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<Research>CICC: XIAOMI-W 1Q Results In Line; Auto Deliveries and GPM Seen Gradually Recovering
Recommend 15 Positive 29 Negative 12 |
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XIAOMI-W (01810.HK)'s revenue in 1Q26 sank 10.9% YoY, broadly in line with the broker's expectations, CICC said in its report. Adjusted net profit subsided 43.1%, 1% above the broker's forecast, with overall results largely in line. The company's auto deliveries in 1Q slowed QoQ to 81,000 units, in light of the suspension of first-generation SU7 sales. The ASP fell to RMB235,000, while segment GPM dropped to 20.1%. However, the broker expected that with the ramp-up of the new-generation SU7 and deliveries of the YU7 Standard and GT versions, the company's auto deliveries and GPM are likely to gradually recover. On the AI front, the company launched internal testing of miclaw in April to enhance cross-device capabilities. The broker was optimistic about the company leveraging AI capabilities to empower its Human x Car x Home ecosystem. The broker maintained its adjusted net profit forecasts for 2026 and 2027 at RMB33.8 billion and RMB46 billion, respectively. It reiterated an Outperform rating and reaffirmed a TP of HKD37 Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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