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 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

<ul><li>Xiaomi officially unveiled its first vehicle, Xiaomi SU7 Series electric sedan, during a product launch event in Beijing yesterday.</li><li>It also announced major technology achievements in manufacturing (powertrain, battery, thermal management, hypercasting, chassis), autonomous driving and smart cabin system, while the car price has not been disclosed yet.</li><li>The upcoming SU7 Max will be C-class premium model featuring best-in-class driving performance with dual engine AWD, 800V CATL ternary lithium battery, 425KW max power and 2.78s 0-100km/h acceleration. </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 unveiled its first vehicle, Xiaomi SU7 Series electric sedan, during a product launch event in Beijing yesterday.It also announced major technology achievements in manufacturing (powertrain, battery, thermal management, hypercasting, chassis), autonomous driving and smart cabin system, while the car price has not been disclosed yet.The upcoming SU7 Max will be C-class premium model featuring best-in-class driving performance with dual engine AWD, 800V CATL ternary lithium battery, 425KW max power and 2.78s 0-100km/h acceleration. 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) – Key Takeaways from Xiaomi SU7 Launch

<ul><li>Xiaomi’s 3Q23 adj. net income of RMB 5.99bn (+183% YoY) is ahead of our estimate and consensus, mainly driven by strong GPM beat on smartphone/AIoT, resilient smartphone and recovery in advertising/overseas internet businesses.</li><li>Looking ahead, we believe strong earnings momentum will continue into 4Q23E and smartphone business will be boosted by strong Xiaomi 14 model shipment and Double 11 festival sales.</li><li>We estimate 4Q revenue will deliver +17% YoY growth and adj. net profit will climb 189% YoY to RMB 4.23bn. </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 3Q23 adj. net income of RMB 5.99bn (+183% YoY) is ahead of our estimate and consensus, mainly driven by strong GPM beat on smartphone/AIoT, resilient smartphone and recovery in advertising/overseas internet businesses.Looking ahead, we believe strong earnings momentum will continue into 4Q23E and smartphone business will be boosted by strong Xiaomi 14 model shipment and Double 11 festival sales.We estimate 4Q revenue will deliver +17% YoY growth and adj. net profit will climb 189% YoY to RMB 4.23bn. 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) – 3Q23 Beat on GPM and Resilient Smartphone

<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

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) – 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

Xiaomi (1810 HK) – Key Takeaways from Xiaomi SU7 Launch

Xiaomi officially unveiled its first vehicle, Xiaomi SU7 Series electric sedan, during a product launch event in Beijing yesterday. It also...

CMB International

Xiaomi (1810 HK) – 3Q23 Beat on GPM and Resilient Smartphone

Looking ahead, we believe strong earnings momentum will continue into 4Q23E and smartphone business will be boosted by strong Xiaomi 14 model...

CMB International

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

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