M N 29 Apr 2024 CMB International Global Markets | Equity Research | Company Update Tigermed (300347 CH) Meaningful demand recovery in 1Q24 Target Price RMB66.82 Tigermed reported 1Q24 revenue of RMB1,660mn, down 8.0% YoY, and (Previous TP RMB68.57) attributable recurring net income of RMB303mn, down 20.5% YoY, which was Up/Downside 15.8% mainly due to the substantially reduced gains on fair value changes and Current Price RMB57.70 investment changes (RMB8mn in 1Q24 vs RMB198mn in 1Q23). 1Q24 revenue / attr ...

| --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------|--------------------------------------------|----------------------------------|----------------------------------|---------------------------------|-----------------------| | TFT LCD modules in both 2023 Q3 and 2023 Q4, the recovering demand for smartphone | Central, Sheung Wan, HK | | | | | | TFT LCD modules was the primary contributor. The order visibility and the order ...

| --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------| | | | | CMB International Global Markets Address : 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800 | Limited | | CMB International Global Markets subsidiary of China Merchants Bank) | Limited ("CMBIGM") i ...

Meta reported 1Q24 results: total revenue grew by 27% YoY to US$36.5bn, in line with consensus estimate of US$36.2bn; net income was up 117% YoY to US$12.4bn, also in line with consensus estimate (US$12.2bn). For 2Q24, management guides total revenue to increase by 14-22% YoY to US$36.5- 39.0bn (vs. consensus estimate of US$38.3bn), with growth rate normalizing as the base effect wanes. Looking ahead, Meta expects to start a multi-year investment cycle to build full-scale AI capabilities and enhance monetiz ...

M N 26 Apr 2024 CMB International Global Markets | Equity Research | Company Update Vesync (2148 HK) 1Q24 was slow but end-demand is healthy 1Q24 sales growth was slow but net profit should still be strong. Thanks to the Target Price HK$6.79 healthy sell-out growth and the less-than-one-month Amazon channel inventory, (Previous TP HK$6.71) plus the upgrades in products (e.g., Turbo Blaze air fryer, Dual Zone air fryer, Up/Downside 56.8% the pet-friendly air purifier and vacuum cleaner), orders growth should ...

M N 26 Apr 2024 CMB International Global Markets | Equity Research | Company Update Luxshare (002475 CH) FY23 in-line with better-than-feared 1H24 earnings guidance; Solid outlook ahead Target Price RMB46.61 Luxshare posted FY23 revenue/NP growth of 8%/20% YoY, largely in-line with (Previous TP RMB46.96) pre-announcement of 20-25% YoY, while 1H24E earnings guidance of 20-25% Up/Downside 63.3% YoY (implying 2Q24E 18%-27% YoY) is above market expectations. We believe Current Price RMB28.54 the strong 1H24 out ...

Ping An (2318 HK) 25 Apr 2024 CMB International Global Markets | Equity Research | Company Update 1Q24 NBV beat; Life OPAT y/y turned positive Ping An's first-quarter results show resilience in core lines, with Life VNB +20.7% YoY to RMB12.9bn under new EV assumptions, beating market consensus and our estimate of mid-teens growth. We see the uptick driven by a promising rise of VNB margin (+6.5 pct YoY) to 22.8% despite sluggish 2024 jumpstart sales. Group OPAT was down by 3.0% YoY to RMB38.7bn, significant ...

M N 25 Apr 2024 CMB International Global Markets | Equity Research | Company Update New Oriental (EDU US) Accelerating capacity expansion to address robust demand Target Price US$102.50 New Oriental announced 3QFY24 financial results: total net revenue grew by (Previous TP US$104.50) 60.1% YoY to US$1,207mn, 10% ahead of consensus estimate (US$1,098mn); Up/Downside 33.0% non-GAAP net income was up by 9.8% YoY to US$105mn but below consensus Current Price US$77.08 estimate of US$132mn, mainly due to the inve ...

M N 25 Apr 2024 CMB International Global Markets | Equity Research | Company Update Great Wall Motor (2333 HK) 1Q24 NP beat provides room for transformation Target Price HK$14.00 Maintain BUY. Great Wall’s 1Q24 net profit of RMB3.2bn beat investors’ prior (Previous TP HK$13.00) forecast, which has increased our confidence in its profitability in FY24E. We Up/Downside 24.8% raise our FY24E net profit forecast by 25% to RMB9.9bn. We believe Great Wall Current Price HK$11.22 still needs a high-volume NEV in th ...

25 Apr 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Zhejiang Dingli (603338 CH) 4Q23 & 1Q24 earnings in line; Staying positive on overseas growth Zhejiang Dingli (Dingli)'s net profit in 2023 grew 49% YoY to RMB1.87bn, in line with the pre-announced profit of RMB1.86bn in Jan. In 1Q24, the adjusted net profit (excluding fair value loss of RMB101mn) grew 27% YoY to RMB404mn, which is in line with our expectation. During the post results call, management revealed t ...