CLSA issued a report expecting XIAOMI-W (01810.HK) +0.340 (+1.146%) Short selling $833.97M; Ratio 27.536% to deliver weak results for 1Q26. The broker forecast total revenue and adjusted EBIT to sink 10.7% and 41% YoY to RMB99.4 billion and RMB6.5 billion, respectively. During the period, swelling memory costs led the company to sharply cut low-end models, giving rise to a 19% YoY slip in smartphone shipments. The broker expected smartphone revenue in 1Q26 to sag 13% YoY to RMB44.3 billion. According to IDC data, global shipments shrank 19% YoY to 33.8 million units. Among them, shipments in China, India and other regions faded 35%, 6% and 13% YoY, respectively, mainly because XIAOMI-W reduced certain low-end and unprofitable models. Although the blended ASP may rise about 8% YoY to RMB1,308 to offset cost inflation, gross margin is expected to remain at around 9.7%.Related News M Stanley: XIAOMI-W (01810.HK) Launch of YU7 GT to Support EV Shipment TargetCLSA noted that macro challenges will persist in 2026. XIAOMI-W will accelerate its premiumization strategy and overseas expansion to juice growth, while continuing to invest in R&D and AI. The broker lowered its adjusted net profit forecasts for 2026 and 2027 by 15% and 12%, respectively, and cut its TP from HKD45 to HKD41, while maintaining an Outperform rating. (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.)
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