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

<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

Equity Capital Markets

<ul>
<li>Xiaomi announced to raise about HK$42.5bn (~US$5.5bn) in an upsized share sale of 800mn new shares at the price of HK$53.25/ share (6.6% discount to closing price on 24 Mar), implying 3.2% of existing issued share capital.</li>
<li>The proceeds will be used for business expansion, R&amp;D investment and working capital.</li>
<li>Following stock rally of 68% YTD (vs 25% HSCEI), investors we spoke to are not too surprised on the placement, and we think the funding will be a long-term positive for Xiaomi’s global expansion strategy for smartphone, AIoT and EV businesses, which should offset near-term concern of 3.2% dilution. </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 announced to raise about HK$42.5bn (~US$5.5bn) in an upsized share sale of 800mn new shares at the price of HK$53.25/ share (6.6% discount to closing price on 24 Mar), implying 3.2% of existing issued share capital.
The proceeds will be used for business expansion, R&amp;D investment and working capital.
Following stock rally of 68% YTD (vs 25% HSCEI), investors we spoke to are not too surprised on the placement, and we think the funding will be a long-term positive for Xiaomi’s global expansion strategy for smartphone, AIoT and EV businesses, which should offset near-term concern of 3.2% dilution. 

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) - Placement Confirmed for Global Business Expansion

<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>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 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

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

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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>ดัชนี CSI 300 และ HSI ปรับตัวในกรอบแคบก่อนปิดลดลง โดยหุ้นปรับขึ้นลงตามปัจจัยเฉพาะตัว</li><li>เรามองผลประกอบการ 2025 มีแนวโน้มเติบโตตามกระแสการลงทุน Data center ในจีน ซึ่งสอดคล้องกับแผนการลงทุนของ Alibaba และ ByteDance</li><li>คาดตลาดปรับตัว sideway เพื่อติดตามผลประกอบการ NVDA (26 ก.พ.) และรายงานเงินเฟ้อ PCE (28 ก.พ.) ทั้งนี้กลุ่ม Al อาจได้รับจิตวิทยาลบจากการยกเลิกสัญญาเช่า Datacenter ของ MSFT ตามรายงานของ TD Cowen</li></ul>

ดัชนี CSI 300 และ HSI ปรับตัวในกรอบแคบก่อนปิดลดลง โดยหุ้นปรับขึ้นลงตามปัจจัยเฉพาะตัวเรามองผลประกอบการ 2025 มีแนวโน้มเติบโตตามกระแสการลงทุน Data center ในจีน ซึ่งสอดคล้องกับแผนการลงทุนของ Alibaba และ ByteDanceคาดตลาดปรับตัว sideway เพื่อติดตามผลประกอบการ NVDA (26 ก.พ.) และรายงานเงินเฟ้อ PCE (28 ก.พ.) ทั้งนี้กลุ่ม Al อาจได้รับจิตวิทยาลบจากการยกเลิกสัญญาเช่า Datacenter ของ MSFT ตามรายงานของ TD Cowen

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) - 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 (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

Xiaomi (1810 HK) - Placement Confirmed for Global Business Expansion

We also note that its share price rallied 30% in one month during its last placement in Dec 2020. Below is our analysis on the rationale and...

CMB International

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

Global Market Update: February 24, 2025

Krungthai XSpring

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