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 delivered another beat with 3Q24 revenue/adj. net profit growth of 31%/ 4% YoY.</li><li>Adj. net profit is 3%/6% ahead of our/consensus estimates, thanks to better EV/core business margins and investment related gains.</li><li>Xiaomi’s EV GPM came in strong at 17.1% (vs. 2Q24 15.4%), above market expectations.</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 delivered another beat with 3Q24 revenue/adj. net profit growth of 31%/ 4% YoY.Adj. net profit is 3%/6% ahead of our/consensus estimates, thanks to better EV/core business margins and investment related gains.Xiaomi’s EV GPM came in strong at 17.1% (vs. 2Q24 15.4%), above market expectations.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) - 3Q24 Beat on Stronger EV/Core Business Margin

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Nvidia's Blackwell rack design overheating issues causing potential shipment delays</li><li>AMD leading server market in 3Q24, Intel fighting back in PC market </li><li>Trump's tariff changes impacting Chinese EV makers, with 4 strategies to navigate the changes. Huawei and Xiaomi dominate China's AI smartphone market with over 50% market share.</li></ul>

Nvidia's Blackwell rack design overheating issues causing potential shipment delaysAMD leading server market in 3Q24, Intel fighting back in PC market Trump's tariff changes impacting Chinese EV makers, with 4 strategies to navigate the changes. Huawei and Xiaomi dominate China's AI smartphone market with over 50% market share.

Tech Supply Chain Tracker (19-Nov-2024): Nvidia Blackwell rack design overheats, delays shipments.

<ul><li>Xiaomi will report 3Q24 results in late Nov. We estimate 3Q revenue/adj. net profit to grow 28%/1.4% YoY to RMB 90.5bn/6.1bn, 1%/6% above Bloomberg consensus, driven by global market share gains in smartphone, strength in AIoT/internet and strong momentum of SU 7 Series EVs.</li><li>Looking ahead to 4Q24/FY25, we remain constructive on 1) Smartphone: Xiaomi’s market share gains and better mix in smartphones, backed by its latest flagship Xiaomi 15 Series, Double 11 sales festival and expansion in LATAM/EMEA/SEA</li><li>2) AIoT: domestic home appliance and overseas AIoT; and 3) Smart EV: accelerated delivery of the SU 7 Series.</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 3Q24 results in late Nov. We estimate 3Q revenue/adj. net profit to grow 28%/1.4% YoY to RMB 90.5bn/6.1bn, 1%/6% above Bloomberg consensus, driven by global market share gains in smartphone, strength in AIoT/internet and strong momentum of SU 7 Series EVs.Looking ahead to 4Q24/FY25, we remain constructive on 1) Smartphone: Xiaomi’s market share gains and better mix in smartphones, backed by its latest flagship Xiaomi 15 Series, Double 11 sales festival and expansion in LATAM/EMEA/SEA2) AIoT: domestic home appliance and overseas AIoT; and 3) Smart EV: accelerated delivery of the SU 7 Series.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) - 3Q24E Preview: Continued Strength in Core Business and EV Upside

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

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

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-22202'>Vedanta Resources</a></li><li><a href='#lucror-entity-24409'>Xiaomi Corp</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Vedanta ResourcesXiaomi Corp

Morning Views Asia: Vedanta Resources, Xiaomi Corp

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>Xiaomi reported CY2Q24 revenue, non-IFRS EBIT and non-IFRS net income 5.6%, 32.2%, and 40.0% vs. consensus. </li>
<li>Despite the limited scale and numerous incentives offered at launch, Xiaomi reported an EV gross margin of 15.4%. Greater scale and reduced incentives provide further margin upside in C2H24;</li>
<li>Xiaomi’s smartphone and IoT market share gain have accelerated amid the halo-effect stemming from the SU7. We reiterate our BUY rating, and raise  TP to HK$27.0, implying 28.3x CY25 P/E.</li>
</ul>


Xiaomi reported CY2Q24 revenue, non-IFRS EBIT and non-IFRS net income 5.6%, 32.2%, and 40.0% vs. consensus. 
Despite the limited scale and numerous incentives offered at launch, Xiaomi reported an EV gross margin of 15.4%. Greater scale and reduced incentives provide further margin upside in C2H24;
Xiaomi’s smartphone and IoT market share gain have accelerated amid the halo-effect stemming from the SU7. We reiterate our BUY rating, and raise  TP to HK$27.0, implying 28.3x CY25 P/E.


[Xiaomi Inc. (1810 HK, BUY, TP HK$27) TP Change]: Surprising SU7 Gross Margin a Huge Positive

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) - 3Q24 Beat on Stronger EV/Core Business Margin

Xiaomi delivered another beat with 3Q24 revenue/adj. net profit growth of 31%/ 4% YoY. Adj. net profit is 3%/6% ahead of our/consensus estimates

CMB International

Tech Supply Chain Tracker (19-Nov-2024): Nvidia Blackwell rack design overheats, delays shipments.

Nvidia facing delays due to overheating issues, AMD dominates server market, Trump's tariff impact on Chinese EV makers, Huawei and Xiaomi lead...

Tech Supply Chain Tracker

Xiaomi (1810 HK) - 3Q24E Preview: Continued Strength in Core Business and EV Upside

We estimate 3Q revenue/adj. net profit to grow 28%/1.4% YoY to RMB 90.5bn/6.1bn, 1%/6% above Bloomberg consensus, driven by global market share...

CMB International

Morning Views Asia: Vedanta Resources, Xiaomi Corp

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

[Xiaomi Inc. (1810 HK, BUY, TP HK$27) TP Change]: Surprising SU7 Gross Margin a Huge Positive

Xiaomi beats revenue, EBIT, and net income expectations in CY2Q24, with potential for margin growth in C2H24 due to scale and reduced incentives.

Blue Lotus Research Institute

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Xiaomi (1810 HK) - 3Q24 Beat on Stronger EV/Core Business Margin

Xiaomi delivered another beat with 3Q24 revenue/adj. net profit growth of 31%/ 4% YoY. Adj. net profit is 3%/6% ahead of our/consensus estimates

CMB International

Tech Supply Chain Tracker (19-Nov-2024): Nvidia Blackwell rack design overheats, delays shipments.

Nvidia facing delays due to overheating issues, AMD dominates server market, Trump's tariff impact on Chinese EV makers, Huawei and Xiaomi lead...

Tech Supply Chain Tracker

Xiaomi (1810 HK) - 3Q24E Preview: Continued Strength in Core Business and EV Upside

We estimate 3Q revenue/adj. net profit to grow 28%/1.4% YoY to RMB 90.5bn/6.1bn, 1%/6% above Bloomberg consensus, driven by global market share...

CMB International

Morning Views Asia: Vedanta Resources, Xiaomi Corp

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

[Xiaomi Inc. (1810 HK, BUY, TP HK$27) TP Change]: Surprising SU7 Gross Margin a Huge Positive

​Xiaomi beats revenue, EBIT, and net income expectations in CY2Q24, with potential for margin growth in C2H24 due to scale and reduced incentives.

Blue Lotus Research Institute

Xiaomi beats revenue, EBIT, and net income expectations in CY2Q24, with potential for margin growth in C2H24 due to scale and reduced incentives.