0722 GMT - Xiaomi's electric-vehicle business is likely to generate net profit of more than CNY4.7 billion this year compared with a net loss last year, HSBC Global Research analysts write in a note. Its SU7 Ultra orders exceeded 19,000 units as of March 2, well above the brokerage's previous estimates for full-year sales of 5,000 units. The robust sales is likely due to its lower-than-expected price tag and superior cost performance, they say. Xiaomi's average selling price and EV margins would likely benefit from its robust sales. The brokerage forecasts 30,000 SU7 Ultra sales this year with a gross margin of 30%. HSBC Global Research maintains a buy rating for the stock and raises the target price to HK$65.60 from HK$49.90. Shares last at HK$54.90.(jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

March 06, 2025 02:22 ET (07:22 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.