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.