CICC lowers Xiaomi Group's (01810) target price to HK$60, second quarter performance in line with expectations.

According to the Securities Times APP, CICC released a research report stating that Xiaomi Group-W (01810) had outstanding performance in the second quarter of its automotive business, and the adjustment of its smartphone business basically met expectations. Based on a 25x P/E ratio for the phone xAIoT in 2026 and a 2.2x market-to-sales ratio for the automotive business, the target price was lowered from HK$67 to HK$60, and the "buy" rating was maintained.