花旗:维持小米集团-W(01810)“买入”评级 目标价上调至21.9港元

Citi: Maintaining the Xiaomi Group-W (01810) “Buy” rating and raising the target price to HK$21.9

Zhitong Finance ·  Apr 24 10:22

Citi raised the adjusted earnings estimates per share for the Xiaomi Group-W (01810) 2024 to 2026 by 25%, 37%, and 32%, respectively.

The Zhitong Finance App learned that Citi released a research report stating that it maintains the Xiaomi Group-W (01810) “buy” rating and will raise the annual adjusted earnings estimates per share from 2024 to 2026 by 25%, 37%, and 32%, respectively, because the outlook for the electric vehicle business is better than expected. Electric vehicle shipments during the same period were raised to 100,000 units, 200,000 units and 280,000 units respectively. The gross margin forecast was raised to 6%, 9% and 12%, respectively, and the target price was raised from HK$19.6 to HK$21.9.

Citi pointed out that the main gains from Xiaomi Investor Day include that the SU7 has a sales target of 100,000 units this year and a gross margin target of 5% to 10%; currently, it has locked in orders of more than 70,000 units. The break-even point is 300,000 to 400,000 vehicles per year. The decline in smartphone gross margin this year is likely to be within a manageable range. The company's annual target is revenue of more than 300 billion yuan, the overall gross margin remains stable, the ratio of core business operating expenses to sales remains stable, the smartphone shipment volume is 15 million to 20 million units, and R&D expenses are 24 billion yuan. Sales for the first quarter of this year increased by double digits over the same period last year. Furthermore, Xiaomi's long-term goal is to have the number one smartphone sales volume within five years, the top three tablet sales in 2025, become a first-tier brand in the electronic home appliance industry, the top five electric vehicle sales within 15 to 20 years, and have 20,000 retail stores in China by 2026.

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