolled forward our target multiple to FY25E, and our new TP of RMB 55.09 is based on 24x FY25E P/E (vs prior 24x FY24E P/E). Maintain BUY.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.

Luxshare (002475 CH) - 3Q24 Results and FY24 Guidance In-Line