Citigroup expects Xiaom$XIAOMI-W(01810)$   Group-W.HK SU7 to deliver 5,000 to 6,000 units in April, and about 55,000 to 70,000 units for the whole year. Currently, the delivery time of Xiaomi SU7 is as long as 6 months. If the production capacity cannot keep up with the demand, Xiaomi may encounter growth problems similar to that of Xiaopeng G6 last year. The bank estimates that Xiaomi will lose an average of 6,800 yuan for each SU7 sold in 2024, and the entire car manufacturing business will lose a total of 4.1 billion yuan.

There is no scale effect in the early stage of car manufacturing, and it is normal to lose money. It is just a little cash flow. With sufficient order demand, Xiaomi's back-end car manufacturing capacity is basically clear, and the limit is 100,000 vehicles.

Of course, the key to business operations is capacity climbing, but the early valuation is still estimated from the perspective of PS. According to the rough estimate of Dolphin Jun before, the separate valuation of the short-term automotive business is still less than 10 billion US dollars, and Xiaomi's increase on that day has been included.

To continue to grow, it still depends on whether the traffic of Xiaomi car users into the store can be effectively converted into users of Xiaomi mobile phones and IoT products, forming a certain cross-selling.$BYD COMPANY(01211)$  

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