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 officially launched its SU 7 Series electric sedans on 28 Mar, which are priced at RMB 215.9k/245.9k/299.9k for SU7/SU7 Pro/SU7 Max models.</li><li>Its competitive pricing strategy was well-received by the market, and the initial preorders of 50k/89k units in first 27min/24hr are above market expectations, mainly due to its competitive specs, self-developed autonomous driving technology (Xiaomi Pilot), and unique integrated AIoT ecosystem.</li><li>In the near term, we believe investors will focus on pre-order momentum, shipment ramp-up and consumer feedback in next two months.</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 officially launched its SU 7 Series electric sedans on 28 Mar, which are priced at RMB 215.9k/245.9k/299.9k for SU7/SU7 Pro/SU7 Max models.Its competitive pricing strategy was well-received by the market, and the initial preorders of 50k/89k units in first 27min/24hr are above market expectations, mainly due to its competitive specs, self-developed autonomous driving technology (Xiaomi Pilot), and unique integrated AIoT ecosystem.In the near term, we believe investors will focus on pre-order momentum, shipment ramp-up and consumer feedback in next two months.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) - Xiaomi EV SU7’s Pricing and Pre-Order Above Expectations

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Xiaomi released healthy financial results inspite of the shrinking market.</li>
<li>Alibaba Freshippo founder, Mr. Hou, retired from his role as the CEO of Freshippo.</li>
<li>JD began to provide aftermarket service to BYD, the largest new energy vehicle producer.</li>
</ul>


Xiaomi released healthy financial results inspite of the shrinking market.
Alibaba Freshippo founder, Mr. Hou, retired from his role as the CEO of Freshippo.
JD began to provide aftermarket service to BYD, the largest new energy vehicle producer.


China Consumption Weekly (25 Mar 2024): Xiaomi, Alibaba, Xpeng, Maoyan, JD Health, JD.com

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Xiaomi Corp's FY 2023 results were better than expected in our view, with much-improved profitability. The balance sheet remains healthy, and liquidity is sound. We expect the company to continue performing well, driven by a projected recovery in the smartphone market, Xiaomi's premiumisation strategy and strong demand in overseas markets. Global smartphone shipments remain weak, but may be bottoming out. We believe the company is well-positioned for future growth. The smart EV development has drained less cash than we had expected so far. Xiaomi has been able to fund the investment using internal cash flow. Pricing for the SU7 (scheduled to be launched next week) has not been disclosed. The EV market in China is extremely competitive, with over 150 carmakers. Apple has exited the EV business due to a lack of competitive advantage, and Xiaomi may face the same issue. While it is unclear if Xiaomi will be successful in the EV business, we believe it may not be as detrimental to the credit as originally feared.

  Xiaomi Corp's FY 2023 results were better than expected in our view, with much-improved profitability. The balance sheet remains healthy, and liquidity is sound. We expect the company to continue performing well, driven by a projected recovery in the smartphone market, Xiaomi's premiumisation strategy and strong demand in overseas markets. Global smartphone shipments remain weak, but may be bottoming out. We believe the company is well-positioned for future growth.   The smart EV development has drained less cash than we had expected so far. Xiaomi has been able to fund the investment using internal cash flow. Pricing for the SU7 (scheduled to be launched next week) has not been disclosed. The EV market in China is extremely competitive, with over 150 carmakers. Apple has exited the EV business due to a lack of competitive advantage, and Xiaomi may face the same issue. While it is unclear if Xiaomi will be successful in the EV business, we believe it may not be as detrimental to the credit as originally feared. 

Xiaomi Corp - Earnings Flash - FY 2023 Results - Lucror Analytics

<ul><li>Xiaomi’s 4Q23 revenue/net profit of 11%/236% YoY growth beat our/consensus estimates, driven by stronger margins, improving mix and investment gains.</li><li>Looking ahead, mgmt. is positive on smartphone recovery, premiumization strategy and EV business expansion.</li><li>We believe Xiaomi’s global smartphone share gain, AIoT overseas sales and internet revenue improvement will continue to drive growth into FY24E-25E. </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 4Q23 revenue/net profit of 11%/236% YoY growth beat our/consensus estimates, driven by stronger margins, improving mix and investment gains.Looking ahead, mgmt. is positive on smartphone recovery, premiumization strategy and EV business expansion.We believe Xiaomi’s global smartphone share gain, AIoT overseas sales and internet revenue improvement will continue to drive growth into FY24E-25E. 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) – Raise TP and Estimates on 4Q23 Beat

<ul><li>Xiaomi will report its 4Q23 results in late March. We estimate 4Q revenue will deliver +10% YoY/+3% QoQ growth, and adj. net income will climb 180% YoY to RMB 4,096mn, mainly driven by strong smartphone sales and resilient internet revenue.</li><li>We think 4Q23E results will be largely in-line with market expectations given outstanding sales of Xiaomi 14 and Double 11 sales event.</li><li>Overall, we expect Xiaomi’s smartphone sales will continue to improve with market recovery and continued share gains, and we are positive on EV product launch in 2Q24E and shipment ramp-up into 2H24E. </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 its 4Q23 results in late March. We estimate 4Q revenue will deliver +10% YoY/+3% QoQ growth, and adj. net income will climb 180% YoY to RMB 4,096mn, mainly driven by strong smartphone sales and resilient internet revenue.We think 4Q23E results will be largely in-line with market expectations given outstanding sales of Xiaomi 14 and Double 11 sales event.Overall, we expect Xiaomi’s smartphone sales will continue to improve with market recovery and continued share gains, and we are positive on EV product launch in 2Q24E and shipment ramp-up into 2H24E. 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) - 4Q23E Preview: Strong Smartphone Recovery, Eye on EV Product Launch in 2Q24

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) - Xiaomi EV SU7’s Pricing and Pre-Order Above Expectations

Xiaomi officially launched its SU 7 Series electric sedans on 28 Mar, which are priced at RMB 215.9k/245.9k/299.9k for SU7/SU7 Pro/SU7 Max models.

CMB International

China Consumption Weekly (25 Mar 2024): Xiaomi, Alibaba, Xpeng, Maoyan, JD Health, JD.com

Xiaomi released healthy financial results despite of the shrinking market. Alibaba Freshippo founder retired. JD began to provide aftermarket...

Ming Lu

Xiaomi Corp - Earnings Flash - FY 2023 Results - Lucror Analytics

Xiaomi Corp's FY 2023 results were better than expected in our view, with much-improved profitability. The balance sheet remains healthy, and...

Lucror Analytics

Xiaomi (1810 HK) – Raise TP and Estimates on 4Q23 Beat

Xiaomi’s 4Q23 revenue/net profit of 11%/236% YoY growth beat our/consensus estimates, driven by stronger margins, improving mix and investment gains.

CMB International

Xiaomi (1810 HK) - 4Q23E Preview: Strong Smartphone Recovery, Eye on EV Product Launch in 2Q24

Overall, we expect Xiaomi’s smartphone sales will continue to improve with market recovery and continued share gains, and we are positive on EV...

CMB International

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