HSBC starts coverage of Xiaomi stock with Buy rating

Published on 10/01/2026 at 10:44 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

HSBC set a HKD 33.20 target for Xiaomi stock. It traded at EUR 2.85 on October 1, 2026, plus 0.71 percent versus its EUR 2.83 prior close.

Xiaomi, KYG9830T1067, Illustration mit AI erstellt.

Xiaomi Corp. (ISIN KYG9830T1067) is under fresh HSBC coverage after the bank initiated a Buy rating and set a HKD 33.20 target, as TradingView reported on October 1, 2026. The recommendation puts Xiaomi's smartphone margin pressure beside the growth potential of its electric-vehicle business.

HSBC sees a transition year

HSBC expects Xiaomi's smartphone revenue to decline 10 percent in 2026, while a heavier fourth-quarter product schedule could support pricing and product mix. The report also points to elevated raw-material inventory and lower finished-goods inventory as important operating factors.

The target of HKD 33.20 compares with the HKD 25.24 closing share price cited in the report, a difference of 31.54 percent calculated from the cited Hong Kong prices. The euro quote from Lang & Schwarz is a separate German-market reference and is not used for that Hong Kong comparison.

Second-quarter figures show the trade-off

Xiaomi's second-quarter 2026 revenue reached RMB 108.9 billion, while adjusted net profit was RMB 6.2 billion, according to the company's Q2 earnings-call transcript published by Yahoo Finance. The transcript identifies these figures as non-IFRS adjusted profit and second-quarter results announced on August 18, 2026.

The smart EV, AI and other new initiatives segment generated RMB 24.9 billion in the second quarter, up 17.1 percent year over year, while Xiaomi delivered 104,199 vehicles. Smartphone gross margin was 8.5 percent, showing why the market is weighing rising average selling prices against weaker shipment volumes.

Xiaomi stock and the current trading frame

Xiaomi is listed on the Hong Kong Stock Exchange under ticker 1810.HK. Its primary-market quote stood at HKD 25.24 at the September 30, 2026 market snapshot, with a 52-week range of HKD 21.30 to HKD 56.55 and market capitalization of HKD 652.7 billion. These Hong Kong figures provide context, while the German investor reference remains the euro quote.

At Lang & Schwarz, Xiaomi stock was trading at EUR 2.85 on October 1, 2026 at 10:33 a.m. CEST, plus 0.71 percent versus the prior close of EUR 2.83 on September 30, 2026. The further course of trading is shown by the continuously updated real-time quote of Xiaomi stock.