Xiaomi Investment Rating and Target Price by Major Banks (Table)

Xiaomi Corporation-W (01810.HK) will announce its third-quarter results for this year next Tuesday (18th). The performance may be affected by the slowdown in smartphone and AIoT sales due to a decline in shipments in China and India. According to IDC data, Xiaomi's global smartphone shipments in the third quarter reached 45.3 million units, a quarterly increase of 2%, with shipments in the Chinese market at 10 million units. The market expects Xiaomi's electric vehicle deliveries in the third quarter to exceed 100,000 units, which will contribute to its performance. A comprehensive analysis of 14 brokerages predicts that Xiaomi's adjusted net profit for the third quarter of 2025, measured by non-International Financial Reporting Standards, will range from RMB 9.51 billion to RMB 10.557 billion, an increase of 52.1% to 68.9% compared to RMB 6.252 billion in the same period last year, with a median of RMB 10.051 billion, representing a year-on-year increase of 60.8%.

Based on predictions from 8 brokerages, Xiaomi's profit for the third quarter of this year is expected to range from RMB 8.939 billion to RMB 10.941 billion, an increase of 67.4% to 104.9% compared to RMB 5.34 billion in the same period last year, with a median of RMB 10.183 billion, representing a year-on-year increase of 90.7%. Xiaomi's smartphones are primarily focused on emerging markets, and the lower average selling price may drag down quarterly revenue growth. Additionally, the rising costs of components such as DRAM and NAND Flash will lead investors to pay attention to Xiaomi's management regarding the cost and gross margin of smartphone products, guidance on shipment volumes for the next few quarters, profitability of the automotive business, capacity expansion, and plans for gross margin delivery.

The table below lists the investment ratings and target prices for Xiaomi Corporation-W (01810.HK) from 17 brokerages:

Brokerage│Rating│Target Price (HKD)

Puyin International│Buy│75

Bank of China International│Buy│71.9

Citi│Highly Confident Outperform│69

Daiwa│Buy│68

CMB International│Outperform│67

Guotai Junan Securities│Add│65.7

HSBC Global Research│Buy│65.4

Huatai Securities│Buy│65.4

Citi│Buy│65

Morgan Stanley│Add│62

China Merchants International│Buy│61.3

CICC│Outperform│59.5

Haitong International│Outperform│57.4

Bank of America Securities│Buy│57

Goldman Sachs│Buy│56.5

Jefferies│Buy│56.18

UBS│Neutral│53.5