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<Research>HSBC Research Maintains Buy on XIAOMI-W; Mgmt Reiterates 8% FY26 Smartphone GM Target
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At a recent global investment summit, management of XIAOMI-W (01810.HK) reiterated that the FY26 gross margin target for its smartphone business is 8%, and revealed that it has built up strategic memory inventory, HSBC Global Investment Research said in a report.

However, management acknowledged that achieving this target will be challenging as DRAM and NAND prices are expected to continue hiking through 4Q26.

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The broker maintained its Buy rating on XIAOMI-W, with an unchanged TP of HKD53.4.

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