JPM: XIAOMI-W Smartphone Growth Strong; NEV Shipments, GMs Hike

$XIAOMI-W(01810.HK)$ sent a number of positive messages to the market at the Investor Day, JPMorgan issued a research report saying.

XIAOMI expects smartphone sales to grow by around 10%, and average selling price (ASP) to continue to rise.

While XIAOMI's GPM in its smartphone business may decline YoY, GPM for other businesses are likely to rise, JPMorgan said.

JPMorgan kept rating at Overweight on the Group, with a target price of $21, on the back of strong EV momentum, an earlier-than-expected turnaround in GPM and a further upside expected in 2025.

The Group's core earnings are resilient, providing strong cash flow support for EV expansion, according to JPMorgan.