Hong Kong-listed Xiaomi Corporation (HK:1810) reported a 30.5% year-over-year jump in its Q3 revenue of ¥92.5 billion, crushing LSEG analysts’ estimates of ¥91.1 billion. The Q3 performance was fueled by the launch of the company’s first EV in March and the recovery in its Smartphone segment. Following the results, Xiaomi shares gained nearly 3% in today’s session.
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Xiaomi is a consumer electronics and smart device manufacturer that recently ventured into the electric vehicle (EV) market.
Xiaomi Delivers Impressive Q3 Numbers
In the third quarter, Xiaomi reported a 9.7% growth in its profit to ¥5.3 billion compared to the same period a year ago.
Among its segments, Xiaomi’s global smartphone shipments totaled 43.1 million units, marking a 3.1% year-over-year increase. Meanwhile, smartphone revenue saw 13.9% annual growth. In Smart EVs, the company generated revenue of ¥9.5 billion. Additionally, revenue from Xiaomi’s smartphone and AIoT (artificial intelligence-of-things) segment totalled ¥82.8 billion, reflecting a 16.8% year-on-year increase.
On the flip side, the company’s gross profit margin fell to 20.4% in Q3 2024 from 22.7% in Q3 2023.
Xiaomi Surpasses 100K EV Deliveries
Xiaomi surpassed its milestone of 100,000 cumulative EV deliveries on November 13, ahead of its year-end schedule. The company now aims for a revised annual target of 130,000 vehicles for 2024. The new target marks an increase from the already revised goal of 120,000 units.
By the end of the third quarter, Xiaomi delivered 39,790 units of SU7, its first model in the EV segment.
Xiaomi has promoted SU7 as a high-performance sedan, aiming to compete with industry giants like Tesla Inc. (TSLA). Notably, the SU7 is priced cheaper than Tesla’s base Model 3 in China.
Is Xiaomi Stock a Good Buy?
On TipRanks, 1810 stock has been assigned a Strong Buy rating based on nine Buy recommendations. The Xiaomi share price target is HK$29.97, which is 7% above the current trading level.
