高盛-中國智能手機 China Smartphones July shipments +28% YoY;7M24 +14% YoY 0829 2024d

28August2024|11:54PMHKT

ChinaSmartphones:Julyshipments+28%YoY;7M24+14%YoY

JulysmartphoneshipmentsinChinawere+28%YoY,leadingto7M24

shipmentsat+14%YoY.Weseeacceleratingrecoveryofsmartphonedemand

AllenChang

+852-2978-2930|

allen.k.chang@

GoldmanSachs(Asia)L.L.C.

sincebottominginFeb2024(May+14%YoY;June+14%YoY).Forcameras,the

VerenaJeng

numberofcamerasperphonehaspeakedoutat3.3in2024YTD(vs.3.5/3.8in

+852-2978-1681|verena.jeng@GoldmanSachs(Asia)L.L.C.

2023/22);however,20MPx+penetrationhasincreasedto50%in2024YTD(vs.

KatrinaChiu

39%/31%in2023/22),inlinewithourviewofcameraspeci?cationupgradesforChinasmartphones(reportlink).Readmore:Smartphoneproductmonthlytracker.

+852-2978-1197|katrina.chiu@GoldmanSachs(Asia)L.L.C.

Buy:HonHai,AAC,Luxshare,SZS,Fositek,BYDE,Transsion,Vanchip,Maxscend,Arcsoft(camerasoftware),SGMicro,WillSemi,MediaTek,andTSMC(onCL).

Neutral:Largan,SunnyOptical.

KeyChinasmartphonedatainJuly

China5GphonemarketinJuly

n5GphoneshipmentsinChinacameinat21munitsinJul,-7%MoM,+37%YoY,withan85%penetrationrate,perMIIT.

nThenumberofnew5GsmartphonemodelslaunchedinChinawas-28%YoYto

13modelsinJul2024vs.+57%YoYto11modelsinJun2024,perMIIT.

n225Gmodelspassed3Ccerti?cationinChinainAug2024MTD(vs.38modelsinJul),fromVivo(4),Honor(2),Xiaomi(4),OPPO(1),andothers(11),perthe

ChinaQualityCerti?cationCenter.

_

ChinasmartphonemarketinJuly

nSmartphoneshipmentsinChinawere+28%YoYinJulvs.+14%YoYinJun2024,perMIIT.

nThenumberofnewsmartphonemodelslaunchedinChinawas-36%YoYto18modelsinJul2024vs.+27%YoYto19modelsinJun2024,perMIIT.

nReplacementratio:Ofthe1,711mmobilephonesubscribersasofJul2023,around15%hadreplacedtheirphonesfromAug2023toJul2024.

SmartphonecamerapixelsinleadingChinasmartphonebrandssincethestartof2024:

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthe?rmmayhaveacon?ictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USaf?liatesarenotregistered/quali?edasresearchanalystswithFINRAintheU.S.

GoldmanSachs

ChinaSmartphones

n

Wereviewedthe180modelslaunchedbyHonor,Xiaomi,OPPO,VivoandTranssionin2024YTD,totaling602cameras.

n

Averagecameraspermodelwereat3.3in2024YTD,vs.3.5/3.8/4.1/4.9/4.0in2023/2022/2021/2020/2019.Amongthe602cameras,only40%ofcameras

were2MPx/5MPx/8MPx,vs.45%/51%/50%/57%/46%in2023/2022/2021/2020/2019.

n

18modelshavebeenlaunchedbyHonorsincethestartof2024withatotalof66cameras,or3.7cameraspermodel,vs.Huaweiat3.6cameras,OPPOat3.2

cameras,Xiaomiat3.7cameras,Vivoat3.2cameras,andTranssionat3.4cameras.

n

Amongthe66camerasinthe18modelsthatHonorhaslaunchedsincethestartof2024,29%were2MPx/5MPx/8MPx,vs.Huaweiat33%,OPPOat45%,Xiaomiat38%,Vivoat38%,andTranssionat47%.

_

28August20242

GoldmanSachsChinaSmartphones

Exhibit1:5GsmartphoneshipmentsinChina:21munitsinJulExhibit2:Monthly#ofnew5Gsmartphonemodelslaunchedin

China

Jan-21

Mar-21

(munits)

32

30

28

26

24

22

20

18

16

14

12

10

8

6

4

2

0

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

(units)

34

32

30

28

26

24

22

20

18

16

14

12

10

8

6

4

2

0

Source:MIITSource:MIIT

Exhibit3:2014-154GmobilephoneshipmentsandpenetrationrateExhibit4:Monthly#ofnew4Gmobilephonemodelslaunchedin

China

(mnunits)

60

50

40

30

20

10

Jan-14

Feb-14

Mar-14

-

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

100%90%80%70%60%50%40%30%20%10%0%

4GmobilephoneshipmentstoChinaPenetrationrate(RHS)

(units)

140

120

100

80

60

40

20

0

Jun-14Jul-14Aug-14Sep-14Oct-14Nov-14Dec-14#ofnew4Gmobilephonemodels

Source:MIITSource:MIIT

_

28August20243

GoldmanSachsChinaSmartphones

Exhibit5:SmartphoneshipmentsinChina

(munits)

45

40

35

30

25

20

15

10

5

Jan-21

Feb-21

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21

Sep-21

Oct-21

Nov-21

Dec-21

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

0

290%

240%

190%

140%

90%

40%

-10%

Jul-24

-60%

SmartphoneshipmentsinChinaYoY(RHS)

Source:MIIT

Exhibit6:NumberofnewsmartphonemodelslaunchedinChina

_

(units)

60

50

40

30

20

10

0

Jan-21

Feb-21

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21

Sep-21

Oct-21

Nov-21

Dec-21

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

#ofnewsmartphonemodels(units)

Jan-23

Feb-23

Mar-23

YoY(RHS)

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

120%

100%

80%

60%

40%

20%

0%

-20%

-40%

-60%

-80%

Source:MIIT

Exhibit7:MobilephoneshipmentsinChina

munits

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Mobilephones

19

21

23

19

26

22

19

19

33

29

31

28

32

14

21

24

30

25

24

YoY

-43%

43%

5%

3%

25%

-21%

-7%

0%

59%

20%

34%

1%

68%

-33%

-5%

29%

16%

12%

30%

MoM

-32%

12%

6%

-17%

39%

-15%

-16%

2%

75%

-12%

7%

-9%

12%

-55%

50%

13%

26%

-18%

-3%

5G

16.5

17.7

17.3

13.3

20.2

17.3

15.1

15.6

28.7

26.4

27.1

24.2

26.2

12.5

17.7

20.2

25.5

22.1

20.7

5Gtomobilephones

87%

83%

77%

71%

77%

78%

81%

82%

86%

91%

87%

86%

82%

88%

83%

84%

84%

89%

85%

ChineseBrands

10

18

19

16

22

20

16

17

25

18

25

25

26

12

18

21

25

22

22

ChineseBrandstomobilephones

52%

83%

85%

88%

86%

88%

88%

89%

75%

62%

82%

87%

83%

83%

82%

85%

83%

88%

90%

Smartphone

18

20

22

18

25

21

17

18

32

28

30

27

30

14

20

23

29

24

22

YoY

-43%

40%

3%

2%

23%

-24%

-10%

-1%

61%

19%

34%

0%

61%

-31%

-6%

25%

14%

14%

28%

MoM

-32%

12%

5%

-16%

39%

-17%

-17%

4%

78%

-12%

6%

-10%

10%

-52%

44%

12%

26%

-17%

-7%

Smartphonetomobilephones

97%

96%

95%

97%

97%

94%

93%

94%

96%

97%

96%

95%

93%

98%

95%

94%

94%

96%

92%

#ofnewsmartphonemodels(units)

12

26

42

51

27

15

28

46

32

36

22

19

17

19

29

28

37

19

18

YoY

-57%

18%

20%

42%

42%

-46%

56%

7%

14%

50%

-41%

-42%

42%

-27%

-31%

-45%

37%

27%

-36%

MoM

-64%

117%

62%

21%

-47%

-44%

87%

64%

-30%

13%

-39%

-14%

-11%

12%

53%

-3%

32%

-49%

-5%

#ofnewmobilemodels(units)

13

28

48

60

32

22

35

55

42

50

30

26

29

21

47

33

49

26

29

5G

7

11

20

29

11

7

18

30

20

31

19

11

9

17

23

22

27

11

13

5Gtototalnewmobilemodels

54%

39%

42%

48%

34%

32%

51%

55%

48%

62%

63%

42%

31%

81%

49%

67%

55%

42%

45%

Source:MIIT

28August20244

GoldmanSachsChinaSmartphones

Exhibit8:Cumulativenumberof5Gmodelspassing3Ccerti?cationExhibit9:Numberof5Gmodelspassing3Ccerti?cationinChina

inChina

(No.ofmodels)

900

800

395

700

600

500

400

300

200

100

0

Huawei

523

281

219

VivoOppoXiaomi

816

215

HonorOthers

(No.ofmodels)

100

80

60

40

20

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

June-22

August…

Oct-22

Dec-22

Feb-23

Apr-23

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

0

DataasofAug28,2024

Source:ChinaQualityCerti?cationCenter

DataasofAug28,2024

Source:ChinaQualityCerti?cationCenter

Exhibit10:Modelpricingforvarious5Gsmartphonebrands

Rmb5,0004,5004,0003,5003,0002,5002,0001,5001,000500

0

VivoiQoo

RedmiNo

te10OppoA555G

Vivo

Y31s

MotoX40

XiaomiRedmiK70Pro

Honor80

RealmeGTNeo5

OnePlusAce2Pro

NEO5HonorPlay55G

OnePlusAce3

VivoS17tXiaomiCivi3

VivoiQOOZ5

Honor100

XiaomiPOCOX4Pro5G

OppoA745G

Honor50SE

VivoiQOONeo7OppoReno8Lite

RealmeQ3s

Note11TSE

Redmi

XiaomiRedmi11PrimeVIVOS10

OnePlusvivoY100t

VivoY76s

OppoA2Pro

HonorX20

Realme11

HonorX30

RedmiNote10T

HonorX95G

VivoY100

HonorX50

Realme9i5G

HonorPlay6T

VivoY10

VivoY53t

OneplusAce3Pro

OppoK12Ace3V

Rmb1,999(US$274)

Realme13Pro+OppoA3

vivoY200

Source:Companydata,compiledbyGoldmanSachsGlobalInvestmentResearch

_

28August20245

GoldmanSachs

Exhibit11:2023to2024smartphonemodellaunchespipelineacrosskeyvendors

SamsungGalaxy

GalaxyZFold6

(Launched)

SamsungGalaxy

GalaxyZFlip5

(Launched)

MeizuMeilan20（Launched)

XiaomiRedmiK70Ultra(Launched)

XiaomiMixFlip(Launched)

2024

OnePlusAce3

(Launched)

HonorX50GT(Launched)

HonorMagic6(Launched)

SamsungGalaxyS24(Launched)

OppoFindX7(Launched)

Realme12Pro(Launched)

vivoY100t(Launched)

HuaweiPocketS2(Launched)

Xiaomi14Ultra(Launched)

XiaomiCivi4Pro

(Launched)

Meizu21Pro（Launched)

OnePlusAce3V(Launched)

HonorMagic6

RSR(Launched)

VivoXFold3/Pro

(Launched)

XiaomiRedmi

Turbo3

(Launched)

HuaweiP70(Launched)

vivoY200i(Launched)

OPPOA3Pro(Launched)

RealmeGTNeo6

SE

(Launched)

OPPOK12(Launched)

Meizu21Note（Launched)

OppoReno12(Launched)

RealmeGTNeo6

(Launched)

Honor200(Launched)

VivoX100(Launched)

VivoS19(Launched)

OnePlus

Ace3Pro

(Launched)

HonorMagicVFlip(Launched)

Motorazr50Ultra

AI

(Launched)

Motorazr50(Launched)

XiaomiMixFold4

(Launched)

ZTERedmagic

9SPro(Launched)

RealmeGT6(Launched)

HonorMagicVs3

(Launched)

HonorMagicV3(Launched)

OPPOA3(Launched)

JanFebMarAprilMayJunJul

Xiaomi13Ultra

(Launch)

HuaweiNova11

(Launch)

2023

SamsungGalaxyS23(Launched)

HuaweiP60(Launched)

RedmiNote12

Turbo

(Launched)

OppoFindX6(Launched)

VivoiQOOZ7(Launched)

VivoV27(Launched)

OnePlusAce2V(Launched)

VivoXFlip(Launch)

VivoXFold2(Launch)

OnePlusNordCE3Lite(Launched)

AsusROG7(Launched)

ZTEAxon50Ultra

(Launched)

Meizu20(Launched)

Realme11(Launched)

XiaomiCivi3(Launched)

VivoS17(Launched)

VivoiQOONeo8

(Launched)

SamsungGalaxy

GalaxyZFold5

(Launched)

SamsungGalaxy

GalaxyZFlip5

(Launched)

OppoK11(Launched)

HonorX50(Launched)

_

RealmeGTNeo5

(Launched)

OnePlus11(Launched)

VivoS16(Launched)

Honor90(Launched)

OppoReno10(Launched)

Motorazr40(Launched)

VivoX90s(Launched)

HonorMagicV2(Launched)

VivoiQOO11S(Launched)

RealmeGTNeo5SE(Launched)

HuaweiMateX3(Launched)

TecnoPhantomVFold(Launched)

OnePlusAce2(Launched)

HonorMagic5(Launched)

JanFebMarAprilMayJunJul

Expectedmodelandlaunchdateforthosecellswithwhitebackground

Source:Companydata,CompiledbyGoldmanSachsGlobalInvestmentResearch

28August2024

ChinaSmartphones

HuaweiMate70

OnePlus13

OppoFindX8Pro

OppoFindX8

HonorX60

VivoX200Pro

HuaweiNova13

RealmeGT7Pro

Realme13Pro+(Launched)

Xiaomi15Pro

XiaomiRedmiK80

iPhone16series

ZTERedmagic

10Pro

Honor100GT

HuaweiNovaFlip

Xiaomi15

HuaweiMateX6

(Launched)

AugSepOctNovDec

VivoiQOOZ8(Launched)

HuaweiMate60Pro(Launched)

OnePlusAce2Pro(Launched)

XiaomiRedmiK60Ultra(Launched)

XiaomiMIXFold3

(Launched)

iPhone15sereis

(Launched)

HonorVPurse(Launched)

OppoFindN3Flip

(Launched)

HuaweiMate60Pro+(Launched)

HuaweiMateX5(Launched)

HuaweiNova11SE(Launched)

VivoY100(Launched)

OppoA2x(launched)

OnePlusOpen(Launched)

Xiaomi14(Launched)

OppoFindN3(Launched)

HonorMagicVs2

(Launched)

Meizu21(Launched)

VivoY100i(Launched)

ZTERedmagic9Pro(Launched)

Honor100(Launched)

OppoReno11(Launched)

VivoX100(Launched)

VivoiQOO12(Launched)

XiaomiRedmiK70

(Launched)

Honor90GT(Launched)

HuaweiNova12(Launched)

VivoS18(Launched)

OnePlus12(Launched)

RealmeGT5Pro(Launched)

AugSepOctNovDec

6

GoldmanSachsChinaSmartphones

Exhibit12:Cameraspersmartphonemodelpeakingout

SmartphonemodelslaunchedbyHuawei,Honor,Xiaomi,OPPO,Vivo,TranssionsinceDec2020

model

#ofmodels(RHS)Camerasper

units454035302520151050

units5.0

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

Feb-23

Apr-23

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

4.54.03.53.02.52.01.51.00.50.0

Exhibit13:20MPx+becomesthemaincontributor

CamerasonsmartphoneslaunchedbyHuawei,Honor,Xiaomi,OPPO,Vivo,TranssionsinceDec2020,%ofcamerasintermsofpixels

Dec-20

Feb-21

70%

60%

50%

40%

30%

20%

10%

0%

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

2/5/8MPx

Jun-22

Aug-22

Oct-22

Dec-22

20MPx+

Feb-23

Apr-23

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

10-19MPx

Source:Companydata,compiledbyGoldmanSachsGlobalInvestmentResearchSource:Companydata,compiledbyGoldmanSachsGlobalInvestmentResearch

Exhibit14:Huawei/Honor/Xiaomi/OPPO/Vivo/Transsion:20MPx+becomesthemaincontributor

CamerasonsmartphoneslaunchedbyHuawei,Honor,Xiaomi,OPPO,Vivo,Transsionsince2018:%ofcamerasintermsofpixels

Exhibit15:2/5/8MPxat40%in2024YTD

602camerason180modelslaunchedbyHuawei,Honor,Xiaomi,OPPO,Vivo,Transsionin2024YTD,dividedbypixelcount

70%

60%

50%

40%

30%

20%

10%

0%

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

_

2/5/8MPx20MPx+10-19MPx

10-19MPx11%

2/5/8MPx40%

20MPx+50%

DataasofAug28,2024.

Source:Companydata,compiledbyGoldmanSachsGlobalInvestmentResearch

Source:Companydata,compiledbyGoldmanSachsGlobalInvestmentResearch

28August20247

GoldmanSachsChinaSmartphones

Exhibit16:Honor:20MPx+remainsthemaincontributor

CamerasonsmartphoneslaunchedbyHonorsince2018:%ofcamerasintermsofpixels

Exhibit17:Honor:29%at2/5/8MPx

66camerason18modelslaunchedbyHonorin2024YTD,bypixelnumber

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

10-

19MPx

8%

2/5/8MPx29%

20MPx+64%

2/5/8MPx20MPx+10-19MPx

Source:Companydata,compiledbyGoldmanSachsGlobalInvestmentResearchSource:Companydata,compiledbyGoldmanSachsGlobalInvestmentResearch

Exhibit18:Xiaomi:20MPx+increasing

CamerasonsmartphoneslaunchedbyXiaomisince2018:%ofcamerasintermsofpixel

Exhibit19:Xiaomi:38%at2/5/8MPx

81camerason22modelslaunchedbyXiaomiin2024YTD,bypixelnumber

70%

60%

50%

40%

30%

20%

10%

0%

10-19MPx20%

20MPx+42%

2/5/8MPx38%

2/5/8MPx20MPx+10-19MPx

Source:Companydata,compiledbyGoldmanSachsGlobalInvestmentResearchSource:Companydata,compiledbyGoldmanSachsGlobalInvestmentResearch

_

28August20248

GoldmanSachsChinaSmartphones

Exhibit20:OPPO:2/5/8MPx+becomesthemaincontributor

CamerasonsmartphoneslaunchedbyOPPOsince2018:%ofcamerasintermsofpixels

Exhibit21:OPPO:45%at2/5/8MPx

175camerason55modelslaunchedbyOPPOin2024YTD,bypixelnumber

80%

70%

60%

50%

40%

30%

20%

10%

0%

10-19MPx6%

20MPx+49%

2/5/8MPx45%

2/5/8MPx20MPx+10-19MPx

Source:Companydata,compiledbyGoldmanSachsGlobalInvestmentResearchSource:Companydata,compiledbyGoldmanSachsGlobalInvestmentResearch

Exhibit22:Vivo:20MPx+becomesthemaincontributor

CamerasonsmartphoneslaunchedbyVivosince2018:%ofcamerasintermsofpixels

Exhibit23:Vivo:38%at2/5/8MPx

152camerason48modelslaunchedbyVivoin2024YTD,bypixelcount

70%

60%

50%

40%

30%

20%

10%

10-19MPx13%

2/5/8MPx38%

0%

20MPx+49%

2/5/8MPx20MPx+10-19MPx

_

Source:Companydata,compiledbyGoldmanSachsGlobalInvestmentResearchSource:Companydata,compiledbyGoldmanSachsGlobalInvestmentResearch

28August20249

GoldmanSachsChinaSmartphones

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

Exhibit24:Transsion:20MPx+becomesthemaincontributor

CamerasonsmartphoneslaunchedbyTranssionsince2021:%ofcamerasintermsofpixels

10-19MPx1%

70%

60%

50%

40%

30%

2/5/8MPx47%

10%

0%

10-19MPx

Exhibit25:Transsion:47%at2/5/8MPx

74camerason22modelslaunchedbyTranssionin2024YTD,bypixel

20MPx+51%

2/5/8MPx

20MPx+

20%

80%

Source:Companydata,compiledbyGoldmanSachsGlobalInvestmentResearchSource:CompanydatacompiledbyGoldmanSachsGlobalInvestmentResearch

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28August202410

GoldmanSachsChinaSmartphones

DisclosureAppendix

RegAC

We,AllenChang,VerenaJengandKatrinaChiu,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyre?ectourpersonalviewsaboutthesubjectcompanyorcompaniesanditsortheirsecurities.Wealsocertifythatnopartofourcompensationwas,isorwillbe,directlyorindirectly,relatedtothespeci?crecommendationsorviewsexpressedinthisreport.

Unlessotherwisestated,theindividualslistedonthecoverpageofthisreportareanalystsinGoldmanSachs’GlobalInvestmentResearchdivision.

GSFactorPro?le

TheGoldmanSachsFactorPro?leprovidesinvestmentcontextforastockbycomparingkeyattributestothemarket(i.e.ourcoverageuniverse)anditssectorpeers.Thefourkeyattributesdepictedare:Growth,FinancialReturns,Multiple(e.g.valuation)andIntegrated(acompositeofGrowth,FinancialReturnsandMultiple).Growth,FinancialReturnsandMultiplearecalculatedbyusingnormalizedranksforspeci?cmetricsforeachstock.The

normalizedranksforthemetricsarethenaveragedandconvertedintopercentilesfortherelevantattribute.Theprecisecalculationofeachmetricmayvarydependingonthe?scalyear,industryandregion,butthestandardapproachisasfollows:

Growthisbasedonastock’sforward-lookingsalesgrowth,EBITDAgrowthandEPSgrowth(for?nancialstocks,onlyEPSandsalesgrowth),withahigherpercentileindicatingahighergrowthcompany.FinancialReturnsisbasedonastock’sforward-lookingROE,ROCEandCROCI(for?nancial

stocks,onlyROE),withahigherpercentileindicatingacompanywithhigher?nancialreturns.Multipleisbasedonastock’sforward-lookingP/E,P/B,price/dividend(P/D),EV/EBITDA,EV/FCFandEV/DebtAdjustedCashFlow(DACF)(for?nancialstocks,onlyP/E,P/BandP/D),withahigherpercentileindicatingastocktradingatahighermultiple.TheIntegratedpercentileiscalculatedastheaverageoftheGrowthpercentile,FinancialReturns

percentileand(100%-Multiplepercentile).

FinancialReturnsandMultipleusetheGoldmanSachsanalystforecastsatthe?scalyear-endatleastthreequartersinthefuture.Growthusesinputsforthe?scalyearatleastsevenquartersinthefuturecomparedwiththeyearatleastthreequartersinthefuture(onaper-sharebasisforallmetrics).

ForamoredetaileddescriptionofhowwecalculatetheGSFactorPro?le,pleasecontactyourGSrepresentative.

M&ARank

Acrossourglobalcoverage,weexaminestocksusinganM&Aframework,consideringbothqualitativefactorsandquantitativefactors(whichmayvaryacrosssectorsandregions)toincorporatethepotentialthatcertaincompaniescouldbeacquired.WethenassignaM&Arankasameansofscoring

companiesunderourratedcoveragefrom1to3,with1representinghigh(30%-50%)probabilityofthecompanybecominganacquisitiontarget,2representingmedium(15%-30%)probabilityand3representinglow(0%-15%)probability.Forcompaniesranked1or2,inlinewithourstandard

departmentalguidelinesweincorporateanM&Acomponentintoourtargetprice.M&Arankof3isconsideredimmaterialandthereforedoesnotfactorintoourpricetarget,andmayormaynotbediscussedinresearch.

Quantum

QuantumisGoldmanSachs’proprietarydatabaseprovidingaccesstodetailed?nancialstatementhistories,forecastsandratios.Itcanbeusedforin-depthanalysisofasinglecompany,ortomakecomparisonsbetweencompaniesindifferentsectorsandmarkets.

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28August202411

GoldmanSachsChinaSmartphones

Disclosures

Ratingandpricinginformation

Exhibit26:Raingandpricinginformationofmentionedstocks

Price

Companyname

Ticker

Rating

Currency

28-Aug-2024

AAC

2018.HK

Buy

CNY

33.00

Arcsoft

688088.SS

Buy

CNY

23.96

ASMPT

0522.HK

Buy

HKD

87.20

Luxshare

002475.SZ

Buy

CNY

36.60

O-film

002456.SZ

Buy

CNY

7.81

Maxscend

300782.SZ

Buy

CNY

64.05

TSMC

2330.TW

Buy

TWD

964.00

MediaTek

2454.TW

Buy

TWD

1200.00

SGMicro

300661.SZ

Buy

CNY

65.52

WillSemi

603501.SS

Buy

CNY

87.90

SunnyOptical

2382.HK

Neutral

CNY

46.35

Transsion

688036.SS

Buy

CNY

79.26

BYDE

0285.HK

Buy

CNY

29.50

Largan

3008.TW

Neutral

TWD

3015.00

SZS

3376.TW

Buy

TWD

216.50

Fositek

6805.TW

Buy

TWD

804.00

HonHai

2317.TW

Buy

TWD

185.50

Vanchip

688153.SS

Buy

CNY

29.40

Source:GoldmanSachsGlobalInvestmentResearch

Distributionofratings/investmentbankingrelationships

GoldmanSachsInvestmentResearchglobalEquitycoverageuniverse

RatingDistributionInvestmentBankingRelationships

_

Buy64%

Sell17%

Sell41%

Hold35%

Hold57%

Global

Buy48%

AsofJuly1,2024,GoldmanSachsGlobalInvestmentResearchhadinvestmentratingson2,925equitysecurities.G