CMB International: Raises target price for Xiaomi Corporation-W to HKD 62, maintains "Buy" rating
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CMB International raised the target price for Xiaomi Corporation-W to HKD 62, maintaining a "Buy" rating. Xiaomi's revenue and adjusted net profit for the first quarter were RMB 111.3 billion and RMB 10.7 billion, respectively, exceeding expectations. Revenue is expected to reach RMB 503 billion and RMB 615.9 billion in 2025/2026, with adjusted earnings per share revised to RMB 1.87 and RMB 2.14. The AIoT business continues to grow rapidly, and the automotive gross margin has increased to 23.2%
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