美银：Xiaomi Corporation
2025-08-11 01:21
更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Xiaomi Corporation 2Q preview: solid IoT offsets smartphone; sustainable EV demand = upside potential Reiterate Rating: BUY | PO: 69.00 HKD | Price: 54.00 HKD 2Q preview: stronger IoT offsets softer smartphone We expect Xiaomi's 2Q real operating profit (after SG&A, R&D) to reach CNY9.6bn (-3% QoQ, +66% YoY) as we slightly cut revenue by 3% to CNY114bn (+3% QoQ, +29% YoY), on top of slower smartphone shipment. However, we expect GM to grow by 0.3ppt QoQ to 23.1%, thanks to highe ...