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<Research>CICC Keeps Outperform on XIAOMI-W; Auto Biz Reports Quarterly Earnings for 1st Time
Recommend 17 Positive 45 Negative 14 |
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According to CICC's research report, XIAOMI-W (01810.HK)'s 3Q25 revenue surged by 22.3% YoY to RMB113.121 billion, slightly higher by 0.7% than the broker's expectations. XIAOMI-W also logged a YoY surge of 80.9% in its adjusted net profit attributable to shareholders to RMB11.311 billion (including RMB700 million from automotive and innovative business earnings), beating CICC's forecasts by 7.1%. These achievements were built on the better-than-expected gross margins of IoT, internet services, and automotive sectors. It is worth noting that XIAOMI-W's automotive business has achieved quarterly earnings for the first time ever. Considering the pressure of storage price hikes, CICC lowered its 2025-26 adjusted net profit forecasts for XIAOMI-W by 7.5% and 9.8% to RMB40.49 billion and RMB57.77 billion. The broker kept an Outperform rating on the company but reduced its TP by 10.9% to HKD53 because of the earnings forecast revision. AAStocks Financial News |
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