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Core Viewpoint - Xiaomi's stock has dropped 44% from its peak in September last year, significantly impacting the Hang Seng Tech Index, raising concerns about its profitability due to rising chip costs and declining demand for its electric vehicles [2][4][5]. Group 1: Stock Performance and Market Sentiment - Xiaomi's stock is the worst-performing component of the Hang Seng Tech Index, with a 44% decline since September [2]. - Short sellers have gained approximately $1.8 billion from this decline, indicating a bearish sentiment towards the stock [3]. - Investor sentiment remains cautious ahead of Xiaomi's earnings report, with concerns about high chip costs affecting profit margins [4]. Group 2: Business Challenges - The shortage of storage chips is pressuring Xiaomi's core businesses, particularly in the low-margin smartphone and IoT sectors [5][7]. - The competitive landscape for electric vehicles has worsened, with new entrants impacting Xiaomi's order fulfillment for new models [5]. - Xiaomi's short interest has increased from 2% in September to 7.5% of free-floating shares, indicating heightened bearish sentiment [5]. Group 3: Financial Projections - Xiaomi is expected to report a 23% year-on-year decline in net profit and a sales growth slowdown to 7.5%, the lowest in over two years [9]. - The company's price-to-earnings ratio is currently around 18 times future earnings, below the five-year average of 21 times, reflecting a downward adjustment in market expectations [9]. - Analysts have reduced their consensus earnings per share forecast for the next 12 months by approximately 20% since last October [9].