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’s 2H22 net profit decline of 54% YoY is in-line with expectations, while revenue exceeds our/consensus estimates by 25%/9%, mainly due to better ASP and product mix.</li><li>2H22 GPM came in at 19.0%, vs 20.8% in 1H22 due to lower HCM/HLS/VLS GPM.</li><li>We expect 1H23E outlook will remain under pressure given on-going inventory correction, smartphone demand recovery uncertainty and global EV sales slowdown. </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’s 2H22 net profit decline of 54% YoY is in-line with expectations, while revenue exceeds our/consensus estimates by 25%/9%, mainly due to better ASP and product mix.2H22 GPM came in at 19.0%, vs 20.8% in 1H22 due to lower HCM/HLS/VLS GPM.We expect 1H23E outlook will remain under pressure given on-going inventory correction, smartphone demand recovery uncertainty and global EV sales slowdown. 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) – 2H22 first take: weakness in-line; awaiting recovery