0228 GMT - China's national subsidy program may boost Xiaomi's smartphone shipment volumes and average selling price, HSBC Global Research analysts write in a note. The Chinese company has seen strong sales momentum in smartphones after the national subsidy program was implemented in January, they note. The program will work as a tailwind for China's Android brands with their retail prices ranging mostly below the subsidy price cap, they say. HSBC raises its non-GAAP net profit forecast for Xiaomi by 2% for 2024, 6% each for 2025 and 2026 given its positive views on its smartphone business. The brokerage maintains a buy rating on the stock and raises the target price to HK$49.90 from HK$37.90. Shares last at HK$42.50. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
February 06, 2025 21:28 ET (02:28 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.