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>We are positive on post-destocking shipment recovery and industry-wise spec upgrade trend driven by recent Huawei/Apple flagship models (Mate Pro 60/ iPhone 15 Pro Max).</li><li>For Sunny, we also expect blended ASP recovery, Apple/ Huawei order wins and easing competition to drive earnings in 2H23/2024.</li><li>However, in the near term, we believe recent stock rallies have factored in these positives, and Sunny’s Sep HLS/HCM shipment growth of 17%/41% YoY was largely in-line mainly on Apple/Huawei restocking and low base vs 2022. </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>

We are positive on post-destocking shipment recovery and industry-wise spec upgrade trend driven by recent Huawei/Apple flagship models (Mate Pro 60/ iPhone 15 Pro Max).For Sunny, we also expect blended ASP recovery, Apple/ Huawei order wins and easing competition to drive earnings in 2H23/2024.However, in the near term, we believe recent stock rallies have factored in these positives, and Sunny’s Sep HLS/HCM shipment growth of 17%/41% YoY was largely in-line mainly on Apple/Huawei restocking and low base vs 2022. 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) – Positive on Shipment Recovery and Upgrade Trend