Nomura released a research report stating to maintain a 'buy' rating, raising its sales and profit forecast for the fiscal year 2024 to the fiscal year 2025 by 3 to 8%, and the target price was raised from HK$22 to HK$34. $XIAOMI-W (01810.HK)$ Xiaomi Group's short-term outlook may still be strong, therefore, its electric car market share forecast of approximately 3% by fiscal year 2025 is adjusted to approximately 15% by fiscal year 2027.

The bank mentioned that although memory prices were high in the third quarter of this year, Xiaomi's smart phone (SP) gross margin should be in the upper range of the bank's earlier forecast range (i.e., 11% to 12%) during the period, driven by product mix. In addition, Xiaomi's internet of things business remains strong, mainly benefiting from domestic appliance purchase subsidies since September this year and continued overseas market expansion. Furthermore, as of the third quarter of this year, shipments of Xiaomi's electric car "SU7" have surged.