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<Research>Jefferies Chops XIAOMI-W (01810.HK) TP to HKD26.98; Memory Cost Pressure Yet to Peak
XIAOMI-W (01810.HK) is set to announce its 1Q results after market close today (26th). In a report, Jefferies forecast the group's 1Q revenue and gross margin to meet the marke...
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<Research>Jefferies Chops XIAOMI-W (01810.HK) TP to HKD26.98; Memory Cost Pressure Yet to Peak
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XIAOMI-W (01810.HK)  -1.360 (-4.570%)    Short selling $2.32B; Ratio 28.093%   is set to announce its 1Q results after market close today (26th). In a report, Jefferies forecast the group's 1Q revenue and gross margin to meet the market's lowered expectations. However, owing to negative operating leverage and elevated R&D expenses, the group's 1Q EBIT was forecast to come in 35% below market expectations.

The broker believed the proliferation in memory costs will further squeeze gross margin and smartphone shipments. Meanwhile, AIoT faces a high base effect and fading subsidy impact, while EV differentiation is also becoming more challenging given intense competition. The broker considered it premature to bottom-fish at this stage.

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Regarding the EV business, the broker noted that mounting competition in the premium EV market makes product differentiation and sustained margin premiums harder to achieve. Rising raw material, battery and memory costs also pose pressure. Without plans for a third factory, the broker's 2027 shipment forecast of 900,000 units may see downside risk.

Jefferies lowered its earnings forecasts for XIAOMI-W. Based on a SOTP valuation, it chopped the TP from HKD30.45 to HKD26.98, implying a 33x 2026E PE. The rating was Hold.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-27 16:25.)

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