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 will report 4Q24 results on 18 Mar. We estimate 4Q revenue/adj. net profit to grow 42%/44% YoY to RMB 103.9bn/7.0bn, 0.5%/9% above Bloomberg consensus, driven by a better mix in smartphones, China subsidies for smartphones/IoT and stronger EV GPM</li><li>. Looking ahead to FY25E, we remain positive on 1) Smartphone: global share gains and an improving mix, backed by its flagship models and expansion in LATAM/EMEA/SEA; 2) IoT: China national subsidies, AI smart glasses and overseas expansion; and 3) Smart EV: strong backlog of SU7, launch of SUV YU7 and improving profitability. Overall, we are confident on Xiaomi’s core biz strength and growth momentum of EV business.</li><li>We lift FY24-27E EPS by 8-22% to reflect a better product mix and stronger EV margin. Reiterate BUY and raise SOTP-based TP to HK$ 54.53 for higher EPS estimates and sector re-rating, implying 33.9x FY25E P/E. </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 4Q24 results on 18 Mar. We estimate 4Q revenue/adj. net profit to grow 42%/44% YoY to RMB 103.9bn/7.0bn, 0.5%/9% above Bloomberg consensus, driven by a better mix in smartphones, China subsidies for smartphones/IoT and stronger EV GPM. Looking ahead to FY25E, we remain positive on 1) Smartphone: global share gains and an improving mix, backed by its flagship models and expansion in LATAM/EMEA/SEA; 2) IoT: China national subsidies, AI smart glasses and overseas expansion; and 3) Smart EV: strong backlog of SU7, launch of SUV YU7 and improving profitability. Overall, we are confident on Xiaomi’s core biz strength and growth momentum of EV business.We lift FY24-27E EPS by 8-22% to reflect a better product mix and stronger EV margin. Reiterate BUY and raise SOTP-based TP to HK$ 54.53 for higher EPS estimates and sector re-rating, implying 33.9x FY25E P/E. 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 Preview: Expect Another Strong Beat; Raise TP to HK$54.53

<ul><li>Xiaomi delivered another beat with 3Q24 revenue/adj. net profit growth of 31%/ 4% YoY.</li><li>Adj. net profit is 3%/6% ahead of our/consensus estimates, thanks to better EV/core business margins and investment related gains.</li><li>Xiaomi’s EV GPM came in strong at 17.1% (vs. 2Q24 15.4%), above market expectations.</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 delivered another beat with 3Q24 revenue/adj. net profit growth of 31%/ 4% YoY.Adj. net profit is 3%/6% ahead of our/consensus estimates, thanks to better EV/core business margins and investment related gains.Xiaomi’s EV GPM came in strong at 17.1% (vs. 2Q24 15.4%), above market expectations.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) - 3Q24 Beat on Stronger EV/Core Business Margin

<ul><li>Xiaomi will report 3Q24 results in late Nov. We estimate 3Q revenue/adj. net profit to grow 28%/1.4% YoY to RMB 90.5bn/6.1bn, 1%/6% above Bloomberg consensus, driven by global market share gains in smartphone, strength in AIoT/internet and strong momentum of SU 7 Series EVs.</li><li>Looking ahead to 4Q24/FY25, we remain constructive on 1) Smartphone: Xiaomi’s market share gains and better mix in smartphones, backed by its latest flagship Xiaomi 15 Series, Double 11 sales festival and expansion in LATAM/EMEA/SEA</li><li>2) AIoT: domestic home appliance and overseas AIoT; and 3) Smart EV: accelerated delivery of the SU 7 Series.</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 3Q24 results in late Nov. We estimate 3Q revenue/adj. net profit to grow 28%/1.4% YoY to RMB 90.5bn/6.1bn, 1%/6% above Bloomberg consensus, driven by global market share gains in smartphone, strength in AIoT/internet and strong momentum of SU 7 Series EVs.Looking ahead to 4Q24/FY25, we remain constructive on 1) Smartphone: Xiaomi’s market share gains and better mix in smartphones, backed by its latest flagship Xiaomi 15 Series, Double 11 sales festival and expansion in LATAM/EMEA/SEA2) AIoT: domestic home appliance and overseas AIoT; and 3) Smart EV: accelerated delivery of the SU 7 Series.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) - 3Q24E Preview: Continued Strength in Core Business and EV Upside

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to continue moving up (alternating with declines), with the resistance at 1,411/1,418 points and the support at 1,395/1,390 points.</li><li>In the short term, a new buy signal has emerged, targeting the previous resistance levels at 1,411 and 1,438 points, respectively.</li><li>We recommend buying when the index weakens and waiting to sell at the resistance.</li></ul>

Technically, the SET Index is expected to continue moving up (alternating with declines), with the resistance at 1,411/1,418 points and the support at 1,395/1,390 points.In the short term, a new buy signal has emerged, targeting the previous resistance levels at 1,411 and 1,438 points, respectively.We recommend buying when the index weakens and waiting to sell at the resistance.

<ul><li>Xiaomi delivered strong 2Q24 revenue/adj.net profit growth of 32%/20% YoY. Adj. net profit is 21%/27% ahead of our/consensus estimates, mainly driven by stronger EV/internet GPM and improving efficiency.</li><li>Xiaomi reported its first EV business financials with a quarterly GPM at 15.7%, well above market expectation of 5-10%, and mgmt. guided QoQ GPM expansion into 3Q/4Q24E.</li><li>Looking ahead, we are positive on Xiaomi smartphones’ global market share gains, new retail strategy execution, AIoT business growth momentum and EV shipment delivery to drive earnings growth into FY24E-25E. </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 delivered strong 2Q24 revenue/adj.net profit growth of 32%/20% YoY. Adj. net profit is 21%/27% ahead of our/consensus estimates, mainly driven by stronger EV/internet GPM and improving efficiency.Xiaomi reported its first EV business financials with a quarterly GPM at 15.7%, well above market expectation of 5-10%, and mgmt. guided QoQ GPM expansion into 3Q/4Q24E.Looking ahead, we are positive on Xiaomi smartphones’ global market share gains, new retail strategy execution, AIoT business growth momentum and EV shipment delivery to drive earnings growth into FY24E-25E. 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) - 2Q24 Beat on EV GPM and Resilient Core Earnings; Reiterate BUY

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) - 4Q24 Preview: Expect Another Strong Beat; Raise TP to HK$54.53

Xiaomi will report 4Q24 results on 18 Mar. We estimate 4Q revenue/adj. net profit to grow 42%/44% YoY to RMB 103.9bn/7.0bn, 0.5%/9% above Bloomberg...

CMB International

Xiaomi (1810 HK) - 3Q24 Beat on Stronger EV/Core Business Margin

Xiaomi delivered another beat with 3Q24 revenue/adj. net profit growth of 31%/ 4% YoY. Adj. net profit is 3%/6% ahead of our/consensus estimates

CMB International

Xiaomi (1810 HK) - 3Q24E Preview: Continued Strength in Core Business and EV Upside

We estimate 3Q revenue/adj. net profit to grow 28%/1.4% YoY to RMB 90.5bn/6.1bn, 1%/6% above Bloomberg consensus, driven by global market share...

CMB International

Today's Dominant Ideas

Technically, the SET Index is expected to continue moving up (alternating with declines), with the resistance at 1,411/1,418 points and the...

Krungthai XSpring

Xiaomi (1810 HK) - 2Q24 Beat on EV GPM and Resilient Core Earnings; Reiterate BUY

Xiaomi delivered strong 2Q24 revenue/adj.net profit growth of 32%/20% YoY. Adj. net profit is 21%/27% ahead of our/consensus estimates, mainly...

CMB International

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