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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 20th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Anta Sports Products (2020 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Kuaishou Technology (1024 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 20th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Anta Sports Products (2020 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Kuaishou Technology (1024 HK).


Hong Kong Buybacks Weekly (Dec 20th): Tencent, AIA, Anta Sports Products

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

Thematic (Sector/Industry)

<ul>
<li>TSLA/1211 HK/LI/1810 HK/NIO/XPEV: The General Manager of Tesla's Shanghai factory resigned to join an electric car company facing production capacity bottlenecks, possibly because FSD had no hope of entering China.(///////////)</li>
<li>1211HK/LI/NIO/XPEV:In the 50th week of 2024, the market generally rose and sprint towards the end of the year.It will be difficult for NIO to achieve its guidance in the Q4(///////)</li>
<li>1810 HK/AAPL US/6753 JP: Xiaomi to expand offline network in Japan (+/-/-)</li>
</ul>


TSLA/1211 HK/LI/1810 HK/NIO/XPEV: The General Manager of Tesla's Shanghai factory resigned to join an electric car company facing production capacity bottlenecks, possibly because FSD had no hope of entering China.(///////////)
1211HK/LI/NIO/XPEV:In the 50th week of 2024, the market generally rose and sprint towards the end of the year.It will be difficult for NIO to achieve its guidance in the Q4(///////)
1810 HK/AAPL US/6753 JP: Xiaomi to expand offline network in Japan (+/-/-)


[Blue Lotus Daily]:TSLA US/1211 HK/LI US/1810 HK/NIO US/XPEV US/1810 HK/AAPL US/6753 JP

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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

Hong Kong Buybacks Weekly (Dec 20th): Tencent, AIA, Anta Sports Products

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:TSLA US/1211 HK/LI US/1810 HK/NIO US/XPEV US/1810 HK/AAPL US/6753 JP

Tesla's Shanghai factory GM resigns to join electric car company facing production issues, possibly due to FSD's China entry uncertainty. Xiaomi...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Hong Kong Buybacks Weekly (Dec 20th): Tencent, AIA, Anta Sports Products

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:TSLA US/1211 HK/LI US/1810 HK/NIO US/XPEV US/1810 HK/AAPL US/6753 JP

​Tesla's Shanghai factory GM resigns to join electric car company facing production issues, possibly due to FSD's China entry uncertainty. Xiaomi...

Blue Lotus Research Institute

Tesla's Shanghai factory GM resigns to join electric car company facing production issues, possibly due to FSD's China entry uncertainty. Xiaomi...