<h3>CICC: Raises Xiaomi's Target Price by 27.8% to HKD 23, Maintains &#34;Outperform&#34; Rating</h3>
<p>CICC expects Xiaomi Group's adjusted net profit in 1Q24 to increase by 70.7% year-on-year to RMB 5.521 billion.</p>
<p>The strong growth in smartphone shipments in 1Q24 is expected to lead to a slight decrease in gross profit margin due to rising component prices. The outstanding performance of consumer electronics is expected to drive the growth of IoT business, while the internet business remains stable and growing.</p>
<p>With a minimum delivery target of 100,000 units for cars in 2024, the long-term growth space of the automotive business is promising. It is anticipated that Xiaomi's automotive sector will continue to improve delivery capabilities and gross profit margins, with a positive outlook on the growth space for cars under the &#34;people, cars, and home full ecosystem&#34; strategy.</p>
<h3>BOCI: Reiterates Xiaomi as Top Pick in the Industry, &#34;Buy&#34; Rating, Target Price Raised from HKD 22.66 to HKD 23.87</h3>
<p>The report points out that although Xiaomi Group's first-quarter performance did not reflect its electric vehicle revenue, it is believed that with product upgrades including the Xiaomi 14Ultra, recovery of overseas Internet of Things (IoT) product replenishment, fewer promotions, and better cost control, the company's performance for the next quarter is expected to exceed expectations. It is estimated that the first-quarter adjusted net profit will reach RMB 5.6 billion, surpassing the bank's original expectations and the market's expectations of RMB 4.3 billion and RMB 4.4 billion, respectively.</p>
<p>The bank has raised its revenue forecasts for Xiaomi for 2024 to 2026 by 1% each to reflect a more optimistic sales channel, while also increasing its gross margin forecasts and slightly reducing operating expense ratios. Adjusted earnings per share forecasts have been raised by 15%, 9%, and 16%, respectively.</p>
<h3>Credit Suisse: Maintains &#34;Buy&#34; Rating for Tencent, Target Price at HKD 440</h3>
<p>The bank believes the company can maintain a three-year compound annual earnings growth of 15% to 20%, with a total return of 5%.</p>
<p>The report indicates that due to a decline in domestic gaming revenue, Tencent's first-quarter revenue growth is expected to slow to 5.9%, reaching RMB 158.9 billion. However, it is expected that the adjusted net profit may maintain a healthy year-on-year growth of 15.6% to RMB 53.2 billion.</p>
<p>The bank expects that with the stable performance of Tencent's top two games, accelerated monetization of second-tier games, and the launch of new games such as &#34;DNF&#34; mobile game, online gaming revenue will resume growth in the second quarter. As for overseas gaming revenue, it has already rebounded, and Supercell's new game &#34;Squad Busters&#34; will be released this month.</p>
<h3>Goldman Sachs: Raises Nvidia's Target Price from USD 1000 to USD 1100, &#34;Buy&#34; Rating</h3>
<p>The bank believes that this AI-focused chip manufacturer will show positive trends. Analysts state that there are signs indicating &#34;continuously strong demand for AI servers, with supply also improving.&#34; Despite the stock's strong performance so far this year, positive earnings revisions could drive &#34;the stock to rise again.&#34;</p>
<h3>Morgan Stanley: Reiterates &#34;Overweight&#34; Rating for TSMC, Taiwan Stock Target Price Raised from TWD 860 to TWD 928</h3>
<p>The bank believes that TSMC's future growth will rely more on Arm-based CPUs and AI semiconductors, rather than Intel's x86 CPU outsourcing, as the latter's prospects are relatively uncertain. Additionally, TSMC's future revenue growth will come more from AI GPUs and ASICs
Taking into account the contribution of the WoA processor, the bank has raised TSMC's earnings per share forecast for 2026 by 3%, believing that the mid-term growth prospects are better, with a most bullish target price of 1,180 New Taiwan Dollars</p>

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<p>Goldman Sachs has raised Nvidia's target price from $1000 to $1100, believing that there are signs indicating "continuously strong demand for AI servers, with supply also improving." Despite the stock's strong performance so far this year, positive earnings revisions may drive "the stock higher once again."</p>

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Rating Quick View | Tencent "Buy", Xiaomi, Nvidia, TSMC Target Prices Significantly Raised!