CICC International: Maintaining Xiaomi Corporation (01810.HK) "Outperform" rating and maintaining target price of 65 Hong Kong dollars.

According to the Zhidao Financial APP, Credit Suisse International released a research report stating that it is expected that Xiaomi Group-W (01810.HK) will report first-quarter results that exceed market expectations, with revenue increasing by 43% year-on-year to 108.2 billion yuan. It is anticipated that the revenue from smartphones, IoT, and internet services will increase by 7%, 51%, and 12% respectively, while revenue from electric vehicle business may reach 18.2 billion yuan (mainly driven by strong orders for the SU7 standard version/Ultra). The target price for Xiaomi is maintained at 65 Hong Kong dollars with an "outperform the market" rating. It is expected that the first-quarter non-IFRS adjusted net profit will increase by 40% year-on-year to 9.1 billion yuan (including a net loss of approximately 106 million yuan from smart electric vehicles and new businesses).