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<Research>Citi Forecasts XIAOMI-W (01810.HK) 1Q24 Results Beat; Rates Buy
Recommend 38 Positive 65 Negative 14 |
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XIAOMI-W (01810.HK) is likely to report better-than-expected 1Q24 results, with a possible surprise from revenue growth and gross margin expansion in its IoT business, Citi Research commented in a report. Smartphone shipments for the quarter are likely to be slightly lower than previously expected, but are still on track to meet full-year guidance of 15 million to 20 million units. While gross margin is likely to be weighed down by product mix, the decline is expected to be less than consensus predictions. The broker predicted XIAOMI's adjusted net profit for 1Q to be RMB5.5 billion, hiking 71% YoY and 25% ahead of market consensus, offset by spending on EVs and new business. Revenue is expected to be RMB74.2 billion, up 1% QoQ and 25% YoY, beating market expectations by 4%. Citi maintained its Buy rating and $21.9 target price on XIAOMI, citing the multitude of catalysts ahead, including 1Q results, release of Mix Fold4, 10,000+ EV shipments per month, resilient smartphone shipment data in 2Q, results in 2Q, and details of its next EV model. The broker also opened a 30-day positive catalyst watch on XIAOMI. AAStocks Financial News |
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