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<Research>BOCI Slightly Cuts XIAOMI-W (01810.HK) TP to $71.14
Recommend 20 Positive 30 Negative 14 |
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BOC International released a report on XIAOMI-W (01810.HK), of which 3Q25 revenue and GPM were in line with the broker's and market’s expectations. The adjusted net profit reached RMB11.3 billion, beating forecast, given the breakeven in the smart EV, investment disposal gains, and other income. In 3Q25, Xiaomi's smart EV revenue grew by 36.4% QoQ to RMB29 billion, surpassing the 33.8% increment in sales volume, mainly due to the escalated sales mix of the YU7 SUV driving a sequential rise in blended ASP. The EPS forecasts for 2026 and 2027 were slightly lowered by 2% and 1%, respectively, to reflect the marginal impact of storage prices. Yet, the Buy rating was maintained, with the target price slightly reduced from HKD71.9 to HKD71.14, as most short-term negatives were factored in the stock price adjustment. AASTOCKS Financial News Website: www.aastocks.com |
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