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.

Thematic (Sector/Industry)

<ul><li>China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery.</li><li>Total ad spend returned to positive growth of 15% YoY in April 2023, per CTR.</li><li>However, overall ad spend has yet to recover to the 2021 level, with ad spending in Apr 2023 only reached 92% of the ad spend level in Apr 2021. </li></ul><p><em>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.</em></p>

China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery.Total ad spend returned to positive growth of 15% YoY in April 2023, per CTR.However, overall ad spend has yet to recover to the 2021 level, with ad spending in Apr 2023 only reached 92% of the ad spend level in Apr 2021. 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 Internet – 2Q23 online advertising: recovery in cautious mode

Equity Bottom-Up

<ul><li>Xiaomi delivered better-than-expected earnings in 1Q23 despite challenging economic headwinds, mainly thanks to record-high GPM, improving inventory destocking and efficiency enhancement.</li><li>1Q23 adj. NP grew 13% YoY to RMB 3.23bn, 5%/8% above our/consensus, while revenue was largely in-line with 19% YoY decline.</li><li>Looking into 2H23E, we maintain our positive view on Xiaomi’s earnings recovery driven by premiumization strategy, efficiency enhancement on new retail synergy, and improving internet business. </li></ul><p><em>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.</em></p>

Xiaomi delivered better-than-expected earnings in 1Q23 despite challenging economic headwinds, mainly thanks to record-high GPM, improving inventory destocking and efficiency enhancement.1Q23 adj. NP grew 13% YoY to RMB 3.23bn, 5%/8% above our/consensus, while revenue was largely in-line with 19% YoY decline.Looking into 2H23E, we maintain our positive view on Xiaomi’s earnings recovery driven by premiumization strategy, efficiency enhancement on new retail synergy, and improving internet business. 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) – Impressive Earnings Recovery in 1Q23; Reiterate BUY

<ul><li>We consider Chinese TMT a great credit story despite its equity story has been hammered by regulatory uncertainties, sanction risk and slowing growth.</li><li>Most of the TMT issuers are cash-rich with solid liquidity profiles.</li><li>Within the Chinese TMT space, we like XIAOMIs the most for their most favourable risk-return profile. </li></ul><p><em>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.</em></p>

We consider Chinese TMT a great credit story despite its equity story has been hammered by regulatory uncertainties, sanction risk and slowing growth.Most of the TMT issuers are cash-rich with solid liquidity profiles.Within the Chinese TMT space, we like XIAOMIs the most for their most favourable risk-return profile. 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 TMT: Buy XIAOMI 0’27, XIAOMI 30-31s, MEITUA 0’27 and PDD 0’25

<ul><li>Xiaomi will report 1Q23 results in late May.</li><li>We estimate 1Q revenue/adj. net profit to deliver -19%/+8% YoY growth to RMB59.1bn/ 3.08bn, -5%/22% above consensus, mainly due to weak smartphone offset by better GPM and efficiency improvement.</li><li>Looking ahead, we believe 1H23E weakness has been priced in, and earnings growth will recover sequentially given improving channel inventory, GPM recovery and efficiency enhancement. </li></ul><p><em>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.</em></p>

Xiaomi will report 1Q23 results in late May.We estimate 1Q revenue/adj. net profit to deliver -19%/+8% YoY growth to RMB59.1bn/ 3.08bn, -5%/22% above consensus, mainly due to weak smartphone offset by better GPM and efficiency improvement.Looking ahead, we believe 1H23E weakness has been priced in, and earnings growth will recover sequentially given improving channel inventory, GPM recovery and efficiency enhancement. 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) – 1Q23E Preview: Expect Earnings Recovery on Track

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<div><div><div><div><ul><li>Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.</li><li>DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.</li><li>EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.</li></ul></div></div></div></div>

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.

Smartphone – Global Vs China Decelerated Downtrends

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)

China Internet – 2Q23 online advertising: recovery in cautious mode

China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery. Total ad spend returned to positive...

CMB International

Xiaomi (1810 HK) – Impressive Earnings Recovery in 1Q23; Reiterate BUY

Looking into 2H23E, we maintain our positive view on Xiaomi’s earnings recovery driven by premiumization strategy, efficiency enhancement on new...

CMB International

Chinese TMT: Buy XIAOMI 0’27, XIAOMI 30-31s, MEITUA 0’27 and PDD 0’25

We consider Chinese TMT a great credit story despite its equity story has been hammered by regulatory uncertainties, sanction risk and slowing growth.

CMB International

Xiaomi (1810 HK) – 1Q23E Preview: Expect Earnings Recovery on Track

We estimate 1Q revenue/adj. net profit to deliver -19%/+8% YoY growth to RMB59.1bn/ 3.08bn, -5%/22% above consensus, mainly due to weak smartphone...

CMB International

Smartphone – Global Vs China Decelerated Downtrends

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline. DMs like US & W Europe did better with more material...

Quam Securities

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