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<Research>CICC Elevates XIAOMI-W TP to $23, Expects 70% Rise in 1Q Adj. Profit & Strong Handset Shipment
Recommend 26 Positive 47 Negative 10 |
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CICC released a research report expecting that XIAOMI-W (01810.HK)'s 1Q24 adjusted net profit will increase 70.7% YoY to RMB5.521 billion. The Group's 1Q24 global smartphone shipments grew 33% YoY to 40.7 million, and its market share rose 3 ppts YoY to 14%, ranking third globally, according to industry data. CICC believed that the strong growth in shipments was due to a low base created by the de-stocking cycle during the period, and benefited from the Company's outstanding performance in emerging markets such as Africa, Latin America and the Middle East, etc.. CICC raised its 2024/ 2025 adjusted net profit forecasts for the Group by 9%/ 33.7% to RMB16.512 billion/ RMB17.498 billion each, and kept rating at Outperform. Based on its confidence in the long-term growth of the Company's auto business, CICC elevated its target price by 27.8% to $23. AAStocks Financial News |
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