Xiaomi May See Stronger Earnings on Better-Than-Expected EV Business -- Market Talk

Dow Jones04-24

0258 GMT - Xiaomi's better-than-expected electric-vehicle business may support the company's earnings over 2024-2026, Citi analysts write in a note. Xiaomi's management told investors Tuesday that the gross profit margin of its auto business is likely to be 5% to 10% and that it aims to sell 100,000 units in 2024 and achieve breakeven if annual sales reach 300,000 to 400,000 units. Citi raises its forecast for SU7 sales to 200,000 units and 280,000 units for 2025 and 2026 following the management's comments. Citi maintains its buy rating for the stock and raises target price to HK$21.90 from HK$19.60. Shares last at HK$24.88. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

April 23, 2024 22:58 ET (02:58 GMT)

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