External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Xiaomi’s 3Q23 adj. net income of RMB 5.99bn (+183% YoY) is ahead of our estimate and consensus, mainly driven by strong GPM beat on smartphone/AIoT, resilient smartphone and recovery in advertising/overseas internet businesses.</li><li>Looking ahead, we believe strong earnings momentum will continue into 4Q23E and smartphone business will be boosted by strong Xiaomi 14 model shipment and Double 11 festival sales.</li><li>We estimate 4Q revenue will deliver +17% YoY growth and adj. net profit will climb 189% YoY to RMB 4.23bn. </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’s 3Q23 adj. net income of RMB 5.99bn (+183% YoY) is ahead of our estimate and consensus, mainly driven by strong GPM beat on smartphone/AIoT, resilient smartphone and recovery in advertising/overseas internet businesses.Looking ahead, we believe strong earnings momentum will continue into 4Q23E and smartphone business will be boosted by strong Xiaomi 14 model shipment and Double 11 festival sales.We estimate 4Q revenue will deliver +17% YoY growth and adj. net profit will climb 189% YoY to RMB 4.23bn. 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) – 3Q23 Beat on GPM and Resilient Smartphone