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2026-11-02 13:49:48 Citi issued a research report stating that XIAOMI-W (01810.HK) is expected to announce its 3Q26 results on Nov 24. The broker expects the quarter to be relatively weak overall, with adjusted net profit forecast to miss market expectations by 19%, mainly due to softer sales and margins in IoT, internet services and electric vehicles, although smartphone ASP and margins are expected to beat expectations. Citi forecast overall gross margin at 20.1%, and projected 3Q revenue and adjusted net profit at RMB104 billion and RMB4.8 billion respectively, representing YoY declines of 8% and 58%. However, the broker believes the weakness has already been reflected in the share price and is broadly in line with investor expectations. Citi estimated smartphone sales to edge down 4% YoY to RMB44.3 billion, while shipment volume may fall 29% YoY. ASP is expected to rise 7% QoQ. IoT revenue is forecast at RMB26.2 billion, down 5% YoY, while internet services revenue is expected to remain flat YoY at RMB9.4 billion. For electric vehicles, 3Q deliveries are estimated at about 101,000 units, with ASP expected at RMB226,000, down 5% QoQ, and revenue estimated at about RMB23 billion, down 8% QoQ. EV gross margin is expected to remain flat QoQ at 19.3%, while operating loss for the EV/AI segment is forecast to widen to RMB3.6 billion. The broker lowered its 2026-2028 adjusted EPS forecasts by 7%, 9% and 7% respectively, and trimmed its TP from HKD34 to HKD33.2, while maintaining a Buy rating. Citi believes the 3Q results and 4Q guidance could serve as short-term catalysts. (ad/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |