Daiwa has upgraded its assessment of XIAOMI-W (01810), stating that the company's second-quarter revenue and adjusted earnings broadly aligned with market expectations. Driven by higher average selling prices from models like the SU7 Ultra and economies of scale, Xiaomi's electric vehicle gross margin reached 26.4% in the second quarter. The firm anticipates that the EV gross margin will further improve to 28% in the third quarter, potentially enabling Xiaomi's automotive business to achieve quarterly or monthly breakeven in the second half of the year.
Based on the upward revision of electric vehicle margin forecasts, Daiwa has raised its earnings per share estimates for Xiaomi by 2% to 9% for the period from 2025 to 2027. The firm reaffirms its "BUY" rating and increases the target price from HK$72 to HK$76.
Regarding smartphones, due to limited product launches, the firm has adopted a more cautious stance on Xiaomi's third-quarter shipment volumes. It expects third-quarter shipments of 42.2 million units and full-year shipments of 172 million units, compared to Xiaomi's annual target of 170 million to 175 million units.
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