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 reported a strong Jan shipment recovery in mobile/non-mobile camera modules and fingerprint modules thanks to strong smartphone demand, highend product ramp-up and customers’ project cycle.</li><li>Following a weak 2023, we are positive that Android recovery and spec upgrade in 1H24E should drive smartphone CCM growth, and non-mobile CCM (auto/ARVR/IoT) should remain steady thanks to a customer order rebound, new product launches and mass production.</li><li>We trim FY24/25E EPS by 33/36% mainly to reflect weak FY23E earnings preannouncement (down 35-45% YoY) and mild shipment/GPM recovery in FY24/25E.</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 reported a strong Jan shipment recovery in mobile/non-mobile camera modules and fingerprint modules thanks to strong smartphone demand, highend product ramp-up and customers’ project cycle.Following a weak 2023, we are positive that Android recovery and spec upgrade in 1H24E should drive smartphone CCM growth, and non-mobile CCM (auto/ARVR/IoT) should remain steady thanks to a customer order rebound, new product launches and mass production.We trim FY24/25E EPS by 33/36% mainly to reflect weak FY23E earnings preannouncement (down 35-45% YoY) and mild shipment/GPM recovery in FY24/25E.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) - Jan Shipment Beat; Focus on High-End Smartphone Recovery in 1H24E

Q Technology Group

Q-Tech (1478 HK) - Jan Shipment Beat; Focus on High-End Smartphone Recovery in 1H24E