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’s 2Q23 adj. net income of RMB 5.14bn (+147% YoY) beat our/market estimates, mainly thanks to record-high GPM in smartphone/AIoT segments, healthy inventory levels and operating efficiency improvements.</li><li>2Q23 adj. net income RMB 5.14bn was 29%/26% above our estimate/consensus, while revenue of RMB 67.4bn (-4% YoY) was largely in-line.</li><li>Looking into 2H23E, we maintain our positive view on Xiaomi’s earnings recovery driven by smartphone premiumization strategy, easing component costs, efficiency enhancement and new model launches. </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’s 2Q23 adj. net income of RMB 5.14bn (+147% YoY) beat our/market estimates, mainly thanks to record-high GPM in smartphone/AIoT segments, healthy inventory levels and operating efficiency improvements.2Q23 adj. net income RMB 5.14bn was 29%/26% above our estimate/consensus, while revenue of RMB 67.4bn (-4% YoY) was largely in-line.Looking into 2H23E, we maintain our positive view on Xiaomi’s earnings recovery driven by smartphone premiumization strategy, easing component costs, efficiency enhancement and new model launches. 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) – 2Q23 Beat on Record-High Margin; Reiterate BUY

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>E-commerce /In Depth: TikTok’s foray into Southeast Asian e-commerce is no slam dunk</li><li>Jobless /: Charts of the Day: The missing data in China’s rising unemployment</li><li>Payment /: Third-party payment industry consolidates as prepaid card issuers exit</li></ul>

E-commerce /In Depth: TikTok’s foray into Southeast Asian e-commerce is no slam dunkJobless /: Charts of the Day: The missing data in China’s rising unemploymentPayment /: Third-party payment industry consolidates as prepaid card issuers exit

CX Daily: TikTok’s Foray Into Southeast Asian E-Commerce Is No Slam Dunk

<ul><li>Xiaomi hosted its Chairman’s annual speech yesterday and released a series of highly anticipated products including MIX Fold 3, Redmi K60 Ultra, Pad 6 Max, smart band 8 Pro and CyberDog 2.</li><li>Mr. Lei also disclosed the progress in Xiaomi’s large model on smartphones and smart AI assistant.</li><li>We believe most spec upgrades in MIX Fold 3 is in-line with expectations, and no price cut from prior version is not surprising considering high BOM costs and peers’ similar pricing strategy. </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 hosted its Chairman’s annual speech yesterday and released a series of highly anticipated products including MIX Fold 3, Redmi K60 Ultra, Pad 6 Max, smart band 8 Pro and CyberDog 2.Mr. Lei also disclosed the progress in Xiaomi’s large model on smartphones and smart AI assistant.We believe most spec upgrades in MIX Fold 3 is in-line with expectations, and no price cut from prior version is not surprising considering high BOM costs and peers’ similar pricing strategy. 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) – MIX Fold 3/Redmi K60 Ultra/Pad 6 Max/CyberDog 2 and More

<ul><li>Xiaomi will report 2Q23 results in late August. We estimate 2Q revenue will decline 6% YoY and adj. net profit will climb 92% YoY, mainly driven by improved GPM on lower BOM cost, better product mix and effective cost control.</li><li>Looking ahead, we believe earnings recovery will continue into 2H23E and smartphone business will be boosted by new model launches and channel restocking.</li><li>Overall, we maintain our view in 1Q23 that the worst is over for Xiaomi’s earnings decline. </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 2Q23 results in late August. We estimate 2Q revenue will decline 6% YoY and adj. net profit will climb 92% YoY, mainly driven by improved GPM on lower BOM cost, better product mix and effective cost control.Looking ahead, we believe earnings recovery will continue into 2H23E and smartphone business will be boosted by new model launches and channel restocking.Overall, we maintain our view in 1Q23 that the worst is over for Xiaomi’s earnings decline. 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) – 2Q23E Preview: Earnings Recovery to Accelerate

Equity Capital Markets

<ul><li>The Hong Kong Stock Exchange (HKEX) launched its new dual-currency counter Monday, and the first batch of 24 stocks had a total turnover of 163 million yuan ($22.9 million) on the first day.</li><li>The Hong Kong Dollar-yuan dual-currency counter allows investors to trade and settle designated shares in Hong Kong or mainland China currency, offering the potential to access new liquidity.</li><li>The model also lays the groundwork to support the next phase of development to allow investors from the Chinese mainland to trade Hong Kong-listed yuan, or renminbi, securities through the southbound Stock Connect, the HKEX said.</li></ul>

The Hong Kong Stock Exchange (HKEX) launched its new dual-currency counter Monday, and the first batch of 24 stocks had a total turnover of 163 million yuan ($22.9 million) on the first day.The Hong Kong Dollar-yuan dual-currency counter allows investors to trade and settle designated shares in Hong Kong or mainland China currency, offering the potential to access new liquidity.The model also lays the groundwork to support the next phase of development to allow investors from the Chinese mainland to trade Hong Kong-listed yuan, or renminbi, securities through the southbound Stock Connect, the HKEX said.

HKEX Launches Yuan Counter for Trading of Hong Kong-Listed Shares

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) – 2Q23 Beat on Record-High Margin; Reiterate BUY

2Q23 adj. net income RMB 5.14bn was 29%/26% above our estimate/consensus, while revenue of RMB 67.4bn (-4% YoY) was largely in-line.

CMB International

CX Daily: TikTok’s Foray Into Southeast Asian E-Commerce Is No Slam Dunk

E-commerce /In Depth: TikTok’s foray into Southeast Asian e-commerce is no slam dunk Jobless /: Charts of the Day: The missing data in China’s...

Caixin Global

Xiaomi (1810 HK) – MIX Fold 3/Redmi K60 Ultra/Pad 6 Max/CyberDog 2 and More

Xiaomi hosted its Chairman’s annual speech yesterday and released a series of highly anticipated products including MIX Fold 3, Redmi K60 Ultra,...

CMB International

Xiaomi (1810 HK) – 2Q23E Preview: Earnings Recovery to Accelerate

Looking ahead, we believe earnings recovery will continue into 2H23E and smartphone business will be boosted by new model launches and channel...

CMB International

HKEX Launches Yuan Counter for Trading of Hong Kong-Listed Shares

The Hong Kong Stock Exchange (HKEX) launched its new dual-currency counter Monday, and the first batch of 24 stocks had a total turnover of 163...

Caixin Global

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