Key Takeaways **Industry or Company Involved:** - Xiaomi Corp (1810.HK, 1810 HK) **Core Points and Arguments:** - **2024 EV Shipments**: Xiaomi's EV delivery volume exceeded 135k units in 2024, surpassing its annual delivery target [2]. - **2025 Shipments Target**: The company has raised its 2025 EV shipments target to 300k units, an increase from the previous target of ~250k units [2]. - **Product Mix Change**: In 2025, Xiaomi will introduce the SU7 Ultra and YU7 models, which are expected to have higher ASPs than the SU7 Basic, Pro, and Max models in 2024. This is expected to drive higher ASPs and better EV margins [3]. - **Execution in EV Business**: Xiaomi's strong delivery volume in 2024 and the higher shipment target for 2025 indicate excellent execution in the new EV business [3]. **Other Important Points:** - **Analyst's View**: The analyst maintains a positive view on Xiaomi's EV business and believes an upward revision of the shipment target is likely in 2025 [3]. - **Valuation Methodology**: The base case valuation uses a residual income (RI) model derived from the sum-of-the-parts methodology. The CoE for the smartphone business, IoT, and Internet Services is 11%, 11%, and 11.4%, respectively, with terminal growth rates of 3%, 3%, and 6% [8]. - **Risks**: Risks to upside include better-than-expected customer feedback for the first EV, good ramp-up for offline expansion in China, higher market share gain in overseas markets, and continued fierce EV competition in 2025. Risks to downside include smartphone gross margin pressure from inventory destocking and weak demand, and more concerns about smart EV investment [11]. **Additional Information:** - The document includes disclosures regarding the relationship between Morgan Stanley and the companies covered in its research, as well as important regulatory disclosures on subject companies [13, 16-19]. - The document also provides information on Morgan Stanley's stock ratings system and global stock ratings distribution [24-26]. - The document includes important disclosures for Morgan Stanley Smith Barney LLC customers and other important disclosures [35-37]. - The document provides information on Morgan Stanley's research policy, terms of use, and privacy policy [38-40]. - The document includes important regulatory disclosures on subject companies and other important disclosures [41-45]. - The document provides information on Morgan Stanley's industry coverage and stock ratings for various companies in the Greater China Technology Hardware sector [56-57].

-30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 4Q12 4Q15 4Q18 4Q21 4Q24 Net Tightening vs. Easing Lending Standards - Auto Tightening Easing M O R G A N S T A N L E Y R E S E A R C H | --- | --- | --- | --- | --- | |----------|-------------|-------|--------------------|-------------------------| | | | | | | | Mortgage | Credit Card | Auto | Economic Activity | Sentiment / Conditions | Source: Dealertrack, Morgan Stanley Research. Consumer Credit Activity Tracker Source: Manheim, Morgan Stanley Research. Morgan S ...

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Powered by YES UBS Evidence Lab Basic Materials High CV thermal coal prices in AU (gNEWC) have fallen from ~$150/t in Oct to ~$130/t due to stable supply (Fig51) and softening demand (Fig53) with a warmer-thanexpected start to the winter resulting in elevated stock levels; we expect prices to remain range bound at $120-140/t in 2025, with upside driven by colder weather from La Nina or supply disruption from wet weather or surging gas prices, and downside from strong nuclear & gas output from JKT. API2 pric ...

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shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： December 11, 2024 08:57 PM GMT M Idea | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

7 December 2024 | 12:17AM HKT Zhejiang Dingli Co Ltd. (603338.SS): HK NDR Takeaways: Increased confidence about 2025 outlook; reiterate Buy We hosted Dingli's management for HK NDR on Dec 5-6 and came away more positive about the business outlook and earnings visibility into 2025E. Key takeaways include: 1) we see upside to our earnings forecasts, based on the early feedback on the order intakes across different overseas regions provided by the company, especially with the strong order intakes during the Ba ...

2 December 2024 | 7:05PM CST Shenzhen Inovance Technology Co. (300124.SZ): Nov IA order growth maintaining at +10% yoy Inovance disclosed industrial automation (IA) segment orders were up 10% yoy in Nov 2024 (similar to c.10%+ yoy in Oct) with c.10% mom increase (GSe). The Nov improvement was mainly driven by electric construction machinery, wind power, process industries, non-ferrous metal, air conditioners, rubber & plastics end-markets etc., with battery order maintaining positive yoy while solar orders ...

V i e w p o i n t | 02 Dec 2024 15:12:58 ET │ 38 pages The Global Property Hunter Our Global Property Comparative Valuation Performance Table | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------|---------|-------|-------|---------- ...

J P M O R G A N Global Commodities The Week in Commodities Global Commodities Research 29 November 2024 | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------- ...