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 3Q22 results in late Nov. We estimate 3Q22E revenue/adj. net profit of RMB70.5bn/1.97bn (-10%/-62% YoY), due to smartphone weakness, rising inflation and macro headwinds. </li><li>By segment, we estimate smartphone/IoT /internet revenue to decline 11%/9%/5% YoY, and GPM will stay flattish QoQ at 16.6% in 3Q22E, driven by India festival promotion, FX volatility and weaker advertising. </li><li>Looking ahead, given macro weakness and near-term destocking, we adjusted FY22/23E smartphone shipment to 159mn/171mn (vs 161mn/ 173mn prior).</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 3Q22 results in late Nov. We estimate 3Q22E revenue/adj. net profit of RMB70.5bn/1.97bn (-10%/-62% YoY), due to smartphone weakness, rising inflation and macro headwinds. By segment, we estimate smartphone/IoT /internet revenue to decline 11%/9%/5% YoY, and GPM will stay flattish QoQ at 16.6% in 3Q22E, driven by India festival promotion, FX volatility and weaker advertising. Looking ahead, given macro weakness and near-term destocking, we adjusted FY22/23E smartphone shipment to 159mn/171mn (vs 161mn/ 173mn prior).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) – 3Q22 preview: a soft quarter but expect QoQ recovery in 4Q22

Xiaomi Corp

Xiaomi (1810 HK) – 3Q22 preview: a soft quarter but expect QoQ recovery in 4Q22