Source: Zhitong Finance

Hong Kong stocks opened today.$XIAOMI-W (01810.HK)$It was higher against the market. As of press time, it rose 3.61% to HK$16.66, with a turnover of HK$1,272 billion.

According to the news, Morgan Stanley raised the target share price of the Xiaomi Group's Hong Kong stock from HK$17.50 to HK$20 in a report, and listed it as the preferred recommendation. Analyst Andy Meng and others pointed out that the target price increase was based on the increase in the valuation of Xiaomi's electric vehicle business from 90 billion yuan to 110 billion yuan, as well as the synergy between smartphones and the Artificial Intelligence Internet of Things (AIoT).

In terms of performance, the company previously announced results for the fourth quarter of 2023, with revenue of approximately RMB 73.244 billion (same unit), up 10.9% year on year; gross profit of 15.614 billion yuan, up 37.2% year on year; adjusted net profit of about RMB 4.91 billion, up 236.1% year on year; and profit for the period was RMB 4.7235 billion, up 50.3% year on year. In 2023, revenue was approximately RMB 270,97 billion, down 3.2% year on year; gross profit of RMB 57.476 billion, up 20.8% year on year; adjusted net profit of about RMB 19.273 billion, up 126.3% year on year; profit attributable to company owners was RMB 17.475 billion, up 606.34% year on year; and profit per share was 0.7 yuan.

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