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Morgan Stanley (NYSE:MS) has boosted its price target for Xiaomi (OTC:XIACF) Corp (HK:1810) to HK$45 from HK$35, maintaining an “Overweight” rating, citing strong growth in electric vehicles (EVs) and AIoT.
Analysts highlighted Xiaomi’s EV division as a key driver, reporting 135,000 deliveries in 2024, exceeding expectations. Demand for its SU7 model remains strong, with delivery wait times surpassing 20 weeks. Morgan Stanley has revised its 2025 EV shipment forecast to 310,000 units, up from 260,000. Analysts expressed confidence in Xiaomi’s execution and expect its upcoming SUV model to succeed in 2025.
Beyond EVs, Xiaomi’s AIoT and smartphone businesses continue to thrive. Morgan Stanley noted strong revenue momentum in home appliances, tablets, and wearables, following the company’s success in air conditioners, washing machines, and refrigerators. Analysts see potential for premium smartphone growth, with improving margins due to higher average selling prices (ASPs) and lower component costs.
Morgan Stanley reaffirmed Xiaomi as its top Greater China technology hardware pick, expecting continued gains from EV expansion and AIoT innovation.
