Xiaomi Poised for Higher Revenue, Smartphone Shipments This Year -- Market Talk

Dow Jones05-30

0853 GMT - Xiaomi's revenue and smartphone shipments will continue to recover this year, thanks to a broad industry recovery and higher market share in and outside China, Goldman Sachs analysts write in a recent note. They think the company will be able to maintain a stable core gross profit margin in 2024, driven by brand premiumization, cost controls and internet revenue growth. They are also positive about the promising valuation realization of its EV business. The strong sales momentum of Xiaomi's SU7 has shown its potential to become one of the best-selling premium EV sedans in China, they say. Goldman Sachs maintains a buy rating on the stock and raises the target price to HK$23.00 from HK$22.60. Shares ended at HK$17.70. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

May 30, 2024 04:53 ET (08:53 GMT)

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The strong sales momentum of Xiaomi's SU7 has shown its potential to become one of the best-selling premium EV sedans in China, they say. Goldman Sachs maintains a buy rating on the stock and raises the target price to HK$23.00 from HK$22.60. Shares ended at HK$17.70. 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