Hong Kong Stock Research Agency learned that Bank of America Securities issued a report that Xiaomi (01810.HK) smartphone shipments rose 2% quarter-on-quarter to 45 million units, and the global market share fell from 13.4% in the third quarter of last year to 12.3%, reflecting the intensification of competition from China and Europe, and Xiaomi shipments are expected to weaken further. Bank of America Securities lowered Xiaomi's 2022 and 2023 earnings forecasts by 5% and 6%, reflecting the difficult smartphone market environment, slowing Internet growth and offline expansion caused by gross profit pressures, lowering the target price from HK$18.7 to HK$15.3, and reiterating the outperformance rating.
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