Xiaomi Poised for Stronger 2024 Profit -- Market Talk

Dow Jones05-28

0618 GMT - Xiaomi could experience stronger net profit this year on higher EV shipment, Internet-of-Things sales and a more solid gross profit margin, HSBC Global Research analysts write in a note. The company's 1Q earnings beat expectations, supported by a rising gross profit margin and higher revenue from its IoT segment, the analysts say. They raise their 2024 forecast for net profit by 6% and say Xiaomi has the potential to generate greater revenue from high-profit-margin products such as washing machines, refrigerators and air conditioners. The analysts also note that the company sees growth potential in its overseas IoT business. HSBC Global Research maintains a buy rating on the stock and raises the target price to HK$25.30 from HK$23.60. Shares are last at HK$18.14. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

May 28, 2024 02:18 ET (06:18 GMT)

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