Xiaomi 1810

[winston]

not vested

EV business turns profitable for the first time

Adjusted profit surged 81% yoy in 3Q25 as its EV business turned profitable.

We cut our FY26-27F EPS forecasts by 1.86-2.82% as we expect prolonged memory cost inflation persisting into FY26F and slower IoT business growth.

Reiterate Add with a lower TP of HK$56.0, now based on 20x FY27F P/E.

Source: CGS

https://rfs.cgsi.com/api/download?file= ... 31CC00BB5A

[behappyalways]

中國「AI天才少女」首秀！　羅福莉登場小米新模型發布會｜#鏡新聞
https://m.youtube.com/watch?v=0bm95XmCtxA

[winston]

not vested

Xiaomi reports 23.7 percent drop in Q4 profit

Reported a 23.7 percent ​drop in fourth-quarter profit on ‌Tuesday as the company continued to invest ​heavily in its ​electric vehicle business.

Adjusted net profit ⁠for the quarter ​ended December 31 fell to 6.3 ​billion yuan,

Fourth-quarter revenue came ​in at ​116.9 ⁠billion yuan.

Source: The Standard

https://www.thestandard.com.hk/innovati ... le/327568/

[winston]

not vested

Broker│View

Morgan Stanley│Rising memory costs eroded last quarter's smartphone profitability, and EV sales are this year's key stock price engine

CLSA│Performance in smartphone and AIoT businesses was weak, but the EV business remained outstanding

Goldman Sachs│Last quarter's results were in line, and AI is expected to create value growth through the ecosystem and embodied AI

UBS│Core results were in line

JPMorgan│Profitability in EVs and smartphones declined without signs of improvement, and potentially rising memory costs could pressure earnings

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

<Research> CLSA Expects Weak 1Q26 Results for XIAOMI-W (01810.HK), Cuts TP to HKD41, Rates Outperform

CLSA issued a report expecting XIAOMI-W (01810.HK) to deliver weak results for 1Q26.

The broker forecast total revenue and adjusted EBIT to decline 10.7% YoY and 41% YoY to RMB99.4 billion and RMB6.5 billion, respectively.

During the period, surging memory costs led the company to significantly cut low-end models, resulting in a 19% YoY drop in smartphone shipments.

In addition, AIoT sales were affected by a high base last year, while electric vehicle (EV) sales came under pressure due to reduced government subsidies and cooling buyer interest.

The broker expected smartphone revenue in 1Q26 to fall 13% YoY to RMB44.3 billion. According to IDC data, global shipments declined 19% YoY to 33.8 million units.

Among them, shipments in China, India and other regions decreased 35%, 6% and 13% YoY, respectively, mainly because XIAOMI-W reduced certain low-end and unprofitable models.

Although the blended average selling price may increase about 8% YoY to RMB1,308 to offset cost inflation, gross margin is expected to remain at around 9.7%.

Related News: JPM Expects XIAOMI-W (01810.HK) 1Q26 Adj. Net Profit to Beat; Rating Neutral

CLSA noted that macro challenges will persist in 2026.

XIAOMI-W will accelerate its premiumization strategy and overseas expansion to drive growth, while continuing to invest in research and development 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.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN