Gelonghui, November 19 | Goldman Sachs published a report indicating that Xiaomi's third-quarter performance exceeded expectations, with revenue rising 30% year-on-year to 92.5 billion yuan, surpassing the bank's and market's expectations by 3% to 4%. Adjusted net income increased by 4% to 6.3 billion yuan, exceeding the bank's and market's expectations by 11% to 25%. While Xiaomi outperformed the bank's expectations in terms of revenue and gross margin across various business sectors, the main surprise came from the artificial intelligence internet of things (AIoT) and electric vehicle (EV) sectors. The bank believes that Xiaomi's third-quarter revenue and earnings outperformed its and the market's expectations, proving that its 'full ecology of human and vehicle' and brand appeal are continuously enhanced, benefiting its ecosystem's user base growth, as well as providing a clearer outlook for its future revenue and profit growth prospects. Additionally, the bank raised its revenue forecasts for Xiaomi from 2024 to 2026 by 2% to 3%, and adjusted net profit forecasts by 9% to 13%, estimating losses from the electric vehicle and other new businesses at 6.8 billion, 5.1 billion, and 1.2 billion yuan respectively. For the fourth quarter of this year, the bank expects Xiaomi's revenue to grow 36% year-on-year to 100 billion yuan, with adjusted net profit expectations remaining stable at 4.9 billion yuan year-on-year. The bank raised Xiaomi's target price from 30.7 HKD to 33.3 HKD while maintaining an 'outperform' rating.