＜Research＞G Sachs Lifts XIAOMI-W (01810.HK) TP to $23.2, Rev. Forecast

　　Goldman Sachs, in a research report, revised up its revenue forecasts for XIAOMI-W (01810.HK) +0.640 (+3.874%) Short selling $377.47M; Ratio 32.217% by 2%-3% for 2Q24E and 2024-26E, reflecting firmer long-term sales growth expectations for the Internet of Things (IoT) and smart electric vehicles (EVs). The broker also raised Xiaomi's net profit forecast for 2024-26E by 1%-4%, mainly due to lower losses from EVs and new initiatives thanks to scale benefits and higher-margin services/ CarIoT.

　　The broker expected Xiaomi's smartphone GPM to trend downward in 2Q24E/2024E/2025E to 13.4%/ 13.7%/ 13.2%, respectively, offset by higher premium/overseas shipments, inventory management and cost pass-through toward year-end. The broker also estimated that Xiaomi may be able to maintain its significant position in the AI-driven interactive network space. The broker also noted that overseas revenue growth has resumed since 1Q24, and will deliver 14% CAGR in 2023-26E.

　　Goldman Sachs slightly raised its TP of XIAOMI-W from $23 to $23.2, maintaining a Buy rating.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-19 16:25.)

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