External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Xiaomi will report 3Q22 results in late Nov. We estimate 3Q22E revenue/adj. net profit of RMB70.5bn/1.97bn (-10%/-62% YoY), due to smartphone weakness, rising inflation and macro headwinds. </li><li>By segment, we estimate smartphone/IoT /internet revenue to decline 11%/9%/5% YoY, and GPM will stay flattish QoQ at 16.6% in 3Q22E, driven by India festival promotion, FX volatility and weaker advertising. </li><li>Looking ahead, given macro weakness and near-term destocking, we adjusted FY22/23E smartphone shipment to 159mn/171mn (vs 161mn/ 173mn prior).</li></ul>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.

Xiaomi will report 3Q22 results in late Nov. We estimate 3Q22E revenue/adj. net profit of RMB70.5bn/1.97bn (-10%/-62% YoY), due to smartphone weakness, rising inflation and macro headwinds. By segment, we estimate smartphone/IoT /internet revenue to decline 11%/9%/5% YoY, and GPM will stay flattish QoQ at 16.6% in 3Q22E, driven by India festival promotion, FX volatility and weaker advertising. Looking ahead, given macro weakness and near-term destocking, we adjusted FY22/23E smartphone shipment to 159mn/171mn (vs 161mn/ 173mn prior).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.

Xiaomi (1810 HK) – 3Q22 preview: a soft quarter but expect QoQ recovery in 4Q22

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul><li>According to Bloomberg, India is considering imposing restriction on low-end smartphone (ASP &lt; US$150) from China. Chinese brands dominate India and, among the top-5 players, Chinese brands combined had a market share of 65% in 6M22.</li><li>If we use 1Q22 data, which has more detailed breakdown for smaller players, Chinese brands captured 74% of the market in India.</li><li>The policy, if implemented, would hit Xiaomi (1810 HK, NR) as India was the second largest smartphone market for the company in both 2021 and 6M2022, when the company was also the market leader in India in both periods.</li></ul>

According to Bloomberg, India is considering imposing restriction on low-end smartphone (ASP &lt; US$150) from China. Chinese brands dominate India and, among the top-5 players, Chinese brands combined had a market share of 65% in 6M22.If we use 1Q22 data, which has more detailed breakdown for smaller players, Chinese brands captured 74% of the market in India.The policy, if implemented, would hit Xiaomi (1810 HK, NR) as India was the second largest smartphone market for the company in both 2021 and 6M2022, when the company was also the market leader in India in both periods.

Tactical Trade Ideas - India May Restrict Low-End Chinese Smartphones

<div><ul><li>Smartphone: 2Q22 weakness despite strong performance in 618 festival.</li><li>AIoT/internet: weaker AIoT revenue and better internet margin.</li><li>New product launches in 2H22E to boost demand after recent destocking.</li></ul></div>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.

Smartphone: 2Q22 weakness despite strong performance in 618 festival.AIoT/internet: weaker AIoT revenue and better internet margin.New product launches in 2H22E to boost demand after recent destocking.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.

Xiaomi (1810 HK) – 2Q22 Preview: A Slow Quarter but Mostly Priced In

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi Corp (1810 HK)

Xiaomi (1810 HK) – 3Q22 preview: a soft quarter but expect QoQ recovery in 4Q22

Looking ahead, given macro weakness and near-term destocking, we adjusted FY22/23E smartphone shipment to 159mn/171mn (vs 161mn/ 173mn prior).

CMB International

Tactical Trade Ideas - India May Restrict Low-End Chinese Smartphones

India’s Potential Restriction on Low-End Chinese Smartphones Could Hit 3-4% of Total Revenue. According to Bloomberg, India is considering imposing...

Quam Securities

Xiaomi (1810 HK) – 2Q22 Preview: A Slow Quarter but Mostly Priced In

We estimate 2Q22E revenue/adj. net profit of RMB69.5bn/1.92bn (-21%/-70% YoY), due to smartphone demand slowdown, inventory destocking, inflation...

CMB International

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