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2024-04-25 12:32:30 Macquarie issued a research report on XIAOMI-W (01810.HK), of which growth is re-accelerating, with founder and chairman Lei Jun sharing for the first time that the company is targeting sales of 100,000 units of the SU7 this year and expecting to post a positive GPM. The report said Xiaomi is entering a new growth phase amid electric vehicle (EV) and retail store expansion, and expected a 3-year sales CAGR of 21%. The broker maintained an Outperform rating on XIAOMI-W, with a target price raised 6% to $31.24, keeping it on Asia Marquee Buy list. The report cited the management that the SU7's GPM will range from 5% to 10% or even higher this year, beating street consensus of a 7% GLM for the business. Taking into account the investment in EVs and other new businesses amounting to RMB11-12 billion, the broker estimated an operating loss of RMB9.5 billion for EVs this year, a reduction of RMB2.5 billion from its original forecast. Macquarie adjusted its 2024-26 non-IFRS earnings estimates by -2%/ +0.3%/ -1.7% respectively, reflecting higher core business opex offsetting lower EV losses. ~ AAStocks Financial News Web Site: www.aastocks.com | |