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<Research>Citi Modestly Cuts XIAOMI-W's TP to HKD73 w/ Lower Adj. NP Forecast for This Yr
Recommend 24 Positive 32 Negative 14 |
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According to a report from Citi, during the investor day recently held by XIAOMI-W (01810.HK), management announced guidance for 2025 revenue/ adjusted net profit to grow by over 30%/ over 40%, compared to market forecasts of 33%/ 54% growth. In addition, smartphone shipments are expected to reach 175-180 million units, with an average selling price increase of 3-5%, compared to Citi's forecast of 7% surge. IoT business revenue is also anticipated to soar by over 30%. The company revealed that Xiaomi Auto, AI, and new businesses might turn profitable in 2H25. Based on the latest operational guidance, Citi lowered its 2025 revenue/ adjusted net profit forecasts for XIAOMI-W by 0.8%/ 4.1%, while maintaining the 2026 and 2027 forecasts largely unchanged. Currently, the broker predicts adjusted net profit growth of 67%/ 34%/ 27% for 2025-27. Citi mildly cut its target price for XIAOMI-W from HKD73.5 to HKD73, with a Buy rating. AAStocks Financial News |
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