Four technology stocks are set to be "winners from a potential consumer recovery" in China, according to
. The Asia-focused bank said Beijing's decision to relax Covid-19 restrictions means Dongshan Precision , Luxshare , Wingtech and Sunny Optical are well-placed to capitalize on a pickup in demand for consumer goods. The investment bank said the consumer electronics sector had hit rock bottom over Covid restrictions that had been in place until last month. Consequently, shares of Luxshare, Wingtech and Sunny Optical have fallen between 37% and 57% this year.
's report are either direct or indirect suppliers of Apple . said Luxshure and Dongshan Precision derived 43% and 30% of their revenues from the U.S. tech giant by making or assembling parts for the AirPods Pro, iPhone and Apple Watch. That means the two companies face downside risks if orders from Apple do not materialize or there is a drop in consumer demand for Apple products. Earlier this week, two investors spoke to CNBC Pro to make a case for and against Apple.
analysts noted that Wingtech and Sunny Optical are relatively diversified businesses with about half their revenues sourced from Android smartphone manufacturing and more than a 10th attributed to the automotive sector. According to recent Bank of America research, a handful of global chip tech stocks are also set to soar on strong EV car sales in China.
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