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<Research>UBS Raises TP of XIAOMI-W (01810.HK) to $20, Automation is Key to HyperFactory
Recommend 28 Positive 53 Negative 13 |
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XIAOMI-W (01810.HK) recently held an investor day in Beijing, including a visit to the first phase of XIAOMI's HyperFactory in Yizhuang, Beijing. According to a research report by UBS, XIAOMI management explained the group's key strategies during the event, including its full-stack in-house R&D and automated manufacturing capabilities. The first phase of the factory is projected to have a monthly production capacity of 10,000 cars, which could be increased to a maximum of 20,000 with additional production, group management added. Taking into account the positive pre-sales data, the successful auto production capacity increase, and the increasing delivery speed after the launch of the SU7 model, UBS adjusted its forecast of XIAOMI's car shipments this year and next year from 40,000 and 60,000 units to 100,000 and 230,000 units. This implied that by the end of 2025, SU7's market share in China's electric car market is expected to reach 1.6%. On the smartphone front, UBS forecasted that shipments and average selling price would elevate 11.2% and 6.4% YoY respectively this year, while gross margin is expected to fall by 0.2 ppts. UBS also raised its core earnings per share forecast on XIAOMI for 2024/25/26 by 9%, 4.3% and 8.9%. The broker lifted its target price on the company to $20 and maintained its Buy rating. AAStocks Financial News |
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