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<Research>Citi Cuts XIAOMI-W (01810.HK) TP to $50; Concerns on Lower Smartphone and EV GM
Recommend 15 Positive 19 Negative 17 |
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XIAOMI-W (01810.HK)'s 3Q25 adjusted net profit beat both Citi's and market's expectations, driven by in-line non-operating income and better-than-anticipated GM in IoT/ internet/ EV segment, Citi said in its report. However, opex came in higher than forecast. Notably, the EV and other new initiatives posted an operating profit of RMB700 million in 3Q (vs a RMB300 million loss in the previous quarter), in line with Citi’s estimates. The broker forecast 2025 and 2026 smartphone shipments at 170 million and 160 million units respectively, with GM of 11.3% and 8.9%. EV delivery guidance remained unchanged at 400,000 units in 2025 and 700,000 units in 2026, with projected GM of 25.2% and 22.2%. Citi lowered its target price for XIAOMI-W to HK$50 while maintaining a Buy rating. The broker remained positive on the long-term outlook for Xiaomi’s IoT and EV businesses but cautioned that rising memory prices could pressure the stock price in the near term. AAStocks Financial News |
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