Core Viewpoint - Morgan Stanley reports that Xiaomi has underperformed the market over the past month, with a cumulative stock price decline of 10%, compared to a 1.5% increase in the Hang Seng Index during the same period [1] Group 1: Financial Performance - Concerns about a slowdown in profitability for core businesses such as smartphones and IoT in the second half of the year have affected market sentiment [1] - Morgan Stanley forecasts a mere 5% growth in smartphone revenue for Xiaomi by 2025, while IoT business revenue is expected to grow by 36%, with a noticeable slowdown in growth rates for the second half of the year [1] Group 2: Electric Vehicle Segment - Electric vehicle deliveries have remained stable at approximately 30,000 units per month since March 2025, with strong demand for the new model YU7 [1] - The company is included in Morgan Stanley's "positive catalyst watch" list, anticipating a rebound in electric vehicle delivery data in the coming months, with expectations of increasing monthly deliveries to 40,000 units in Q4 this year [1] Group 3: Investment Rating and Price Target - Morgan Stanley maintains a "neutral" rating for Xiaomi and sets a target price of HKD 60 [1] - The anticipated increase in electric vehicle deliveries could potentially drive the stock price up by 15% to 20% over the next 3 to 4 months [1]
大行评级｜摩根大通：将小米列入“正面催化观察”名单 维持“中性”评级及目标价60港元
Ge Long Hui·2025-08-13 03:51