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 FY24 revenue/NP growth of 21%/146% YoY was largely in-line with its prior profit alert, driven by solid growth across all segments and improving GPM on a better product mix.</li><li>Although the stock corrected by 10% yesterday due to softerthan-expected HCM/HLS/VLS shipment guidance (+5-10%/+5%/+15-20% YoY) in our view, we believe Sunny’s strategic focus on HCM/HLS profitability over market share and accelerated expansion into automotive/XR/robotics segments will continue to drive earnings growth into 2025/26.</li><li>In the longer term, we believe Sunny is well-positioned to capture multiple growth opportunities in AI phone upgrade, ADAS penetration, AI glass product cycle and embodied intelligent robotics. </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 FY24 revenue/NP growth of 21%/146% YoY was largely in-line with its prior profit alert, driven by solid growth across all segments and improving GPM on a better product mix.Although the stock corrected by 10% yesterday due to softerthan-expected HCM/HLS/VLS shipment guidance (+5-10%/+5%/+15-20% YoY) in our view, we believe Sunny’s strategic focus on HCM/HLS profitability over market share and accelerated expansion into automotive/XR/robotics segments will continue to drive earnings growth into 2025/26.In the longer term, we believe Sunny is well-positioned to capture multiple growth opportunities in AI phone upgrade, ADAS penetration, AI glass product cycle and embodied intelligent robotics. 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) - 2H24 Earnings Recovery on Track