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In a recent Macquarie report, Xiaomi's first-quarter gross margin surpassed expectations, showcasing exceptional performance across IoT, electric vehicles, and internet services. IoT revenues surged by 59% year-over-year, while the electric vehicle gross margin attained 23.2%, and operating losses narrowed by 50% quarter-on-quarter. Notably, Xiaomi's smartphone sales in the Indian market experienced a 38% year-over-year decline. Despite this, Macquarie anticipates continued growth in Xiaomi's IoT business and further reduction in electric vehicle losses due to economies of scale. Consequently, the firm has upwardly revised Xiaomi's net profit forecasts for the years 2025 to 2027 and elevated its target price to HK$69.32, maintaining its 'Outperform' rating.
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