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 posted FY23 revenue/NP growth of 8%/20% YoY, largely in-line with pre-announcement of 20-25% YoY, while 1H24E earnings guidance of 20-25% YoY (implying 2Q24E 18%-27% YoY) is above market expectations.</li><li>We believe the strong 1H24 outlook is mainly driven by 1) datacenter connectivity (optic/copper) products, cooling and power solutions, and 2) auto biz momentum on stronger NEV and ADAS/AD demand from overseas markets.</li><li>Looking forward, despite recent macro headwinds and iPhone shipment weakness, we believe Luxshare is well-positioned to capture opportunities in datacentre connectivity business, automotive connector business, gain share in iPhone/MacBook/iPad/Watch OEM/components and Apple’s multiple product launches in 2H24E. </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 posted FY23 revenue/NP growth of 8%/20% YoY, largely in-line with pre-announcement of 20-25% YoY, while 1H24E earnings guidance of 20-25% YoY (implying 2Q24E 18%-27% YoY) is above market expectations.We believe the strong 1H24 outlook is mainly driven by 1) datacenter connectivity (optic/copper) products, cooling and power solutions, and 2) auto biz momentum on stronger NEV and ADAS/AD demand from overseas markets.Looking forward, despite recent macro headwinds and iPhone shipment weakness, we believe Luxshare is well-positioned to capture opportunities in datacentre connectivity business, automotive connector business, gain share in iPhone/MacBook/iPad/Watch OEM/components and Apple’s multiple product launches in 2H24E. 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) - FY23 In-Line with Better-Than-Feared 1H24 Earnings Guidance