Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
<Research>CMBI Lowers XIAOMI-W's TP to HKD55.31, Predicts Handset & EV Margins to Face Pressure
Recommend 13 Positive 22 Negative 22 |
||||
|
||||
|
According to CMBI's research report, XIAOMI-W (01810.HK)'s 3Q25 revenue and adjusted net profit grew by 22% and 81% YoY, mildly above the broker's and the market's expectations, primarily attributable to the rapid growth of its smart electric vehicle (EV) business, resilience in its internet business, and improved operational efficiency, which offset the decline in smartphone sales. Regarding the rising memory prices, XIAOMI-W's management expects the gross margin pressure on smartphones, PCs, and tablets to persist through 4Q25 and into 2026, although it has already signed agreements with suppliers to secure supply until 2026. Meanwhile, the strategy for the smartphone business will prioritize market share over profitability. As for the EV business, management anticipates intensified competition and the impact of purchase tax subsidy policies to pose challenges to gross margins in 4Q25 and 2026. CMBI reduced its target price for XIAOMI-W from HKD61.3 to HKD55.31 but kept the Buy rating unchanged. AAStocks Financial News |
||||
Copied to Clipboard
 |
||||
