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<Research>Macquarie Drops XIAOMI-W (01810.HK)TP to $54.2 as 3Q Operating Profit Misses
Recommend 13 Positive 18 Negative 17 |
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XIAOMI-W (01810.HK)'s 3Q25 operating profit missed expectation, primarily due to increased R&D expenses and costs associated with opening new stores, according to Macquarie's research report. During the period, the incline in IoT and EV revenue mix boosted the Group's gross margin by 2.6 ppts YoY to 22.9%. Of which, improved economies of scale and product mix led to a rise in the average selling price of Xiaomi Auto, with an EV gross margin of 25.5%. Macquarie raised its 2025/ 2026/ 2027 non-IFRS net profit forecasts for XIAOMI-W by +12%/ -15%/ -2% each, and dropped its target price from $56.7 to $54.2, with rating at Outperform. AASTOCKS Financial News Website: www.aastocks.com |
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