《大行》汇丰研究升小米目标价至 73.5 元 料首季净利润升 1.39 倍

HSBC Research released a report, expecting Xiaomi (01810.HK) to outperform expectations in the first quarter of this year, with net profit projected to increase 1.39 times year-on-year to RMB 10 billion (same below), mainly driven by a 50% year-on-year increase in Internet of Things revenue, strong electric vehicle sales, and improved profit margins across various businesses. The bank expects the gross margins for Internet of Things and electric vehicles to rise from 20.5% and 20.4% in the fourth quarter of 2024 to 23% and 21.4% in the first quarter of this year, mainly due to higher pricing power and optimized product mix.

The bank raised Xiaomi's target price from HKD 70.4 to HKD 73.5, maintaining a "Buy" rating; and raised net profit forecasts for 2025 to 2027 by 7%, 4%, and 4%, respectively. It is expected that orders for the electric vehicle SU7 in May will normalize, exceeding 30,000 units, compared to a peak of 80,000 units in March, and believes that the YU7, set to launch in June, will drive electric vehicle sales in the third quarter of this year