CITIC Lyon: Upgraded the Xiaomi Group-W (01810) electric vehicle sales forecast for this year to 400,000 vehicles, “Highly confident that it will outperform the market”

The Zhitong Finance App learned that CITIC Lyon released a research report saying that Xiaomi Group-W (01810) will announce its first fiscal quarter results this month. Xiaomi's first fiscal quarter results are expected to be strong in 2025. Total revenue will increase by 44.6% per year, operating profit will reach 109 billion yuan, and adjusted net profit will increase 54% per year to 10 billion yuan. All smart phones have benefited from trade-in subsidies and revenue sharing. Gross profit margins have once again risen sequentially, and losses in the electric vehicle business may further narrow to 650 million yuan. Xiaomi delivered 76,000 electric vehicles in the first quarter of 2025, and the bank raised its forecast for electric vehicle sales to reach 400,000 units in 2025. The bank raised Xiaomi's adjusted net profit by 8%/4% in 2025/26, maintaining an investment rating of “Highly Confident to Outperform the Market”.