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Goldman Sachs

maintain

$53.5

2025-12-05

Reason

Goldman Sachs rated XIAOMI-W at Buy with a target price of $53.5 due to the expectation of more AI achievements to be announced in the coming quarters. This is linked to XIAOMI-W's ecosystem and its position as the globally largest AIoT connected devices provider, which is expected to drive differentiated development and support its 'Human x Car x Home' ecosystem upgrade strategy.

Goldman Sachs

Price Target

$53.5

2025-12-05

maintain

Goldman Sachs rated XIAOMI-W at Buy with a target price of $53.5 due to the expectation of more AI achievements to be announced in the coming quarters. This is linked to XIAOMI-W's ecosystem and its position as the globally largest AIoT connected devices provider, which is expected to drive differentiated development and support its 'Human x Car x Home' ecosystem upgrade strategy.

Citi

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Buy

maintain

$50

2025-12-01

Reason

Citi gave XIAOMI-W a Buy rating based on the company's strong delivery performance, with over 40,000 electric vehicles delivered in November and an estimated cumulative total of over 355,000 units for the year, which is 89% of its annual target of 400,000 vehicles. The current delivery rate of over 10,000 vehicles per week suggests that XIAOMI-W is on track to meet its target, supporting the positive outlook reflected in the target price of HKD50.

Citi

NULL

to

Buy

Price Target

$50

2025-12-01

maintain

Citi gave XIAOMI-W a Buy rating based on the company's strong delivery performance, with over 40,000 electric vehicles delivered in November and an estimated cumulative total of over 355,000 units for the year, which is 89% of its annual target of 400,000 vehicles. The current delivery rate of over 10,000 vehicles per week suggests that XIAOMI-W is on track to meet its target, supporting the positive outlook reflected in the target price of HKD50.

Morgan Stanley

maintain

$62

2025-12-01

Reason

The analyst rating for XIAOMI-W (01810.HK) from Morgan Stanley is based on historical data showing that the company has successfully expanded its smartphone gross margins during previous periods of rising DRAM prices (2016-17, 2019-21, and 2022-23). This success is attributed to XIAOMI's effective cost transfer mechanism and its ability to implement product price hikes in response to significant cost increases. The report suggests that if memory costs enter a prolonged super cycle, smartphone gross margins may face downward pressure, but there is potential for recovery in corporate profit margins if the cycle reverses. Consequently, Morgan Stanley has given XIAOMI-W an Overweight rating with a target price of HKD62.

Morgan Stanley

Price Target

$62

2025-12-01

maintain

The analyst rating for XIAOMI-W (01810.HK) from Morgan Stanley is based on historical data showing that the company has successfully expanded its smartphone gross margins during previous periods of rising DRAM prices (2016-17, 2019-21, and 2022-23). This success is attributed to XIAOMI's effective cost transfer mechanism and its ability to implement product price hikes in response to significant cost increases. The report suggests that if memory costs enter a prolonged super cycle, smartphone gross margins may face downward pressure, but there is potential for recovery in corporate profit margins if the cycle reverses. Consequently, Morgan Stanley has given XIAOMI-W an Overweight rating with a target price of HKD62.

Citi

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Buy

maintain

$50

2025-11-25

Reason

The analyst rating for Xiaomi was given as a "Buy" with a target price of HKD50 due to the positive news of Lei Jun, the founder, increasing his shareholding in the company. His purchase of 2.6 million Class B ordinary shares, which raised his stake to 23.26%, was viewed favorably by the broker, indicating confidence in the company's future performance.

Citi

NULL

to

Buy

Price Target

$50

2025-11-25

maintain

The analyst rating for Xiaomi was given as a "Buy" with a target price of HKD50 due to the positive news of Lei Jun, the founder, increasing his shareholding in the company. His purchase of 2.6 million Class B ordinary shares, which raised his stake to 23.26%, was viewed favorably by the broker, indicating confidence in the company's future performance.

Goldman Sachs

maintain

$53.5

2025-11-24

Reason

The analyst rating from Goldman Sachs for XIAOMI-W (01810.HK) is a "Buy" with a target price of HKD53.5. The reasoning behind this rating includes the company's recent advancements in AI technology, particularly the full open-source release of its MiMo-Embodied model, which integrates autonomous driving and embodied intelligence. Additionally, XIAOMI-W's investment of over RMB7 billion in AI R&D by 2025 is expected to lead to further technological achievements and progress in applying AI within its ecosystem. This is anticipated to drive differentiated development in the "Human x Car x Home" ecosystem, contributing positively to the company's growth prospects.

Goldman Sachs

Price Target

$53.5

2025-11-24

maintain

The analyst rating from Goldman Sachs for XIAOMI-W (01810.HK) is a "Buy" with a target price of HKD53.5. The reasoning behind this rating includes the company's recent advancements in AI technology, particularly the full open-source release of its MiMo-Embodied model, which integrates autonomous driving and embodied intelligence. Additionally, XIAOMI-W's investment of over RMB7 billion in AI R&D by 2025 is expected to lead to further technological achievements and progress in applying AI within its ecosystem. This is anticipated to drive differentiated development in the "Human x Car x Home" ecosystem, contributing positively to the company's growth prospects.

BOCOMI

Buy

downgrade

$50

2025-11-21

Reason

The analyst rating for XIAOMI-W (01810.HK) remains a "Buy" despite a cut in the target price to HKD50. This decision is based on the company's achievement of its first-ever quarterly automotive operating income of RMB700 million in 3Q25, indicating growth in its auto business. However, the mobile business faced challenges due to rising storage prices, which negatively impacted the gross profit margin (GPM) of smartphones. The report suggests that the current increases in storage prices may be more significant than previously anticipated, which could affect future performance. Overall, the positive development in the automotive sector appears to have influenced the decision to maintain a "Buy" rating.

BOCOMI

Buy

Price Target

$50

2025-11-21

downgrade

The analyst rating for XIAOMI-W (01810.HK) remains a "Buy" despite a cut in the target price to HKD50. This decision is based on the company's achievement of its first-ever quarterly automotive operating income of RMB700 million in 3Q25, indicating growth in its auto business. However, the mobile business faced challenges due to rising storage prices, which negatively impacted the gross profit margin (GPM) of smartphones. The report suggests that the current increases in storage prices may be more significant than previously anticipated, which could affect future performance. Overall, the positive development in the automotive sector appears to have influenced the decision to maintain a "Buy" rating.

CICC

Outperform

downgrade

$53

2025-11-20

Reason

The analyst rating from CICC on XIAOMI-W (01810.HK) is maintained as "Outperform" despite a reduction in the target price (TP) by 10.9% to HKD53. This decision is based on the company's strong performance in 3Q25, where revenue surged by 22.3% YoY and adjusted net profit increased by 80.9%, surpassing expectations. The positive results were attributed to better-than-expected gross margins in the IoT, internet services, and automotive sectors, with the automotive business achieving quarterly earnings for the first time. However, CICC lowered its adjusted net profit forecasts for 2025-26 due to pressures from storage price hikes, which influenced the revision of the target price.

CICC

Outperform

Price Target

$53

2025-11-20

downgrade

The analyst rating from CICC on XIAOMI-W (01810.HK) is maintained as "Outperform" despite a reduction in the target price (TP) by 10.9% to HKD53. This decision is based on the company's strong performance in 3Q25, where revenue surged by 22.3% YoY and adjusted net profit increased by 80.9%, surpassing expectations. The positive results were attributed to better-than-expected gross margins in the IoT, internet services, and automotive sectors, with the automotive business achieving quarterly earnings for the first time. However, CICC lowered its adjusted net profit forecasts for 2025-26 due to pressures from storage price hikes, which influenced the revision of the target price.

CMBI

Buy

downgrade

2025-11-19

Reason

The analyst rating for XIAOMI-W (01810.HK) remains a "Buy" despite a reduction in the target price from HKD61.3 to HKD55.31. This decision is based on the company's strong performance in 3Q25, where revenue and adjusted net profit grew by 22% and 81% year-over-year, respectively, driven by the rapid growth of its smart electric vehicle (EV) business, resilience in its internet business, and improved operational efficiency. These factors helped offset the decline in smartphone sales. However, the management has indicated ongoing challenges, such as rising memory prices and intensified competition in the EV sector, which may pressure gross margins moving forward. The strategy for the smartphone business will focus on gaining market share rather than immediate profitability.

CMBI

Buy

Price Target

2025-11-19

downgrade

The analyst rating for XIAOMI-W (01810.HK) remains a "Buy" despite a reduction in the target price from HKD61.3 to HKD55.31. This decision is based on the company's strong performance in 3Q25, where revenue and adjusted net profit grew by 22% and 81% year-over-year, respectively, driven by the rapid growth of its smart electric vehicle (EV) business, resilience in its internet business, and improved operational efficiency. These factors helped offset the decline in smartphone sales. However, the management has indicated ongoing challenges, such as rising memory prices and intensified competition in the EV sector, which may pressure gross margins moving forward. The strategy for the smartphone business will focus on gaining market share rather than immediate profitability.

UOB Kay Hian

Buy

maintain

2025-11-19

Reason

The analyst rating for Xiaomi (01810.HK) was maintained as a Buy despite a slight reduction in the target price from HKD71.9 to HKD71.14. This decision was based on the company's 3Q25 performance, where revenue and gross profit margin (GPM) met expectations, and the adjusted net profit exceeded forecasts due to breakeven in the smart EV segment and gains from investment disposals. Additionally, the growth in smart EV revenue and the overall market conditions were considered, with the analyst noting that most short-term negatives had already been factored into the stock price adjustment.

UOB Kay Hian

Buy

Price Target

2025-11-19

maintain

The analyst rating for Xiaomi (01810.HK) was maintained as a Buy despite a slight reduction in the target price from HKD71.9 to HKD71.14. This decision was based on the company's 3Q25 performance, where revenue and gross profit margin (GPM) met expectations, and the adjusted net profit exceeded forecasts due to breakeven in the smart EV segment and gains from investment disposals. Additionally, the growth in smart EV revenue and the overall market conditions were considered, with the analyst noting that most short-term negatives had already been factored into the stock price adjustment.

Macquarie

Outperform

downgrade

2025-11-19

Reason

The analyst rating for XIAOMI-W (01810.HK) is "Outperform," as stated by Macquarie. This rating is supported by the company's improved gross margin due to an increase in IoT and EV revenue mix, which rose by 2.6 percentage points year-over-year to 22.9%. Additionally, the average selling price of Xiaomi Auto increased, contributing to an EV gross margin of 25.5%. Despite a miss in operating profit expectations due to higher R&D expenses and costs from opening new stores, Macquarie raised its non-IFRS net profit forecasts for 2025 and adjusted its target price from $56.7 to $54.2.

Macquarie

Outperform

Price Target

2025-11-19

downgrade

The analyst rating for XIAOMI-W (01810.HK) is "Outperform," as stated by Macquarie. This rating is supported by the company's improved gross margin due to an increase in IoT and EV revenue mix, which rose by 2.6 percentage points year-over-year to 22.9%. Additionally, the average selling price of Xiaomi Auto increased, contributing to an EV gross margin of 25.5%. Despite a miss in operating profit expectations due to higher R&D expenses and costs from opening new stores, Macquarie raised its non-IFRS net profit forecasts for 2025 and adjusted its target price from $56.7 to $54.2.

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