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<Research>HSBC Research Cuts XIAOMI-W TP to $65.4; EV Capacity, Smartphone Margins Drag Recent Stock Price
Recommend 21 Positive 41 Negative 15 |
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HSBC Global Research released a report highlighting that XIAOMI-W (01810.HK)’s EV production capacity and smartphone margins have recently weighed on its share price. The broker expected the company’s 3Q25 results to meet forecasts, with the EV segment achieving profit. HSBC lowered its target price for Xiaomi from HKD75.9 to HKD65.4 while giving a Buy rating. According to HSBC, Xiaomi’s stock has lost 22% since early September, attributing the underperformance to delayed EV capacity expansion and market concerns over timely EV deliveries. Despite recent weakness, HSBC remained confident in Xiaomi’s premiumization strategy for its core business, citing the company’s strong execution capabilities. The broker saw upside potential for the stock with a clearer visibility on EV P2 fab entering 2026. HSBC forecast Xiaomi will deliver its 3Q25 results in mid-November, with net profit estimated at approximately RMB10.1 billion, reflecting slower YoY growth. The broker projected 3Q25 revenue at RMB108.4 billion, up 17% YoY, with a GPM of 22.3%. AAStocks Financial News |
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