Investor Presentaiton

Executive summary - China industrial automation Import substitution players: Inovance, Estun, LHDS, Shuanghuan Driveline & OPT High-end localization suppliers: Hanbell & Sinoseal NEV related players: Shuanghuan Driveline, Sanhua & OPT Company Ticker Inovance 300124 CH OP Rec TP (Rmb) Theme 98.80 Import substitution Estun 002747 CH OP 34.20 Import substitution LHDS 688017 CH UP Shuanghuan 002472 CH OP 38.20 Driveline OPT 98.90 Import substitution Import substitution NEV related Import substitution NEV related 688686 CH OP 206.40 Hanbell 002158 CH OP 41.50 High-end localization Sinoseal 300470 CH OP Sanhua 002050 CH OP 36.30 NEV related Investment thesis China's Siemens with market share gains in each subsegment in industrial automation & industrial robot Largest domestic industrial-robot manufacturer with integrated supply-chain coverage Largest domestic harmonic speed reducer supplier Strong growth on NEV and industrial-robot demand China's Keyence with integrated machine-vision supply- chain coverage High-end vacuum pump manufacturer with market-share gains in PV and semiconductor industry 60.80 High-end localization High-end mechanical seal localization player Global leader in NEV thermal management system supplier CTI 300012 CH OP 26.10 Market share gain Largest domestic third-party TIC institution supplier Source: Macquarie Research, May 2023 2

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