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

Sunny Optical Technology Group / Equity Bottom-Up

<ul><li>Sunny reported a FY23E profit warning with earnings decline of 50-55% YoY, 23%/18% below our/consensus estimates on weak smartphone demand, intense competition, and the de-spec trend.</li><li>While we remain positive on Android recovery, gains of share of supply to Apple, and spec upgrade in FY24E, we believe consensus estimates are too bullish on margins and ASP recovery.</li><li>We cut FY24/25E EPS by 20%/19% to factor in the results miss and slower ASP/margin 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>

Sunny reported a FY23E profit warning with earnings decline of 50-55% YoY, 23%/18% below our/consensus estimates on weak smartphone demand, intense competition, and the de-spec trend.While we remain positive on Android recovery, gains of share of supply to Apple, and spec upgrade in FY24E, we believe consensus estimates are too bullish on margins and ASP recovery.We cut FY24/25E EPS by 20%/19% to factor in the results miss and slower ASP/margin 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.

Sunny Optical (2382 HK) - 2023 Profit Warning Worse than Feared