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>Xiaomi Corp has released FY 2024 numbers that were excellent in our view, with record revenue, profitability and market share gains.</li>
<li>The company's growth was driven by solid performance in the Smartphone x Artificial Intelligence of Things segment and rapid expansion of the Smart Electric Vehicle (EV) business.</li>
<li>While short-term challenges persist, particularly in the EV segment, Xiaomi’s long-term growth trajectory appears robust.</li>
</ul>


Xiaomi Corp has released FY 2024 numbers that were excellent in our view, with record revenue, profitability and market share gains.
The company's growth was driven by solid performance in the Smartphone x Artificial Intelligence of Things segment and rapid expansion of the Smart Electric Vehicle (EV) business.
While short-term challenges persist, particularly in the EV segment, Xiaomi’s long-term growth trajectory appears robust.


Xiaomi Corp - Earnings Flash - FY 2024 Results - Lucror Analytics

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 delivered strong 4Q24 revenue/adj. net profit growth of 49%/69% YoY, and adj. net profit is 18%/27% ahead of our/Bloomberg consensus estimates, thanks to stronger IoT/EV and other incomes.</li><li>Xiaomi’s EV GPM came in strong at 20.4% (vs. 3Q24 17.1%), and mgmt. raised 2025 EV delivery target to 350k units (vs. prior 300k) in view of strong demand.</li><li>Looking ahead, we remain positive on Xiaomi’s “Human x Car x Home” strategy, backed by smartphone premiumization and share gains, overseas expansion on AIoT, and EV YU7 upside into FY25-26E. </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 delivered strong 4Q24 revenue/adj. net profit growth of 49%/69% YoY, and adj. net profit is 18%/27% ahead of our/Bloomberg consensus estimates, thanks to stronger IoT/EV and other incomes.Xiaomi’s EV GPM came in strong at 20.4% (vs. 3Q24 17.1%), and mgmt. raised 2025 EV delivery target to 350k units (vs. prior 300k) in view of strong demand.Looking ahead, we remain positive on Xiaomi’s “Human x Car x Home” strategy, backed by smartphone premiumization and share gains, overseas expansion on AIoT, and EV YU7 upside into FY25-26E. 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) - 4Q24 Strong Beat; Positive on Upbeat EV Target and Overseas AIoT Upside

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>In 4Q24, all business lines grew even faster than we expected in the preview note.</li>
<li>We are confident in its revenue growth and operating margin in 2025.</li>
<li>We however still believe the market overvalues its electric vehicle business.</li>
</ul>


In 4Q24, all business lines grew even faster than we expected in the preview note.
We are confident in its revenue growth and operating margin in 2025.
We however still believe the market overvalues its electric vehicle business.


Xiaomi (1810 HK): 4Q24, Much Better than Expected, But Vehicle Still Overvalued

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> is set to announce 2024 results after the close on 18 March. </li>
<li>Options markets imply a price movement in excess of historic averages, creating trading opportunities through calendar spreads and short straddles that capitalize on March's elevated implied volatility.</li>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> is a major constituent in key Hong Kong indices (<a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI Index</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI Index</a>, and <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH Index</a>). Its post-results move will likely impact the broader market.</li>
</ul>



Xiaomi Corp (1810 HK) is set to announce 2024 results after the close on 18 March. 
Options markets imply a price movement in excess of historic averages, creating trading opportunities through calendar spreads and short straddles that capitalize on March's elevated implied volatility.

Xiaomi Corp (1810 HK) is a major constituent in key Hong Kong indices (HSI Index, HSCEI Index, and HSTECH Index). Its post-results move will likely impact the broader market.


Xiaomi (1810 HK): Overpriced Volatility Ahead of 2024 Results

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

<ul>
<li>Xiaomi earnings are upcoming. We analyze what the options market is pricing and examine historical trends and tendencies.</li>
<li>Historical earnings reactions show notable differences across quarters, with Q4 standing out for its downside risk.</li>
<li>We outline a tactical hedge that minimizes jump risk while taking advantage of extended implied volatility.</li>
</ul>


Xiaomi earnings are upcoming. We analyze what the options market is pricing and examine historical trends and tendencies.
Historical earnings reactions show notable differences across quarters, with Q4 standing out for its downside risk.
We outline a tactical hedge that minimizes jump risk while taking advantage of extended implied volatility.


Xiaomi Earnings: Option Market Expectations, Past Performance and Hedge Opportunities

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 Corp - Earnings Flash - FY 2024 Results - Lucror Analytics

Xiaomi Corp has released FY 2024 numbers that were excellent in our view, with record revenue, profitability and market share gains.

Lucror Analytics

Xiaomi (1810 HK) - 4Q24 Strong Beat; Positive on Upbeat EV Target and Overseas AIoT Upside

Xiaomi delivered strong 4Q24 revenue/adj. net profit growth of 49%/69% YoY, and adj. net profit is 18%/27% ahead of our/Bloomberg consensus estimates

CMB International

Xiaomi (1810 HK): 4Q24, Much Better than Expected, But Vehicle Still Overvalued

In 4Q24, all business lines grew even faster than we expected in the preview note. We are confident in its revenue and margin. We however still...

Ming Lu

Xiaomi (1810 HK): Overpriced Volatility Ahead of 2024 Results

Xiaomi Corp (1810 HK) to announce 2024 results with options markets indicating potential trading opportunities. Potential impact on key Hong Kong...

Gaudenz Schneider

Xiaomi Earnings: Option Market Expectations, Past Performance and Hedge Opportunities

Analysis of Xiaomi's upcoming earnings reveals historical trends and a tactical hedge strategy to minimize downside risk and capitalize on...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Xiaomi Corp - Earnings Flash - FY 2024 Results - Lucror Analytics

Xiaomi Corp has released FY 2024 numbers that were excellent in our view, with record revenue, profitability and market share gains.

Lucror Analytics

Xiaomi (1810 HK) - 4Q24 Strong Beat; Positive on Upbeat EV Target and Overseas AIoT Upside

Xiaomi delivered strong 4Q24 revenue/adj. net profit growth of 49%/69% YoY, and adj. net profit is 18%/27% ahead of our/Bloomberg consensus estimates

CMB International

Xiaomi (1810 HK): 4Q24, Much Better than Expected, But Vehicle Still Overvalued

In 4Q24, all business lines grew even faster than we expected in the preview note. We are confident in its revenue and margin. We however still...

Ming Lu

Xiaomi (1810 HK): Overpriced Volatility Ahead of 2024 Results

​Xiaomi Corp (1810 HK) to announce 2024 results with options markets indicating potential trading opportunities. Potential impact on key Hong Kong...

Gaudenz Schneider

Xiaomi Earnings: Option Market Expectations, Past Performance and Hedge Opportunities

​Analysis of Xiaomi's upcoming earnings reveals historical trends and a tactical hedge strategy to minimize downside risk and capitalize on...

John Ley

Xiaomi Corp (1810 HK) to announce 2024 results with options markets indicating potential trading opportunities. Potential impact on key Hong Kong...

Analysis of Xiaomi's upcoming earnings reveals historical trends and a tactical hedge strategy to minimize downside risk and capitalize on...