According to news on August 27, CICC raised the target price of Xiaomi Group-W (01810) to 30 Hong Kong dollars and reiterated the rating of “Outperform Industry”.
According to a research report by China Finance Watch, Xiaomi’s revenue in the second quarter was 53.5 billion yuan (in RMB, the same below), a year-on-year increase of 3.1%; non-GAAP adjusted net profit was 3.37 billion yuan, a year-on-year decrease of 7.2%. Due to the strong growth of the overseas smartphone business and Internet service business in the second quarter, revenue and non-GAAP adjusted net profit exceeded market expectations by 4% and 43%, respectively.
CICC believes that, thanks to the growth of market share in Europe and other regions , Xiaomi will become the world’s third largest smartphone manufacturer by 2021.
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