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>We hosted Xiaomi at CMBI Technology Corporate Day on 27 Jun.</li><li>Investors were mostly focused on market concerns regarding margin impact on rising memory prices, competitive landscape with AI iPhone launch and growth outlook of Xiaomi SU7 Series EV.</li><li>We summarize key highlights as below, and maintain our positive view on Xiaomi’s global smartphone share gains, AIoT sales strength, overseas internet revenue and EV shipment ramp-up.</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.

We hosted Xiaomi at CMBI Technology Corporate Day on 27 Jun.Investors were mostly focused on market concerns regarding margin impact on rising memory prices, competitive landscape with AI iPhone launch and growth outlook of Xiaomi SU7 Series EV.We summarize key highlights as below, and maintain our positive view on Xiaomi’s global smartphone share gains, AIoT sales strength, overseas internet revenue and EV shipment ramp-up.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) - CMBI Corp Day Takeaways: Growth Outlook Intact; Market Concerns Overdone

<ul><li>Xiaomi’s 1Q24 revenue/net profit growth of 27%/101% YoY beat our/consensus estimates, mainly driven by a stronger GPM, improving revenue mix and better finance incomes.</li><li>Looking ahead, Xiaomi reiterated its positive view on smartphone global share gains, new retail strategy execution and EV shipment deliveries, and mgmt. guided to target 120k annual EV deliveries (vs 100k prior guidance).</li><li>We believe Xiaomi’s share gain momentum, AIoT sales strength and overseas internet revenue will continue to drive earnings growth into FY24E25E. </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 1Q24 revenue/net profit growth of 27%/101% YoY beat our/consensus estimates, mainly driven by a stronger GPM, improving revenue mix and better finance incomes.Looking ahead, Xiaomi reiterated its positive view on smartphone global share gains, new retail strategy execution and EV shipment deliveries, and mgmt. guided to target 120k annual EV deliveries (vs 100k prior guidance).We believe Xiaomi’s share gain momentum, AIoT sales strength and overseas internet revenue will continue to drive earnings growth into FY24E25E. 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) - 1Q24 Beat on Strong Margins; Positive on Upbeat SU7 Delivery Target

<ul><li>Xiaomi will report 1Q24 results in late May. We estimate 1Q revenue/adj. net profit to deliver 26%/67% YoY growth to RMB75.2bn/5.4bn, 5%/19% above consensus, backed by strong smartphone shipments, better GPM across all segments and prudent expense controls.</li><li>Looking ahead, we believe Xiaomi’s global smartphone share gain will continue in LATAM/EMEA/SEA/EU markets backed by multiple product launches in 2H24E, and margin shall remain resilient given rising BOM costs are offset by premiumization and an improving mix.</li><li>Overall, we are positive on the strong momentum of Xiaomi’s smart EV business and resilient core segments. </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 1Q24 results in late May. We estimate 1Q revenue/adj. net profit to deliver 26%/67% YoY growth to RMB75.2bn/5.4bn, 5%/19% above consensus, backed by strong smartphone shipments, better GPM across all segments and prudent expense controls.Looking ahead, we believe Xiaomi’s global smartphone share gain will continue in LATAM/EMEA/SEA/EU markets backed by multiple product launches in 2H24E, and margin shall remain resilient given rising BOM costs are offset by premiumization and an improving mix.Overall, we are positive on the strong momentum of Xiaomi’s smart EV business and resilient core segments. 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) - 1Q24E Preview: Expect Strong Earnings Ahead; Raise TP to HK$23.77

<ul><li>We attended Xiaomi Investor Day 2024 in Beijing on 23 Apr.</li><li>Key takeaways include: 1) SU7 delivery target: 100k units in 2024 and 10k monthly delivery in June.</li><li>2) SU7 GPM target of 5-10% in 2024. 3) SU7 breakeven at 300-400k sales per year; 4) City NOA available in May and to be rolled out nationwide in Aug; 5) Smart EV sales/service centre: target to cover 46/82 cities by end of 2024; 6) Smart driving team: 1.5k/2k staff by 2024/25 from 1k currently; 7) 2024 guidance: RMB300bn in revenue with RMB24bn in R&amp;D expenses. </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.

We attended Xiaomi Investor Day 2024 in Beijing on 23 Apr.Key takeaways include: 1) SU7 delivery target: 100k units in 2024 and 10k monthly delivery in June.2) SU7 GPM target of 5-10% in 2024. 3) SU7 breakeven at 300-400k sales per year; 4) City NOA available in May and to be rolled out nationwide in Aug; 5) Smart EV sales/service centre: target to cover 46/82 cities by end of 2024; 6) Smart driving team: 1.5k/2k staff by 2024/25 from 1k currently; 7) 2024 guidance: RMB300bn in revenue with RMB24bn in R&amp;D expenses. 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 Investor Day

<ul><li>Xiaomi officially launched its SU 7 Series electric sedans on 28 Mar, which are priced at RMB 215.9k/245.9k/299.9k for SU7/SU7 Pro/SU7 Max models.</li><li>Its competitive pricing strategy was well-received by the market, and the initial preorders of 50k/89k units in first 27min/24hr are above market expectations, mainly due to its competitive specs, self-developed autonomous driving technology (Xiaomi Pilot), and unique integrated AIoT ecosystem.</li><li>In the near term, we believe investors will focus on pre-order momentum, shipment ramp-up and consumer feedback in next two months.</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 launched its SU 7 Series electric sedans on 28 Mar, which are priced at RMB 215.9k/245.9k/299.9k for SU7/SU7 Pro/SU7 Max models.Its competitive pricing strategy was well-received by the market, and the initial preorders of 50k/89k units in first 27min/24hr are above market expectations, mainly due to its competitive specs, self-developed autonomous driving technology (Xiaomi Pilot), and unique integrated AIoT ecosystem.In the near term, we believe investors will focus on pre-order momentum, shipment ramp-up and consumer feedback in next two months.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) - Xiaomi EV SU7’s Pricing and Pre-Order Above Expectations

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) - CMBI Corp Day Takeaways: Growth Outlook Intact; Market Concerns Overdone

We summarize key highlights as below, and maintain our positive view on Xiaomi’s global smartphone share gains, AIoT sales strength, overseas...

CMB International

Xiaomi (1810 HK) - 1Q24 Beat on Strong Margins; Positive on Upbeat SU7 Delivery Target

Xiaomi’s 1Q24 revenue/net profit growth of 27%/101% YoY beat our/consensus estimates, mainly driven by a stronger GPM, improving revenue mix and...

CMB International

Xiaomi (1810 HK) - 1Q24E Preview: Expect Strong Earnings Ahead; Raise TP to HK$23.77

We estimate 1Q revenue/adj. net profit to deliver 26%/67% YoY growth to RMB75.2bn/5.4bn, 5%/19% above consensus, backed by strong smartphone shipments

CMB International

Xiaomi (1810 HK) - Key Takeaways from Xiaomi Investor Day

Key takeaways include: 1) SU7 delivery target: 100k units in 2024 and 10k monthly delivery in June. 2) SU7 GPM target of 5-10% in 2024. 3) SU7...

CMB International

Xiaomi (1810 HK) - Xiaomi EV SU7’s Pricing and Pre-Order Above Expectations

Xiaomi officially launched its SU 7 Series electric sedans on 28 Mar, which are priced at RMB 215.9k/245.9k/299.9k for SU7/SU7 Pro/SU7 Max models.

CMB International

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