Hong Kong Stock Market News | Xiaomi Group-W rose more than 3%, Morgan Stanley listed the company as a top pick with a target price of HKD 20

Xiaomi Group-W's stock price rose by more than 3% to reach HKD 16.66, with a turnover of HKD 7.32 billion. Morgan Stanley has designated Xiaomi Group as a top pick and raised the target price from HKD 17.50 to HKD 20. Analysts pointed out that the increase in target price is based on the valuation improvement of Xiaomi's electric vehicle business and the synergistic effect of smartphones and AIoT. In addition, Xiaomi Group announced its performance for the fourth quarter of 2023, with revenue increasing by 10.9% year-on-year, gross profit increasing by 37.2% year-on-year, and adjusted net profit increasing by 236.1% year-on-year. It is expected to achieve revenue of approximately RMB 270.97 billion in 2023, a decrease of 3.2% year-on-year