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 better-than-expected earnings in 1Q23 despite challenging economic headwinds, mainly thanks to record-high GPM, improving inventory destocking and efficiency enhancement.</li><li>1Q23 adj. NP grew 13% YoY to RMB 3.23bn, 5%/8% above our/consensus, while revenue was largely in-line with 19% YoY decline.</li><li>Looking into 2H23E, we maintain our positive view on Xiaomi’s earnings recovery driven by premiumization strategy, efficiency enhancement on new retail synergy, and improving internet business. </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 better-than-expected earnings in 1Q23 despite challenging economic headwinds, mainly thanks to record-high GPM, improving inventory destocking and efficiency enhancement.1Q23 adj. NP grew 13% YoY to RMB 3.23bn, 5%/8% above our/consensus, while revenue was largely in-line with 19% YoY decline.Looking into 2H23E, we maintain our positive view on Xiaomi’s earnings recovery driven by premiumization strategy, efficiency enhancement on new retail synergy, and improving internet business. 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) – Impressive Earnings Recovery in 1Q23; Reiterate BUY

<ul><li>Xiaomi will report 1Q23 results in late May.</li><li>We estimate 1Q revenue/adj. net profit to deliver -19%/+8% YoY growth to RMB59.1bn/ 3.08bn, -5%/22% above consensus, mainly due to weak smartphone offset by better GPM and efficiency improvement.</li><li>Looking ahead, we believe 1H23E weakness has been priced in, and earnings growth will recover sequentially given improving channel inventory, GPM recovery and efficiency enhancement. </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 1Q23 results in late May.We estimate 1Q revenue/adj. net profit to deliver -19%/+8% YoY growth to RMB59.1bn/ 3.08bn, -5%/22% above consensus, mainly due to weak smartphone offset by better GPM and efficiency improvement.Looking ahead, we believe 1H23E weakness has been priced in, and earnings growth will recover sequentially given improving channel inventory, GPM recovery and efficiency enhancement. 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) – 1Q23E Preview: Expect Earnings Recovery on Track

<ul><li>Xiaomi’s 4Q22 weakness is largely anticipated, and adj. net profit decline of 67% YoY is 9%/13% above our/consensus estimates, driven by stronger margins and improved product mix.</li><li>Looking ahead, we believe smartphone weakness in 1H23E has been largely priced in, and earnings growth will rebound sequentially given improving channel inventory, overseas AIoT recovery and better internet revenue.</li><li>We are also positive on Xiaomi’s focus on operating efficiency and profitability improvement amid macro headwinds in the near term.</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 4Q22 weakness is largely anticipated, and adj. net profit decline of 67% YoY is 9%/13% above our/consensus estimates, driven by stronger margins and improved product mix.Looking ahead, we believe smartphone weakness in 1H23E has been largely priced in, and earnings growth will rebound sequentially given improving channel inventory, overseas AIoT recovery and better internet revenue.We are also positive on Xiaomi’s focus on operating efficiency and profitability improvement amid macro headwinds in the near term.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) – 4Q22 better than feared; All eyes on profitability recovery in 2023

<ul><li>We attended Xiaomi’s 2023 Investor Day in Beijing last week. Mgmt. targeted to maintain healthy profitability level while balancing growth.</li><li>The strategic focus remains the smart EV business with launch schedule in 1H24E. Key takeaways included: 1) FY23E smartphone shipment to stay at FY22 level with potential upside on share gain. 2) EV business R&amp;D spending will increase to RMB 7.5- 8.0bn in FY23E (vs RMB 3bn in FY22). 3) AIoT overseas expansion remains key growth driver with more innovative SKUs. 4) Overseas internet revenue reached a new milestone, and expect gaming recovery due to policy relaxation and advertising headwinds due to macro weakness.</li><li>Looking ahead, we believe the worst is likely over for Xiaomi’s earnings decline, and we believe earnings recovery in 1H23E and EV upside will be major positive catalysts for the stock. </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.

We attended Xiaomi’s 2023 Investor Day in Beijing last week. Mgmt. targeted to maintain healthy profitability level while balancing growth.The strategic focus remains the smart EV business with launch schedule in 1H24E. Key takeaways included: 1) FY23E smartphone shipment to stay at FY22 level with potential upside on share gain. 2) EV business R&amp;D spending will increase to RMB 7.5- 8.0bn in FY23E (vs RMB 3bn in FY22). 3) AIoT overseas expansion remains key growth driver with more innovative SKUs. 4) Overseas internet revenue reached a new milestone, and expect gaming recovery due to policy relaxation and advertising headwinds due to macro weakness.Looking ahead, we believe the worst is likely over for Xiaomi’s earnings decline, and we believe earnings recovery in 1H23E and EV upside will be major positive catalysts for the stock. 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) – 2023 Investor Day: All eyes on profitability and smart EV business upside

<ul><li>Xiaomi will report 4Q22 results in late March. We estimate 4Q revenue/adj. net profit to decline 23%/70% YoY to RMB65.5bn/1.33bn, mainly driven by global smartphone weakness, higher R&amp;D expense for smart EV and one-off charges for warranty policy change.</li><li>Looking ahead, we believe 4Q22E weakness has been priced in, and smartphone sales is poised to recover sequentially in 1Q23E, driven by China re-opening and improving channel inventory.</li><li>Overall, we believe the worst is likely over for Xiaomi’s earnings decline, and we adjusted our TP to HK$14.73, based on P/E multiple of 24x FY23E P/E (vs prev. 20x FY23E P/E). Maintain BUY. Catalysts include EV progress and market share gain</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 4Q22 results in late March. We estimate 4Q revenue/adj. net profit to decline 23%/70% YoY to RMB65.5bn/1.33bn, mainly driven by global smartphone weakness, higher R&amp;D expense for smart EV and one-off charges for warranty policy change.Looking ahead, we believe 4Q22E weakness has been priced in, and smartphone sales is poised to recover sequentially in 1Q23E, driven by China re-opening and improving channel inventory.Overall, we believe the worst is likely over for Xiaomi’s earnings decline, and we adjusted our TP to HK$14.73, based on P/E multiple of 24x FY23E P/E (vs prev. 20x FY23E P/E). Maintain BUY. Catalysts include EV progress and market share gainContent 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) – 4Q22 Preview: A Challenging Quarter but the Worst Is Likely Over

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) – Impressive Earnings Recovery in 1Q23; Reiterate BUY

Looking into 2H23E, we maintain our positive view on Xiaomi’s earnings recovery driven by premiumization strategy, efficiency enhancement on new...

CMB International

Xiaomi (1810 HK) – 1Q23E Preview: Expect Earnings Recovery on Track

We estimate 1Q revenue/adj. net profit to deliver -19%/+8% YoY growth to RMB59.1bn/ 3.08bn, -5%/22% above consensus, mainly due to weak smartphone...

CMB International

Xiaomi (1810 HK) – 4Q22 better than feared; All eyes on profitability recovery in 2023

Xiaomi’s 4Q22 weakness is largely anticipated, and adj. net profit decline of 67% YoY is 9%/13% above our/consensus estimates, driven by stronger...

CMB International

Xiaomi (1810 HK) – 2023 Investor Day: All eyes on profitability and smart EV business upside

We attended Xiaomi’s 2023 Investor Day in Beijing last week. Mgmt. targeted to maintain healthy profitability level while balancing growth.

CMB International

Xiaomi (1810 HK) – 4Q22 Preview: A Challenging Quarter but the Worst Is Likely Over

Xiaomi will report 4Q22 results in late March. We estimate 4Q revenue/adj. net profit to decline 23%/70% YoY to RMB65.5bn/1.33bn

CMB International

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