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M Stanley Foresees XIAOMI-W (01810.HK) 1Q Smartphone GM to Beat, ASP to Hit Record High
2026-05-05 10:33:00
Morgan Stanley expected XIAOMI-W (01810.HK)'s ASP of smartphones in 1Q26 to notch a record high, as the company passes on cost pressures. Xiaomi's smartphone shipments in 1Q26 numbered 33.8 million units, down 19% YoY, representing a steeper decline than other Android peers, latest data showed.

Although the market broadly projected Xiaomi's smartphone gross margin in 1Q26 to subside QoQ owing to surging memory costs, the broker forecast its margin may instead beat expectations. It maintained an Overweight rating with a TP of HKD45.
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