Morgan Stanley: Xiaomi's Second Quarter Smartphone Shipments Exceed Expectations, Maintains "Overweight" Rating

BlockBeats News, August 3, Morgan Stanley published a research report stating that Xiaomi Corporation (01810.HK) will announce its second-quarter performance on August 18. Currently, it is expected that the smartphone shipment volume and gross margin performance are strong. The group's quarterly total revenue is expected to exceed 100 billion yuan, with an expected quarterly net profit of about 6 billion yuan. According to the latest data from Omdia, Xiaomi's second-quarter smartphone shipments reached 31.2 million units, 15% higher than the bank's expectations. Benefiting from a historically high average selling price of products and resilient shipment volume, the bank expects the smartphone gross margin to remain above 8% in the second quarter, mainly reflecting the cost pass-through effect of cost increases. The bank maintains a "Buy" rating on Xiaomi with a target price of HK$32. (Jinse)