According to a research report published by Macquarie, Xiaomi's third-quarter results exceeded expectations in all aspects. Among them, revenue rose 30% year-on-year, 0.8% and 3.2% higher than the bank's and market forecasts, respectively. The Group's gross margin and net profit also exceeded expectations. The company raised its electric vehicle production target to 0.13 million units this year, and expects gross margin to continue to improve.
Macquarie raised Xiaomi's 2024 and 25 non-IFRS earnings estimates by 2.2% and 0.7%, but lowered the 2026 earnings test by 0.9%, and raised the target price from HK$30.9 to HK$35.12, rating it as “outperforming the market”. The bank expects Xiaomi's release of the Mi 15 and the holidays to bring it strong quarterly sales, continuing its buying list.
