"Analysis Report" by BOC International: Xiaomi-W's quarterly performance far exceeds expectations, target price raised to 22.2 yuan.
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Xiaomi-W's third-quarter performance was strong, with adjusted net profit of 6 billion yuan, exceeding market expectations by 18% and 29% respectively. The gross profit margin of smartphones reached a historic high of 16.6%. CICC has raised Xiaomi's target price to 22.2 yuan and reiterated its "buy" rating. CICC believes that Xiaomi 13 and 14 have received positive feedback from consumers due to their more powerful system and improved design, and the overall gross profit margin of Xiaomi's business is better than expected.
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