Gao Shengfa reported that it is expected$XIAOMI Group-W (01810.HK) $The release of the 12s series and the upgrading of image technology will contribute to the high-end development of XIAOMI's smartphone brand. The high-end development of smartphones will not only boost ASP (average selling price), but the increase in new users (according to management, about 50% of XIAOMI 12 series users are XIAOMI new users) will help MAU (monthly active users) growth and generate higher Internet service revenue. XIAOMI of the bank maintains a "buy" rating with a target price of HK $17.50.

The bank continued that high-end smartphone shipments accounted for 10 per cent of XIAOMI's smartphone shipments in the first quarter of 2022, compared with 8 per cent in the first quarter of 21. For the Chinese market, the bank estimates that high-end smartphone shipments account for about 15 per cent of XIAOMI's smartphone shipments in 2021 (10 per cent in 2020 and 12 per cent in overseas markets in 2021).