This happened to a Korad 3005 Power Supply.
I managed to attempt a Lipo battery charging -against common sense and probably some manuals- by directly connecting the battery to the output of the PS.
To make matters worse, I realized I had the polarity reversed right after hearing the loud pop sound and the magic smoke.

Upon inspection before fixing this little unit, I found two things that called my attention:
First, the casualty was D1 (below the current sense spring wire). It had blown into pieces. Mi question is, how much protection is there after the diode has blown and the circuit gets open? I suspect that if the diode is in parallel with the output, there's no protection left. The output was working fine with the missing diode.
Second, after removing the diode, I realized that the silkscreen shows it in reverse orientation, with the cathode to the left side!!. Am I missing anything? I'm just glad I double checked against pictures on the internet for reference before soldering the replacement diode. Otherwise I would have soldered it wrong.