Shares of Chinese tech giant Xiaomi Corporation soared 5.03% to HK$28.55 on Thursday, driven by growing optimism around the company's foray into the electric vehicle market and strong sales of its latest model.
According to analysts at HSBC Global Research, Xiaomi's robust orders and deliveries for its recently launched SU7 electric SUV have fueled the stock's outperformance against the broader Hang Seng Index since September. The SU7, Xiaomi's flagship electric vehicle offering, has demonstrated the company's research and development capabilities and helped elevate its brand profile among higher-end consumers.
Encouraged by Xiaomi's electric vehicle success, HSBC has revised its 2024 net profit estimates for the company upwards by 5%. The brokerage firm maintains a "buy" rating on Xiaomi shares and has raised its price target to HK$36.70 from HK$27.50, citing the potential for further growth in the burgeoning electric vehicle segment.
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