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Bank of America Securities: Assigns XIAOMI-W a "Buy" rating and raises the Target Price to HKD 65.
Bank of America Securities released a Research Report stating that XIAOMI-W (01810) has been rated "Buy," with the Target Price raised from HKD 52 to HKD 65, adjusting the group's adjusted profit forecast for 2025 to 2027 upward by 3% to 5%. The bank noted that XIAOMI-W's adjusted profit in the fourth quarter increased by 69% year-on-year to 8.3 billion yuan, exceeding expectations, while sales grew by 49% year-on-year to 1.9 billion yuan, roughly in line with expectations. Auto deliveries increased by 75% quarter-on-quarter to 0.07 million units, with a favorable gross margin of 20.4%. The management has raised this year's auto delivery target to 0.35 million, indicating strong execution capability and operational efficiency.
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