国证国际港股晨报-20250609

Group 1: Market Overview - The report highlights that after three consecutive days of gains, the Hong Kong stock market faced a decline, with the Hang Seng Index closing at 23,792 points, down 114 points or 0.48% [2] - The Hang Seng Technology Index underperformed, dropping 0.63%, while the overall market saw a weekly increase of 502 points or 2.16%, outperforming most global markets [2][3] - Northbound trading recorded a net inflow for the eighth consecutive day, with a significant increase of 813% on Friday, amounting to 6.766 billion HKD [2] Group 2: Industry Performance - Among the 12 Hang Seng Composite Industry Indices, six sectors rose while six fell, with materials, healthcare, and real estate leading the gains, increasing by 2.44% to 0.52% [3] - The report notes a rebound in the US stock market, driven by technology stocks, with major indices rising between 1.03% and 1.20% [3] Group 3: Company Analysis - Xiaomi Group - Xiaomi's smartphone business saw a revenue increase of 8.9% year-over-year, reaching 50.6 billion CNY in Q1 2025, with a global smartphone shipment of 41.8 million units, up 3.0% [6] - The company's average selling price (ASP) for smartphones hit a record high of 1,211 CNY, reflecting a 5.8% year-over-year increase, although the gross margin decreased by 2.4 percentage points to 12.4% due to rising core component prices [6] - The IoT and lifestyle products segment generated 32.3 billion CNY in revenue, a 58.7% increase year-over-year, with significant growth in smart home appliances [7] - The automotive segment reported a revenue of 18.1 billion CNY, delivering 75,869 electric vehicles, with a gross margin of 23.2%, indicating a potential turnaround in profitability [8] - The report sets a target price of 60.5 HKD per share for Xiaomi, suggesting a 17.4% upside from the recent closing price, maintaining a "buy" rating [8]