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 held its strategic product launch event on 22 May, featuring the selfdeveloped 3nm SoC chip “XRING O1 and T1”, Xiaomi 15S Pro, Pad 7 Ultra and SUV YU7.</li><li>We believe Xiaomi’s self-developed chip strategy will enhance product differentiation, cost structure and competitiveness of its flagship smartphones in the premium market in the long term, and Xiaomi’s RMB50bn investment into chips in next 10 years will continue to strengthen its technology leadership and AIoT ecosystem.</li><li>In addition, we expect the new YU7 model to boost sales and profitability after coming into the market in July. </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 held its strategic product launch event on 22 May, featuring the selfdeveloped 3nm SoC chip “XRING O1 and T1”, Xiaomi 15S Pro, Pad 7 Ultra and SUV YU7.We believe Xiaomi’s self-developed chip strategy will enhance product differentiation, cost structure and competitiveness of its flagship smartphones in the premium market in the long term, and Xiaomi’s RMB50bn investment into chips in next 10 years will continue to strengthen its technology leadership and AIoT ecosystem.In addition, we expect the new YU7 model to boost sales and profitability after coming into the market in July. 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) - Self-Developed 3nm SoC Debut Is the Bright Spot

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>After four years of behind-the-scenes development, Xiaomi has officially joined the top tier of smartphone chipmakers with the launch of its first in-house 3-nanometer system-on-chip (SoC), the Surge Xuanjie O1, along with its first self-developed 4G baseband chip, the Xuanjie T1.</li><li>The announcement came during the company’s product launch event in Beijing on Thursday, where Xiaomi also introduced its new flagship phone 15s Pro and 7Ultra tablet — both powered by the Xuanjie O1— as well as a smartwatch using the T1 chip.</li><li>The Xuanjie O1 is built using TSMC’s second-generation 3nm N3E process the same advanced node used in Apple’s A18 chips and Qualcomm’s Snapdragon 8 Elite.</li></ul>

After four years of behind-the-scenes development, Xiaomi has officially joined the top tier of smartphone chipmakers with the launch of its first in-house 3-nanometer system-on-chip (SoC), the Surge Xuanjie O1, along with its first self-developed 4G baseband chip, the Xuanjie T1.The announcement came during the company’s product launch event in Beijing on Thursday, where Xiaomi also introduced its new flagship phone 15s Pro and 7Ultra tablet — both powered by the Xuanjie O1— as well as a smartwatch using the T1 chip.The Xuanjie O1 is built using TSMC’s second-generation 3nm N3E process the same advanced node used in Apple’s A18 chips and Qualcomm’s Snapdragon 8 Elite.

Xiaomi Unveils First Self-Developed 3nm System-on-Chip Rivaling Apple’s A18 Pro 

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Xiaomi Corp, China Hongqiao</li>
<li>Treasury yields ended lower yesterday, after recovering from a bear-steepening move earlier in the day that pushed the 30Y yield to as high as 5.15%.</li>
<li>The recovery could be driven by dip buyers, after the US Congress narrowly passed President Donald Trump’s signature tax bill.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Xiaomi Corp, China Hongqiao
Treasury yields ended lower yesterday, after recovering from a bear-steepening move earlier in the day that pushed the 30Y yield to as high as 5.15%.
The recovery could be driven by dip buyers, after the US Congress narrowly passed President Donald Trump’s signature tax bill.


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Xiaomi’s stock price has risen 62% since our buy rating after 2Q24 results.</li>
<li>We believe vehicle production will bring Xiaomi a revenue of RMB90 billion maximum.</li>
<li>The sum-of-the-parts valuation suggests significant downside for the next twelve months.</li>
</ul>


Xiaomi’s stock price has risen 62% since our buy rating after 2Q24 results.
We believe vehicle production will bring Xiaomi a revenue of RMB90 billion maximum.
The sum-of-the-parts valuation suggests significant downside for the next twelve months.


Xiaomi (1810 HK): Three Months Surge Overvalued Vehicle Business

<ul><li>Xiaomi is expected to report 1Q25 results in late-May.</li><li>We expect 1Q25E is likely another strong quarter and 1Q25 revenue/adj. net profit will grow 43%/50% YoY to RMB 107.1bn/9.92bn, 0%/32% above consensus estimate, backed by strong smartphone share gains (regained No.1 spot in China) and China subsidy in IoT/home appliance and resilient GPM across all segments.</li><li>Looking ahead to FY25E, we remain positive on 1) Smartphone: global share gains from Apple/Samsung and expansion in LATAM/EMEA/SEA; 2) IoT: China subsidy, AI smart glasses and overseas expansion; and 3) Smart EV: strong backlog of SU7, SUV YU7 upside and improving profitability. </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 is expected to report 1Q25 results in late-May.We expect 1Q25E is likely another strong quarter and 1Q25 revenue/adj. net profit will grow 43%/50% YoY to RMB 107.1bn/9.92bn, 0%/32% above consensus estimate, backed by strong smartphone share gains (regained No.1 spot in China) and China subsidy in IoT/home appliance and resilient GPM across all segments.Looking ahead to FY25E, we remain positive on 1) Smartphone: global share gains from Apple/Samsung and expansion in LATAM/EMEA/SEA; 2) IoT: China subsidy, AI smart glasses and overseas expansion; and 3) Smart EV: strong backlog of SU7, SUV YU7 upside and improving profitability. 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) - 1Q25 Preview: Expect Strong Results Ahead

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 (1810 HK)

Xiaomi (1810 HK) - Self-Developed 3nm SoC Debut Is the Bright Spot

We reiterate BUY with SOTP-based TP of HK$ 59.99 based on 36.1x FY25E P/E. Upcoming catalysts include 1Q25 results, AI glasses launches and EV...

CMB International

Xiaomi Unveils First Self-Developed 3nm System-on-Chip Rivaling Apple’s A18 Pro

After four years of behind-the-scenes development, Xiaomi has officially joined the top tier of smartphone chipmakers with the launch of its first...

Caixin Global

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Xiaomi Corp, China Hongqiao

Lucror Analytics

Xiaomi (1810 HK): Three Months Surge Overvalued Vehicle Business

Xiaomi’s stock price has risen 62% since our buy rating after 2Q24 results. The sum-of-the-parts valuation suggests significant downside for next...

Ming Lu

Xiaomi (1810 HK) - 1Q25 Preview: Expect Strong Results Ahead

We expect 1Q25E is likely another strong quarter and 1Q25 revenue/adj. net profit will grow 43%/50% YoY to RMB 107.1bn/9.92bn, 0%/32% above...

CMB International

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