HK : Xiaomi Corporation - Stable smartphone shipment growth in FY22

4Q21 adjusted net profit grew 40% yoy. FY21 adjusted net profit jumped 70% yoy and formed 103% of our forecast due to strong Internet services margin. We expect smartphone shipments to grow 24%/18% yoy in FY22F/23F. Reiterate Add, with a higher TP of HK$27.50, based on 20x FY23F P/E.