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’s 3Q23 adj. net income of RMB 5.99bn (+183% YoY) is ahead of our estimate and consensus, mainly driven by strong GPM beat on smartphone/AIoT, resilient smartphone and recovery in advertising/overseas internet businesses.</li><li>Looking ahead, we believe strong earnings momentum will continue into 4Q23E and smartphone business will be boosted by strong Xiaomi 14 model shipment and Double 11 festival sales.</li><li>We estimate 4Q revenue will deliver +17% YoY growth and adj. net profit will climb 189% YoY to RMB 4.23bn. </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 3Q23 adj. net income of RMB 5.99bn (+183% YoY) is ahead of our estimate and consensus, mainly driven by strong GPM beat on smartphone/AIoT, resilient smartphone and recovery in advertising/overseas internet businesses.Looking ahead, we believe strong earnings momentum will continue into 4Q23E and smartphone business will be boosted by strong Xiaomi 14 model shipment and Double 11 festival sales.We estimate 4Q revenue will deliver +17% YoY growth and adj. net profit will climb 189% YoY to RMB 4.23bn. 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) – 3Q23 Beat on GPM and Resilient Smartphone

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)

<ul><li>Xiaomi’s 2Q23 adj. net income of RMB 5.14bn (+147% YoY) beat our/market estimates, mainly thanks to record-high GPM in smartphone/AIoT segments, healthy inventory levels and operating efficiency improvements.</li><li>2Q23 adj. net income RMB 5.14bn was 29%/26% above our estimate/consensus, while revenue of RMB 67.4bn (-4% YoY) was largely in-line.</li><li>Looking into 2H23E, we maintain our positive view on Xiaomi’s earnings recovery driven by smartphone premiumization strategy, easing component costs, efficiency enhancement and new model launches. </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 2Q23 adj. net income of RMB 5.14bn (+147% YoY) beat our/market estimates, mainly thanks to record-high GPM in smartphone/AIoT segments, healthy inventory levels and operating efficiency improvements.2Q23 adj. net income RMB 5.14bn was 29%/26% above our estimate/consensus, while revenue of RMB 67.4bn (-4% YoY) was largely in-line.Looking into 2H23E, we maintain our positive view on Xiaomi’s earnings recovery driven by smartphone premiumization strategy, easing component costs, efficiency enhancement and new model launches. 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) – 2Q23 Beat on Record-High Margin; Reiterate BUY

<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

China

Xiaomi is a Chinese multinational corporation specializing in consumer electronics and technology, primarily known for its smartphones (Mi, Redmi, POCO series) and a wide range of AIoT (Artificial Intelligence of Things) devices, including smart home products, wearables, and laptops. The company also provides internet services, including its MIUI operating system. Xiaomi was founded in 2010 and is headquartered in Beijing, China.

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Xiaomi (1810 HK)

Xiaomi (1810 HK) – 3Q23 Beat on GPM and Resilient Smartphone

Looking ahead, we believe strong earnings momentum will continue into 4Q23E and smartphone business will be boosted by strong Xiaomi 14 model...

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

Xiaomi (1810 HK) – 2Q23 Beat on Record-High Margin; Reiterate BUY

2Q23 adj. net income RMB 5.14bn was 29%/26% above our estimate/consensus, while revenue of RMB 67.4bn (-4% YoY) was largely in-line.

CMB International

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

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