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)
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