Xiaomi's 2024 Earnings Likely Helped by Robust EV Sales -- Market Talk

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Xiaomi's 2024 Earnings Likely Helped by Robust EV Sales -- Market Talk

Dow Jones11-08

0713 GMT - Xiaomi's earnings this year will likely strengthen thanks to robust SU7 model sales, HSBC Global Research analysts write in a note. The Chinese tech company's shares have outperformed the Hang Seng Index since September, helped by solid orders for its SU7 electric vehicle and a ramp up in deliveries, they add. Its recently launched SU7 Ultra sports model demonstrates Xiaomi's R&D capability and raised its brand's profile. Analysts think that help it reach higher-end consumers and lift average selling prices. HSBC Global Research raises its 2024 net profit estimate by 5%. The brokerage maintains a buy rating for the stock and raises its target price to HK$36.70 from HK$27.50. Shares were last at HK$28.55.(jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

November 08, 2024 02:13 ET (07:13 GMT)

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