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 4Q23 revenue/net profit of 11%/236% YoY growth beat our/consensus estimates, driven by stronger margins, improving mix and investment gains.</li><li>Looking ahead, mgmt. is positive on smartphone recovery, premiumization strategy and EV business expansion.</li><li>We believe Xiaomi’s global smartphone share gain, AIoT overseas sales and internet revenue improvement will continue to drive growth into FY24E-25E. </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 4Q23 revenue/net profit of 11%/236% YoY growth beat our/consensus estimates, driven by stronger margins, improving mix and investment gains.Looking ahead, mgmt. is positive on smartphone recovery, premiumization strategy and EV business expansion.We believe Xiaomi’s global smartphone share gain, AIoT overseas sales and internet revenue improvement will continue to drive 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) – Raise TP and Estimates on 4Q23 Beat

Xiaomi Corp

Xiaomi (1810 HK) – Raise TP and Estimates on 4Q23 Beat