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01810
XIAOMI-W
HKD
33.8401.640
(5.09%)
1D
AI Analysis for 01810
AI Analysis
High
33.860
Open
32.480
VWAP
33.01
Vol
115.69M
Mkt Cap
969.96B
Low
31.980
Amount
3.82B
EV/EBITDA(TTM)
15.88
Total Shares
26.14B
EV
96.11B
EV/OCF(TTM)
12.06
P/S(TTM)
1.72
Xiaomi Corp is an investment holding company primarily engaged in the research and development, and sales of smartphones, Internet of Things (IoT), and consumer products. The Company operates through two main segments. The Smartphone and Artificial Intelligence Internet of Things (AIoT) segment, which primarily sells smartphones, smart large home appliances, smart TVs, tablets, wearables and other IoT and lifestyle products, providing advertising services and Internet value-added services (including online games and fintech), hardware repair services, installation services for certain IoT products and material sales. The Smart Electric Vehicles (EV) and Other New Initiatives segment primarily engages in the sales of smart EV and other new initiatives. The Company operates in both the domestic and overseas markets.
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News
4.5
01:35 AMaastocksHSI Starts 37 Points Up; JD.com Shows Strong Performance After Results; BYD COMPANY Sees Slight Increase
Market Overview: The HSI opened slightly higher at 25,358, with the HSCEI and HSTECH also showing modest gains, reflecting a positive start in the Hong Kong stock market.
JD Group Performance: JD-SW saw a significant rise of 7.375% despite reporting a 90% YoY decline in net profit, while JD Health and JD Logistics also experienced notable increases in their stock prices due to strong profit growth.
Tech Stocks Movement: Major tech stocks like Tencent and Alibaba showed slight gains, while others like Bilibili and XD Inc faced declines, indicating mixed performance within the sector.
Automotive Sector Updates: BYD Company opened with a slight increase after announcing new battery technology, while other automotive stocks like Xiaomi and Li Auto had varied performances, reflecting ongoing developments in the industry.
4.5
03-05aastocksHSI Rises 71 Points at Close with AIA's 5% Gain Boosting Market; Pharmaceutical Stocks Perform Well
Market Performance: Hong Kong stocks showed mixed results, with the HSI rising 0.3% to close at 25,321, while the HSCEI and HSTECH fell by 0.4% and 0.7%, respectively, with a total market turnover of $321.872 billion.
Financial Sector Gains: Major financial stocks like HSBC and Standard Chartered saw increases of 2.4% and 2%, respectively, while AIA surged by 5.1%, indicating strong performance in the financial sector.
Pharmaceutical Sector Growth: The pharmaceutical industry experienced significant gains, with companies like Sino Biopharma and Akeso rising between 3% to over 7%, reflecting a robust market for healthcare stocks.
Automotive Sector Fluctuations: BYD Company faced a decline of 2.6%, contrasting with gains from other automakers like NIO and XPENG, which rose by 2.9% and 2.4%, respectively, highlighting volatility in the automotive sector.
4.5
03-05aastocks<Daily Summary> HSI Ends at 25,321, Gaining 71 Points; HSTI Finishes at 4,796, Dropping 33 Points; JD HEALTH Falls More Than 6%; KINETIC DEV Reaches New Highs; Market Turnover Increases
Market Performance: The Hang Seng Index (HSI) rose by 71 points (0.3%) to 25,321, while the Hang Seng Technology Index (HSTI) and the Hang Seng China Enterprises Index (HSCEI) fell by 33 points (0.7%) and 32 points (0.4%) respectively, with a total market turnover of $321.87 billion.
Active Heavyweights: Major stocks like Alibaba, Meituan, and Tencent experienced declines, with Alibaba closing down 2.8% at $126.3, while HKEX and Xiaomi saw slight gains.
Notable Movers: AIA and Wharf REIC were among the top gainers, with AIA increasing by 5.1% to $85.1, while JD Health faced a significant drop of 6.2% to $47.5.
Sector Highlights: In the HSMI & HSSI sectors, WestChinaCement plummeted by 26.6%, while SH Electric surged by 15.8%, indicating varied performance across different sectors.
3.5
03-05aastocksLei Jun: Rising Memory Costs Create Significant Strain on Xiaomi's Mobile Business
Impact of AI Demand on Chip Prices: Lei Jun, founder of XIAOMI, highlighted that the rising demand for AI has led to increased storage chip prices, significantly affecting the mobile business and necessitating price adjustments for consumers.
Previous Discussions on Price Hikes: This marks the third time Lei has addressed the issue of rising chip prices, acknowledging that the cost increases have forced the company to adjust product prices, particularly for the Redmi K90 series.
4.5
03-05aastocks<Midday Update> HSI Ends Midday at 25,462, Gaining 212 Points; HSTI Remains Unchanged at 4,829; SINO BIOPHARM Rises More Than 5%; KINETIC DEV Reaches New Peaks
Market Performance: The Hang Seng Index (HSI) rose by 212 points (0.8%) to 25,462, while the Hang Seng China Enterprises Index (HSCEI) gained 20 points (0.2%) to 8,504.
Active Heavyweights: Notable movements included Meituan down 1.7%, Xiaomi up 1.6%, HKEX up 1.4%, Alibaba down 1.2%, and Tencent up 0.5%.
Top Gainers: Significant gainers included Sino Biopharm (+5.9%), AIA (+4.0%), Wharf REIC (+3.6%), and HSBC Holdings (+3.1%).
Notable Declines: WestChinaCement saw a sharp decline of 23.8%, while IFBH experienced a substantial increase of 24.3%.
Money Flow
Over the past 66 trading days, overall net money flow is -29.11M, with retail investors contributing 138.73M and major investors adding -712.02M.
Net Buy $ Volume
Net Sell $ Volume
Jefferies
Jefferies
Hold
downgrade
2026-03-04
New
Reason
The analyst rating from Jefferies for XIAOMI-W (01810.HK) is set at "Hold" due to several key factors. They estimate that memory costs for smartphone OEMs will surge by 3.6x this year, leading to a projected 55% drop in XIAOMI-W's smartphone volumes. This decline is expected to be partially offset by a 31% increase in average selling price. However, the majority of the cuts will affect mid-to-low-end phones, where about 60% of XIAOMI-W's shipments are priced below US$150. Additionally, Jefferies forecasts a significant drop in XIAOMI-W's smartphone gross margin, which is expected to fall by 7 percentage points to a historic low of 4%. They also predict that XIAOMI-W's revenue and EBIT forecasts for 2026 will be 16% and 34% lower than those of market peers, respectively. Consequently, Jefferies has reduced its target price for XIAOMI-W by nearly 30% to $30.45 from $43.36, indicating that the market's expectations for the company are too high and that ongoing memory cost increases pose a downside risk to earnings.
Jefferies
Hold
Price Target
2026-03-04
downgrade
New
The analyst rating from Jefferies for XIAOMI-W (01810.HK) is set at "Hold" due to several key factors. They estimate that memory costs for smartphone OEMs will surge by 3.6x this year, leading to a projected 55% drop in XIAOMI-W's smartphone volumes. This decline is expected to be partially offset by a 31% increase in average selling price. However, the majority of the cuts will affect mid-to-low-end phones, where about 60% of XIAOMI-W's shipments are priced below US$150. Additionally, Jefferies forecasts a significant drop in XIAOMI-W's smartphone gross margin, which is expected to fall by 7 percentage points to a historic low of 4%. They also predict that XIAOMI-W's revenue and EBIT forecasts for 2026 will be 16% and 34% lower than those of market peers, respectively. Consequently, Jefferies has reduced its target price for XIAOMI-W by nearly 30% to $30.45 from $43.36, indicating that the market's expectations for the company are too high and that ongoing memory cost increases pose a downside risk to earnings.
JPMorgan
JPMorgan
Neutral
maintain
$38 -> $35
2026-03-03
New
Reason
JPMorgan maintains a Neutral rating on XIAOMI-W (01810.HK) due to anticipated margin pressures in its smartphone and electric vehicle (EV) businesses. The report highlights that rising memory costs may lead to a drop in gross margins for the smartphone segment to 8-9% in 4Q25, while the EV segment faces intensified competition and the end of EV subsidies. These factors are expected to negatively impact XIAOMI-W's earnings in the upcoming quarters, putting additional pressure on the company's stock price. Consequently, JPMorgan has also reduced its target price for XIAOMI-W from HKD38 to HKD35.
JPMorgan
Neutral
Price Target
$38 -> $35
2026-03-03
maintain
New
JPMorgan maintains a Neutral rating on XIAOMI-W (01810.HK) due to anticipated margin pressures in its smartphone and electric vehicle (EV) businesses. The report highlights that rising memory costs may lead to a drop in gross margins for the smartphone segment to 8-9% in 4Q25, while the EV segment faces intensified competition and the end of EV subsidies. These factors are expected to negatively impact XIAOMI-W's earnings in the upcoming quarters, putting additional pressure on the company's stock price. Consequently, JPMorgan has also reduced its target price for XIAOMI-W from HKD38 to HKD35.
Nomura
Nomura
Neutral
downgrade
$61 -> $33
2026-03-03
New
Reason
Nomura maintained a Neutral rating on XIAOMI-W (01810.HK) and reduced its target price from $61 to $33 due to concerns over the company's smartphone shipments facing downside risks amid rising bill of materials (BOM) costs. The broker revised its forecast, indicating that shipments could potentially drop by approximately 20% year-over-year if cost pressures persist, rather than the previously anticipated low single-digit decline. Additionally, there are worries about weaker-than-expected demand and profitability in both the smartphone and electric vehicle (EV) operations, despite high market expectations for the latter.
Nomura
Neutral
Price Target
$61 -> $33
2026-03-03
downgrade
New
Nomura maintained a Neutral rating on XIAOMI-W (01810.HK) and reduced its target price from $61 to $33 due to concerns over the company's smartphone shipments facing downside risks amid rising bill of materials (BOM) costs. The broker revised its forecast, indicating that shipments could potentially drop by approximately 20% year-over-year if cost pressures persist, rather than the previously anticipated low single-digit decline. Additionally, there are worries about weaker-than-expected demand and profitability in both the smartphone and electric vehicle (EV) operations, despite high market expectations for the latter.
BOCI
Buy
maintain
$47.88
2026-03-02
New
Reason
The analyst rating from BOCI for XIAOMI-W (01810.HK) is a "Buy" with a target price of HKD47.88. The reasoning behind this rating includes the expectation of a revenue growth of 8% YoY or 4% QoQ to RMB117.6 billion in 4Q25, despite challenges such as weak smartphone shipments and a decline in the IoT business. This growth is partially supported by resilient sales in the electric vehicle (EV) sector. Additionally, while there is an anticipated contraction in overall gross margin due to rising memory prices and other factors, the stable profitability in the internet services segment and the adjusted net profit estimate of RMB5.5-6 billion contribute to the positive outlook.
BOCI
Buy
Price Target
$47.88
2026-03-02
maintain
New
The analyst rating from BOCI for XIAOMI-W (01810.HK) is a "Buy" with a target price of HKD47.88. The reasoning behind this rating includes the expectation of a revenue growth of 8% YoY or 4% QoQ to RMB117.6 billion in 4Q25, despite challenges such as weak smartphone shipments and a decline in the IoT business. This growth is partially supported by resilient sales in the electric vehicle (EV) sector. Additionally, while there is an anticipated contraction in overall gross margin due to rising memory prices and other factors, the stable profitability in the internet services segment and the adjusted net profit estimate of RMB5.5-6 billion contribute to the positive outlook.
BofA Securities
BofA Securities
Buy
downgrade
$52 -> $45
2026-03-02
New
Reason
BofA Securities maintains a Buy rating on XIAOMI-W (01810.HK) due to a positive outlook on the company's long-term growth prospects, despite lowering its target price from HKD52 to HKD45. The adjustments in earnings and revenue forecasts reflect current challenges, including a slowdown in smartphone shipments and pressure on the IoT business, as well as rising component prices impacting gross margins.
BofA Securities
Buy
Price Target
$52 -> $45
2026-03-02
downgrade
New
BofA Securities maintains a Buy rating on XIAOMI-W (01810.HK) due to a positive outlook on the company's long-term growth prospects, despite lowering its target price from HKD52 to HKD45. The adjustments in earnings and revenue forecasts reflect current challenges, including a slowdown in smartphone shipments and pressure on the IoT business, as well as rising component prices impacting gross margins.
Citi Research
Citi
Buy
downgrade
$43 -> $42
2026-03-02
New
Reason
The analyst rating for XIAOMI-W (01810.HK) was influenced by several factors outlined in the article. Citi Research expects the company's upcoming 4Q25 results to miss market expectations due to lower-than-expected sales and gross margins, higher operating expenses, and reduced investment income. As a result, Citi Research lowered its EPS forecasts for 2025-2027 by 5-7% and cut its target price from $43 to $42, reflecting concerns over lower smartphone and IoT revenues, reduced EV gross margins, and lower non-operating income.
Despite these negative adjustments, BofAS reiterated a "Buy" rating on XIAOMI-W but also reduced its target price to HKD 45. This indicates a belief in the company's long-term potential despite short-term challenges.
Citi Research
Buy
Price Target
$43 -> $42
2026-03-02
downgrade
New
The analyst rating for XIAOMI-W (01810.HK) was influenced by several factors outlined in the article. Citi Research expects the company's upcoming 4Q25 results to miss market expectations due to lower-than-expected sales and gross margins, higher operating expenses, and reduced investment income. As a result, Citi Research lowered its EPS forecasts for 2025-2027 by 5-7% and cut its target price from $43 to $42, reflecting concerns over lower smartphone and IoT revenues, reduced EV gross margins, and lower non-operating income.
Despite these negative adjustments, BofAS reiterated a "Buy" rating on XIAOMI-W but also reduced its target price to HKD 45. This indicates a belief in the company's long-term potential despite short-term challenges.
Goldman Sachs
Goldman Sachs
Neutral -> Buy
upgrade
2026-02-11
Reason
Goldman Sachs upgraded Kingsoft Cloud's rating from Neutral to Buy and increased its target price due to the expectation that XIAOMI-W will invest approximately RMB10 billion in the AI sector by 2026, positioning Kingsoft Cloud as a major beneficiary of this investment.
Goldman Sachs
Neutral -> Buy
Price Target
2026-02-11
upgrade
Goldman Sachs upgraded Kingsoft Cloud's rating from Neutral to Buy and increased its target price due to the expectation that XIAOMI-W will invest approximately RMB10 billion in the AI sector by 2026, positioning Kingsoft Cloud as a major beneficiary of this investment.
BOCI
maintain
$47.88
2026-02-03
Reason
The analyst rating from BOCI for XIAOMI-W (01810.HK) is a "Buy" with a target price set at HKD 47.88. The reasoning behind this rating is based on the company's continuous investment in AI large models, robots, and chips, which are expected to support its current valuation. Despite a projected decline in gross profit margin due to a decrease in high-margin ultra models, the overall growth in revenue and economies of scale are anticipated to continue pushing up operating profit quarter-over-quarter.
BOCI
Price Target
$47.88
2026-02-03
maintain
The analyst rating from BOCI for XIAOMI-W (01810.HK) is a "Buy" with a target price set at HKD 47.88. The reasoning behind this rating is based on the company's continuous investment in AI large models, robots, and chips, which are expected to support its current valuation. Despite a projected decline in gross profit margin due to a decrease in high-margin ultra models, the overall growth in revenue and economies of scale are anticipated to continue pushing up operating profit quarter-over-quarter.
JP Morgan
JP Morgan
Neutral
downgrade
$45 -> $38
2026-02-02
Reason
The analyst rating for Xiaomi (01810.HK) is maintained at Neutral due to several concerns highlighted in the report. The company has underperformed the Hang Seng Index (HSI) by nearly 40% over the past six months, primarily due to market worries about smartphone margin compression, weak demand growth for smartphones and IoT products, and uncertainties surrounding electric vehicle (EV) production capacity and demand in China.
Despite a downward adjustment in Xiaomi's valuation, the outlook remains challenging as data from the smartphone supply chain continues to worsen, and the shortening waiting times for EV deliveries suggest weaker-than-expected demand. Additionally, the broker anticipates that smartphone gross margins will hit a low point in the second and third quarters of 2026 before gradually recovering. The EV product cycle is expected to pick up in the second half of 2026, but production may face limitations due to delays in factory approvals.
Consequently, JP Morgan has lowered Xiaomi's core earnings projections for 2026 and 2027 and reduced the target price from HKD 45 to HKD 38, reflecting the ongoing challenges the company faces.
JP Morgan
Neutral
Price Target
$45 -> $38
2026-02-02
downgrade
The analyst rating for Xiaomi (01810.HK) is maintained at Neutral due to several concerns highlighted in the report. The company has underperformed the Hang Seng Index (HSI) by nearly 40% over the past six months, primarily due to market worries about smartphone margin compression, weak demand growth for smartphones and IoT products, and uncertainties surrounding electric vehicle (EV) production capacity and demand in China.
Despite a downward adjustment in Xiaomi's valuation, the outlook remains challenging as data from the smartphone supply chain continues to worsen, and the shortening waiting times for EV deliveries suggest weaker-than-expected demand. Additionally, the broker anticipates that smartphone gross margins will hit a low point in the second and third quarters of 2026 before gradually recovering. The EV product cycle is expected to pick up in the second half of 2026, but production may face limitations due to delays in factory approvals.
Consequently, JP Morgan has lowered Xiaomi's core earnings projections for 2026 and 2027 and reduced the target price from HKD 45 to HKD 38, reflecting the ongoing challenges the company faces.
Citi Research
Buy
downgrade
$50 -> $43
2026-01-30
Reason
Citi Research lowered its 2025-2027 adjusted net profit forecasts for XIAOMI-W primarily due to reduced shipment volumes of smartphones and electric vehicles (EVs), along with an expected decrease in gross profit margins. Despite these challenges, the firm maintains a "Buy" rating, citing a high R&D investment cycle targeting emerging technologies like AI, chips, and robotics, as well as projected growth in the IoT business and a rebound in the EV market driven by new model launches and order pickups.
Citi Research
Buy
Price Target
$50 -> $43
2026-01-30
downgrade
Citi Research lowered its 2025-2027 adjusted net profit forecasts for XIAOMI-W primarily due to reduced shipment volumes of smartphones and electric vehicles (EVs), along with an expected decrease in gross profit margins. Despite these challenges, the firm maintains a "Buy" rating, citing a high R&D investment cycle targeting emerging technologies like AI, chips, and robotics, as well as projected growth in the IoT business and a rebound in the EV market driven by new model launches and order pickups.
Valuation Metrics
Forward PE
5Y Average PE
21.73
Current PE
22.04
Overvalued PE
29.44
Undervalued PE
14.01
Forward EV/EBITDA
5Y Average EV/EBITDA
16.47
Current EV/EBITDA
16.83
Overvalued EV/EBITDA
21.30
Undervalued EV/EBITDA
11.63
Forward PS
5Y Average PS
1.34
Current PS
1.78
Overvalued PS
1.89
Undervalued PS
0.80
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