今晚，小米财报的预期很高

Core Viewpoint - Xiaomi's upcoming quarterly report is unlikely to exceed the high expectations set by investors, following a nearly 90% surge in its stock price over the past six months, making it one of the most expensive stocks in the Hang Seng Tech Index with a price-to-earnings ratio of 28 times [1][3] Group 1 - Analysts expect Xiaomi's first-quarter sales to surge by 44%, driven by strong momentum in its electric vehicle business and growth in AIoT products [3] - The current valuation levels imply that any performance below expectations could lead to significant stock price corrections, as indicated by heightened market tension reflected in options trading [3] - Options traders anticipate a 4.5% price fluctuation post-earnings announcement, which is notably higher than the average 3% fluctuation observed in the past eight quarters [3] Group 2 - JPMorgan analysts maintain a neutral stance on Xiaomi, suggesting that the stock appears reasonably valued and that all positive catalysts are already reflected in the price [3] - Xiaomi's stock performance has become a burden, as the market has priced in all favorable news, leaving only two outcomes: either delivering significantly better-than-expected results or facing a harsh valuation correction [3] - The company needs to demonstrate that the growth momentum in its electric vehicle and AIoT businesses is sufficient to support its current valuation; otherwise, the recent upward trend may come to a halt [3]