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)

Luxshare Precision Industry: More Market Share Gains from Hon Hai Precision Likely in 2023

Equity Bottom-Up

Luxshare Precision Industry / Equity Bottom-Up

<div><div><div><div><ul><li>We believe recent pullback offers good buying opportunities as we expect Luxshare to deliver strong earnings growth of 59%/54% YoY in 3Q/4Q22E (vs 34%/14% YoY in 1Q/2Q), driven by Apple’s product launches in 3Q22 and margin recovery in 2H22E.</li><li>In addition, following several strategic M&amp;As in 2020/21, we believe Luxshare started to benefit from gaining share in iPhone’s top module, Macbook/iPad’s casing and Watch OEM in 2H22E.</li><li>The stock now trades at 18.3x FY23E P/E, close to 1-sd below 5-yr average P/E. Reiterate BUY and rollover TP to RMB52.3, based on 30x FY23E P/E.</li></ul></div></div></div></div><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>

We believe recent pullback offers good buying opportunities as we expect Luxshare to deliver strong earnings growth of 59%/54% YoY in 3Q/4Q22E (vs 34%/14% YoY in 1Q/2Q), driven by Apple’s product launches in 3Q22 and margin recovery in 2H22E.In addition, following several strategic M&amp;As in 2020/21, we believe Luxshare started to benefit from gaining share in iPhone’s top module, Macbook/iPad’s casing and Watch OEM in 2H22E.The stock now trades at 18.3x FY23E P/E, close to 1-sd below 5-yr average P/E. Reiterate BUY and rollover TP to RMB52.3, based on 30x FY23E P/E.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) – Reiterate BUY on Stronger 2H22 Growth