智通财经网·2025-12-01 09:11Core Viewpoint - Morgan Stanley has issued a report giving Xiaomi Group-W (01810) an "Overweight" rating with a target price of HKD 62 [1] Summary by Relevant Categories Financial Performance - Despite market expectations of downward pressure on smartphone gross margins due to rising memory costs, historical data shows that Xiaomi's smartphone gross margins expanded during periods of increasing DRAM prices from 2016 to 2017, 2019 to 2021, and 2022 to 2023 [1] - The effective cost transfer mechanism of the company, along with significant cost increases leading to product price hikes, has contributed to this margin expansion [1] Strategic Initiatives - Xiaomi's product structure upgrade and ongoing high-end strategy are identified as long-term positive factors driving gross margin [1]