Glory Times on August 23rd | Morgan Stanley released a report, raising Xiaomi's non-International Financial Reporting Standards net income forecast for this year and next year by 12.1% and 2.4%, to reflect assumptions of savings on operating expenses and reduction in non-operating income. The bank has raised its target price from 30.07 Hong Kong dollars to 30.9 Hong Kong dollars, with a core business PE ratio target of 19 times based on adjusted earnings per share target for 2025, and an electric vehicle business PE ratio target of 1 times forecasted sales for 2025, totaling a PE ratio target of 25.5 times based on adjusted earnings per share for 2025. Regarding electric vehicles, the bank expects third-quarter sales to rise by 54% on a quarterly basis, mainly due to the support from production growth and stable average selling prices. Due to factors such as reduced promotional gifts, improvements in the supply chain and cost management, the company also expects the gross margin of electric vehicles to improve on a quarterly basis.