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Company Update | Xiaomi Corp (1810 HK/HOLD/HK$25.96/Target: HK$27.60)
Xiaomi officially announced that SKYNOMAD's locked orders had reached 70,000 units, which is the weaker side of the expectations, although the product mix could be better than expected with orders contracted in higher-end SKUs. Overall EV shipment delivery is on track to reach our target of 430,000 units, and an ongoing premiumisation trend is turning us more positive on Xiaomi’s long-term product mix. Maintain HOLD for now due to concerns with a weak smartphone business. Target price adjusted to HK$27.60.
Top Stories
Company Update | Xiaomi Corp (1810 HK/HOLD/HK$25.96/Target: HK$27.60)
Xiaomi officially announced that SKYNOMAD's locked orders had reached 70,000 units, which is the weaker side of the expectations, although the product mix could be better than expected with orders contracted in higher-end SKUs. Overall EV shipment delivery is on track to reach our target of 430,000 units, and an ongoing premiumisation trend is turning us more positive on Xiaomi’s long-term product mix. Maintain HOLD for now due to concerns with a weak smartphone business. Target price adjusted to HK$27.60.
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