Xiaomi 1810

[winston]

not vested

Ming-Chi Kuo Expects XIAOMI 4Q Smartphone Shipments to Rise 14% YoY, 1st Xiaomi Car to Launch in 2024

Ming-Chi Kuo, an analyst at TF International, anticipated that the first Xiaomi Car model from XIAOMI-W (01810.HK) will launch next year, and would achieve a shipment volume of 50,000-60,000 units.

The selling price of the vehicle model was estimated to be lower than RMB300,000.

As for the smartphone segment, Kuo projected that the smartphone shipment volume of XIAOMI-W could reach approximately 40-45 million units in the fourth quarter, representing a YoY upswing of about 14%.

The smartphone shipment volume of the company was forecast to see a double-digit growth in 2024.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

not vested

Xiaomi Corp (1810 HK)
3Q23 Results Preview: Expect Strong Earnings Beat On Elevated Margins

Xiaomi will report its 3Q23 earnings in late-November.

We expect a robust quarter with adjusted net profit reaching Rmb5b, driven by margin expansion from lower cost, less promotions, and optimisation in cost controls as well as supply chain management.

We are more optimistic on the smartphone market’s recovery, and Xiaomi’s exposure to the
fast-growing emerging markets.

Maintain BUY. Raise target price to HK$16.80.

Source: UOBKH

https://research.uobkayhian.com/content ... 4c4cec6526

[winston]

not vested

Xiaomi Corp (1810 HK) - 3Q23 results preview

Xiaomi is a technology product and services company founded in 2010, focusing mainly on smartphones and Internet of Things (IoT) products and related internet services.

Apart from its home Chinese market, Xiaomi has expanded into other markets and has become the smartphone market leader in India and is gaining market share in Europe.

According to Canalys, Xiaomi ranked among the top 3 in the global smartphone market, in terms of smartphone shipments.

The company operates a distinctive business model by combining affordably-priced, high-quality smartphones and a smart IoT hardware product ecosystem with Internet services-based monetization.

Still, Xiaomi is likely to encounter near-term headwinds, from the overall macro weakness, as well as stiffer domestic competition. BUY

Source: OCBC

[winston]

not vested

Brokers Expect XIAOMI-W's 3Q Adj. NP to Surge 1.4x YoY; Focus on Handset, Car Making Biz

2023/11/13

XIAOMI-W (01810.HK) will announce its 3Q23 results next Monday (20th).

Market research agency IDC expected XIAOMI-W's global smartphone shipments to reach 41.5 million units in 3Q23 with a positive growth of 2.4% YoY (as compared to the industry's decline of 0.1%) and a 25% QoQ increase.

The 3Q23 global market share reached 13.7% (12.5% in 2Q23), benefiting from the decline in the cost of smartphone materials and improvement in gross profit margin.

Related News: CLSA Adds XIAOMI-W (01810.HK) TP to $19; Recovery Persists

According to the 10 brokers consolidated by our reporters, XIAOMI-W's non-IFRS adjusted net profit in 3Q23 is expected to range from RMB4.012 billion to RMB5.514 billion, representing a YoY increase of 90% to 161% from RMB2.117 billion in the same period of 2022. The median is expected to be RMB5.09 billion, up 140% YoY.

The sales of the Company's flagship smartphone Xiaomi 14 is strong. Investors will be concerned about the latest operating and gross profit margin guidance from the Company's management, the premiumization strategy of smartphones, and the progress related to the car manufacturing business, etc.


Broker│3Q23 Non-IFRS Adjusted Net Profit Forecast (RMB)│YoY Change

JPMorgan│5.514 billion│+160.5%
CICC│5.451 billion│+157%
BofA Securities│5.448 billion│+157%
CLSA│5.308 billion│+151%
CITIC Securities│5.3 billion│+150%
Huatai Securities│4.879 billion│+130.5%
Essence International│4.765 billion│+125%
CMBI│4.49 billion│+112%
Goldman Sachs│4.074 billion│+92.4%
BOCI│4.012 billion│+89.5%
Based on XIAOMI-W's non-IFRS adjusted net profit of RMB2.117 billion in 3Q22.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

not vested

CLSA: XIAOMI-W (01810.HK) 3Q23 Results Beat, Upgraded to Buy with $19.7 TP

CLSA commented in a report that the 3Q23 results of XIAOMI-W (01810.HK) came in above expectations, with its total revenues and adjusted net profit elevating by 0.6% and 183% YoY to RMB70.9 billion and RMB6 billion, respectively.

The gross margin of the group notched a historical new high, on the back of the improved product mix.

CLSA forecast the positive trend to persist, and projected the revenue and adjusted net profit of XIAOMI-W rise 11% and 180% YoY, respectively, in 4Q23.

CLSA added the 2023-24E adjusted net profit for the company by 5% and 15%, respectively.

The rating on the stock was upgraded from Outperform to Buy, with its target price raised from $19 to $19.7.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

not vested

Xiaomi swings back into profit

Xiaomi (1810) swung to a net profit of 4.87 billion yuan (HK$5.42 billion) in the third quarter as the smartphone maker posted its first revenue gain in almost two years.

The latest quarterly profit figure is compared with a net loss of 1.48 billion yuan during the same period last year.

Xiaomi's revenue rose 0.6 percent to 70.9 billion yuan for the September quarter - marking the first increase after six quarters. That also beat an average estimate of 70.2 billion yuan from analysts.

The adjusted profit for the quarter surged 183 percent to 5.99 billion yuan thanks to lower component costs and operating efficiencies across the business. The figure beat a consensus estimate of 4.6 billion yuan.

The smartphone maker is hopeful that global phone shipments will jump during the holiday quarter on a full-year basis. Shipments should bounce back in 2024, Xiaomi said.

Xiaomi is emerging from a years-long funk, when global demand for smartphones and other electronics cratered and rivals from Huawei Technologies to Apple and Oppo encroached on its once-dominant position.

But the recent launch of a well-received line of flagship Xiaomi 14 phones could rejuvenate growth during the holidays in China, despite an uncertain consumer economy.

There are growing signs the global smartphone market may finally be climbing out of a trough. Xiaomi and Huawei led an 11 percent jump in October smartphone sales in China.

Source: AP

https://www.thestandard.com.hk/section- ... nto-profit

[winston]

not vested

Premium products led GPM expansion

3Q23 adjusted net profit surged 183% yoy to Rmb6.0bn, with 9M23 at 95% of our previous FY23F due to higher-than-expected smartphone/IoT GPM.

We expect EV business to be its key earnings driver in FY25F and beyond.

Reiterate Add. TP rises to HK$21.50 as we raise FY23-25F EPS by 7-23%.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... E00EB45306

[winston]

not vested

XIAOMI-W (01810.HK) exceeds the 8% weight limit on the HSI and is reset (current weight 11.14%). It is expected to bring passive capital outflow of around US$480 million, which will take around 3 days.

Source: AAstocks.com

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

Brokers│Views

Macquarie│Satisfactory execution of premiumization strategy

CLSA│3Q revenue growth beat; earnings growth far above forecasts

Citigroup│Quarterly results beat with surprising gross profit

Morgan Stanley│Surprise in smartphone gross profit could become catalyst for valuation re-rating

Goldman Sachs│3Q profit margins hit record highs; 2023-25E earnings growth lifted 9-12%

Daiwa│Xiaomi 14 series expected to sustain smartphone shipment growth in 2024; 2024 GPM expected to beat previous estimate

BofA Securities│Quarterly results broadly in line with expectations; competition risks for GPM

UBS│3Q revenue/ earnings/ smartphone sales volume all in line with expectations

Nomura│3Q GPM & NPM both beat consensus; yet 4Q GPM expected to see QoQ decline

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

CICC: XIAOMI-W 3Q Handset GM Hits New High; 'Human, Car, Home Full-ecology' Strategy Favored

CICC released a report, pointing out that XIAOMI-W (01810.HK)'s handset gross margin has hit a record high in 3Q, and XIAOMI 14 has helped the premiumisation strategy to advance steadily.

XIAOMI's handset revenue rose 13.8% QoQ to RMB41.649 billion.

XIAOMI's global handset shipments increased by 4% YoY to 41.8 million units, with the company's market share in Latin America, Africa and the Middle East, reaching 18.3%, 10.7% and 17.7% respectively.

The average price of handset products decreased by 5.8% YoY to RMB997, mainly due to the increase in shipments to emerging markets where the average price of products is lower.

Gross profit margin of handsets increased by 7.7 ppts and 3.3 ppts YoY and QoQ respectively, mainly due to product structure upgrading, lower provision for inventory impairment and lower prices of upstream components.

In addition, XIAOMI's deployment in the automotive sector is an important step in its "Human, Car, Home Full-ecology" strategy.

XIAOMI is able to wield brand, channels, ecological integration, group resource support and other advantages for its development in the auto sector.

CICC is optimistic that the mass production of XIAOMI's cars would happen in 1H24, providing a second growth curve.

Taking into account the higher-than-expected gross profit margins of XIAOMI's handsets, the broker raised its adjusted net profit forecasts for this year and next year by 3.4% and 3.3%, to RMB17.152 billion and RMB15.586 billion respectively.

Related News: Citi Hikes XIAOMI-W (01810.HK) TP to $19.6; 3Q23 Results Beat on GM Surprise

CICC maintained its Outperform rating on XIAOMI, based on the optimism for handset premiumisation, and raised its target price by 8.6% to $19.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN