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Xiaomi Group's second-quarter performance met analysts' expectations, with a notable highlight being its automotive business, which witnessed a robust 40% year-on-year increase in revenue and a gross margin of 26.4%. In contrast, the smartphone business reported a marginal 2% year-on-year decline in revenue, accompanied by a dip in gross margin to 11.5%. The AIOT segment flourished, experiencing a 45% growth, while the major home appliance business maintained its high growth trajectory. In light of these results, BoCom International has revised Xiaomi's future revenue projections, adjusting downwards its revenue expectations for 2025 and 2026. Consequently, the target price has been revised to HK$60, though the "Buy" rating remains unchanged.
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