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<Research>CICC: XIAOMI-W 1Q Results In Line; Auto Deliveries and GPM Seen Gradually Recovering
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 ...
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<Research>CICC: XIAOMI-W 1Q Results In Line; Auto Deliveries and GPM Seen Gradually Recovering
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XIAOMI-W (01810.HK)  -0.520 (-1.821%)    Short selling $2.09B; Ratio 30.107%   '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.

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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
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-29 16:25.)

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