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<Research>CLSA Forecasts XIAOMI-W 1Q Adj. NP to Hike 54%, Lifts Annual EV Delivery Forecast to 400K Units
Recommend 22 Positive 40 Negative 18 |
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CLSA anticipated XIAOMI-W (01810.HK) 1Q25 results to be strong, with revenue expected to rise 44.6% YoY to RMB109 billion, and adjusted net profit projected to mount 54% YoY to RMB10 billion. Xiaomi's sales in China for smartphones, IoT, and electric vehicles (EVs) are all faring strongly, thanks to trade-in subsidies and market share growth. The gross margin was estimated to tick up QoQ, and losses in the EV business may further narrow to RMB650 million. Xiaomi delivered 76,000 EVs in 1Q25 and raised its forecast for Xiaomi's EV deliveries for 2025 to 400,000 units. It also increased its adjusted net profit forecast for Xiaomi by 8% and 4% for 2025 and 2026, respectively. The rating of High Conviction Outperform was maintained, with a target price of HKD69. AASTOCKS Financial News Website: www.aastocks.com |
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