Goldman Sachs: Raises the target price for Xiaomi Corporation-W to HKD 65 and reiterates "Buy" rating

Goldman Sachs released a research report stating that it has raised the target price for Xiaomi Corporation-W from HKD 62 to HKD 65, an increase of 4.8%, and reiterated its "Buy" rating. The report indicated that Xiaomi's performance in the first quarter of 2025 remained strong and exceeded expectations. Revenue increased by 47% year-on-year, 2% higher than the bank's forecast, while adjusted net profit rose by 65% year-on-year, surpassing the bank's prediction by 13-14%. The bank highlighted that the AIoT and electric vehicle sectors continue to deliver surprises and drive performance growth. The bank has raised its revenue forecasts for 2025-27 by 1% and also increased its adjusted net profit forecasts by 5-6%, mainly based on the enhanced revenue and profit outlook for AIoT and the rising gross margin of smart electric vehicles