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BOCOMI Lowers XIAOMI-W's TP to HKD50; Mobile Biz Damaged by Storage Price Rise
2025-11-21 14:17:00
XIAOMI-W (01810.HK)'s auto business achieved earnings in 3Q25 for the first time ever, while its mobile business was hit by rising storage prices, according to a BOCOMI report.

Specifically, XIAOMI-W's first-ever quarterly automotive operating income reached RMB700 million. In contrast, its smartphone GPM was squeezed by an increase in storage prices, slipping by 0.4 ppts QoQ to 11.1%. The current round of storage price increases may exceed the expectations of BOCOMI and the market in terms of both time and magnitude.

BOCOMI cut its target price for XIAOMI-W to HKD50 but kept the Buy rating unchanged.
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