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 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

Thematic (Sector/Industry)

<ul><li>Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap, Xiaomi etc reported their Apr 2024 sales volumes on 1 May 2024.</li><li>Total sales volume combined rose 43% YoY (ranging from -31% to +546%) and 2% MoM (ranging from -14% to +32%).</li><li>Li Auto, Xpeng miss, NIO beat. It appears to us that the weak sales of the Mega has spread into Li Auto’s other models.</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.

Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap, Xiaomi etc reported their Apr 2024 sales volumes on 1 May 2024.Total sales volume combined rose 43% YoY (ranging from -31% to +546%) and 2% MoM (ranging from -14% to +32%).Li Auto, Xpeng miss, NIO beat. It appears to us that the weak sales of the Mega has spread into Li Auto’s other models.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.

Auto - Apr NEV sales beat; Price war continues

<ul><li>Apple unveiled new MacBook Air M3 models yesterday (5 March), claiming the device “the world’s best consumer laptop for AI”.</li><li>We believe the new device suggested a pivotal role for AI in Apple’s product roadmap in 2024.</li><li>Leveraging Apple’s proprietary M3 chip, the new laptop is built to run most optimized LLMs (and diffusion models) at edge, and enable powerful camera features, real-time speech to text, translation, text predictions, and visual understanding features. </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.

Apple unveiled new MacBook Air M3 models yesterday (5 March), claiming the device “the world’s best consumer laptop for AI”.We believe the new device suggested a pivotal role for AI in Apple’s product roadmap in 2024.Leveraging Apple’s proprietary M3 chip, the new laptop is built to run most optimized LLMs (and diffusion models) at edge, and enable powerful camera features, real-time speech to text, translation, text predictions, and visual understanding features. 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.

Technology - MacBook Air M3 – Apple’s entry into AI PC arena

Credit

<ul><li>Credit stories remain sound: Chinese TMT issuers are generally cash-rich with solid liquidity profiles. Most of them are in net cash positions and have strong coverage ratios at their rating levels. See Table 6 on p.7.</li><li>Shorter-dated XIAOMIs remain our top picks: We like Xiaomi for its solid credit story.</li><li>The sizeable net cash position and operating cash inflow offset the impact of higher R&amp;D expenses, especially those on EV. XIAOMI 3 3/8 04/29/30 (Baa2/BBB-/BBB) and XIAOMI 2 7/8 07/14/31 (Baa2/BBB-/BBB) offer 121bps yield pick-up over JD 3 3/8’30 (Baa1/A-/-) and 12bps over MEITUA 3.05’30 (Baa3/BBB-/BBB-).</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.

Credit stories remain sound: Chinese TMT issuers are generally cash-rich with solid liquidity profiles. Most of them are in net cash positions and have strong coverage ratios at their rating levels. See Table 6 on p.7.Shorter-dated XIAOMIs remain our top picks: We like Xiaomi for its solid credit story.The sizeable net cash position and operating cash inflow offset the impact of higher R&amp;D expenses, especially those on EV. XIAOMI 3 3/8 04/29/30 (Baa2/BBB-/BBB) and XIAOMI 2 7/8 07/14/31 (Baa2/BBB-/BBB) offer 121bps yield pick-up over JD 3 3/8’30 (Baa1/A-/-) and 12bps over MEITUA 3.05’30 (Baa3/BBB-/BBB-).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.

China TMT: Maintain Buy XIAOMI’30-31s, XIAOMI 0’27 (CB)

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) – 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

Auto - Apr NEV sales beat; Price war continues

Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap, Xiaomi etc reported their Apr 2024 sales volumes on 1 May...

CMB International

Technology - MacBook Air M3 – Apple’s entry into AI PC arena

Apple unveiled new MacBook Air M3 models yesterday (5 March), claiming the device “the world’s best consumer laptop for AI”.

CMB International

China TMT: Maintain Buy XIAOMI’30-31s, XIAOMI 0’27 (CB)

Chinese TMT issuers are generally cash-rich with solid liquidity profiles. Most of them are in net cash positions and have strong coverage ratios...

CMB International

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