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>Q-tech announced in-line 1H24 results driven by strong CCM/FPM growth and GPM improvement on smartphone demand rebound, share gains, an increasing UTR and a better high-end product mix.</li><li>For 2H24/2025, we remain positive on high-end spec upgrade to drive ASP/GPM, auto CCM sales growth to accelerate under rising NEV penetration and ultra-sound FPM upgrade in smartphones.</li><li>We slightly adjust down FY24-25E EPS by 1-8% to factor in 1H24 results and 2H seasonality, and our new EPS is 19-24% above consensus. </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>

Q-tech announced in-line 1H24 results driven by strong CCM/FPM growth and GPM improvement on smartphone demand rebound, share gains, an increasing UTR and a better high-end product mix.For 2H24/2025, we remain positive on high-end spec upgrade to drive ASP/GPM, auto CCM sales growth to accelerate under rising NEV penetration and ultra-sound FPM upgrade in smartphones.We slightly adjust down FY24-25E EPS by 1-8% to factor in 1H24 results and 2H seasonality, and our new EPS is 19-24% above consensus. 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.

Q-Tech (1478 HK) - 1H24 Earnings Recovery on Fast Track; Reiterate BUY

Q Technology Group

Q-Tech (1478 HK) - 1H24 Earnings Recovery on Fast Track; Reiterate BUY