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<Research>Citi: XIAOMI-W (01810.HK) High-end Phone Continues to Provide Better Cost Structure Than Mid-/ Low-end Phones; Rating Kept at Buy
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XIAOMI-W (01810.HK) held a product launch event during Christmas, unveiling the Xiaomi 15 Ultra and AIoT products, Citi Research issued a research report saying. XIAOMI-W's smartphone shipments in the price range above US$800 achieved a 56% YoY growth in 9M25, demonstrating a significant breakthrough in the ultra-premium market above RMB6,000, according to IDC data. The broker believed that, with the rise in memory prices, the cost structure of high-end smartphones remains superior to that of mid- and low-end phones. Based on solid long-term visibility, Citi Research adopted a SOTP valuation method and rated XIAOMI-W at Buy with a target price of $50 based on its 2026 forecasts. In Citi Research's SOTP valuation, the earnings valuation multiple for core smartphone, IoT and internet services business is set at 18.9x, while the smart EV business is valued at a 1.5x PS ratio. AASTOCKS Financial News Website: www.aastocks.com |
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