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<Research>G Sachs Drops XIAOMI-W (01810.HK) TP to HKD41, Cuts Revenue/ Profit Forecasts
Recommend 9 Positive 21 Negative 12 |
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XIAOMI-W (01810.HK) is facing challenges from swelling upstream costs in the consumer electronics and automotive industries, compounded with the gradual removal of national subsidies and incentives for NEVs, being the two primary headwinds weighing on Xiaomi’s profitability and valuation, Goldman Sachs said in a research report. Consequently, Goldman Sachs further lowered Xiaomi's revenue forecasts for 2025-27 by 2%/ 9%/ 8%, covering segments such as smartphones, AIoT, and smart EVs. Adjusted net profit forecasts were reduced by 8%/ 24%/ 20%, with expectations of short-term resistance for the stock price. Goldman Sachs maintained a Buy rating for Xiaomi, cutting the target price from HKD47.5 to HKD41, with an upside potential of 23%. They believed the risk-reward remained attractive on a 12-month basis. Goldman Sachs' 12-month forward per-share value is HKD27.5 in a bear case and HKD47 in a bull case, implying a decline of 18% and an increase of 41%, respectively. The group's main catalysts include the announcement of 4Q25 results in late March this year, the official launch of the facelifted SU7 model, and potential upgrades in assisted driving technology. In the coming months, updates on Xiaomi's LLM, such as MiMo-v2-Pro, are expected, along with the official release of the YU7 GT model around mid-2026. AASTOCKS Financial News Website: www.aastocks.com |
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