External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<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><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 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

Xiaomi Corp

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