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<Research>CITIC Securities: XIAOMI Builds 'Human x Car x Home' Ecology, Working Towards Global Hardcore Tech Leader
Recommend 25 Positive 60 Negative 12 |
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CITIC Securities noted in a report that XIAOMI-W (01810.HK) held an investor day on Tuesday (23 Apr). The company shared and explained its various businesses from several dimensions of investors' concern, such as high-end strategy, new retail strategy, technology strategy, auto business progress, and overseas market expansion. The company also made judgements and outlooks on the market situation and business strategies in the short and medium-long term. Looking ahead to 2024, the broker expected a recovery in demand for XIAOMI smartphones to drive the company's revenue to double-digit growth from last year's low base. The promotion of premiumisation and the development of higher margin businesses, such as large home appliances and the internet, will make the company resilient on the gross margin side as well. CITIC remained optimistic about XIAOMI's overall strategy of "Human x Car x Home" and its business approach of "Technology x Price-performance ratio x Coolest products". The broker expected the company to continue progressing towards its new decade goal of becoming the world's first-generation hardcore tech leader, with fully integrated mobile phones, cars and smart homes. The broker maintained its earlier profit forecast and expected the company's operating revenue to reach RMB332.5 billion, RMB385.3 billion and RMB439.5 billion in 2024/25/26 respectively, while its non-IFRS net profit during the 3 years is predicted to reach RMB17.4 billion, RMB18.0 billion and RMB22.2 billion respectively. CITIC gave XIAOMI a target price of $18 and maintained its Buy rating. AAStocks Financial News |
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