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Goldman Sachs: Maintain Xiaomi Group-W (01810) "buy" rating and raise target price to HK $69

[Big Bank Rating | Citigroup: List a number of short-term catalytic factors for Xiaomi's 90-day upward catalytic observation] Citigroup issued a report stating that Xiaomi's first-quarter performance exceeded expectations, the prospects for IoT and electric vehicle businesses are encouraging, and the large home appliance business is still In the high growth stage, the management believes that self-built factories and self-developed core components have the potential to increase gross profit. The management is confident in the competitiveness of Xiaomi Electric Vehicles and believes that product strength is the key to profitability. However, due to the weak global smartphone market, the previous smartphone shipment target (180 million units) may be fine-tuned, but the product mix will improve. Overall, the bank currently predicts that Xiaomi will ship 175 million smartphones in 2025, with a gross profit margin of 12.7%; From 2025 to 2027, electric vehicle shipments will be 400,000, 700,000 and 1 million units respectively, and gross profits will be 24.1%, 25.3% and 27% respectively. After the results were announced, the bank saw the opportunity to enter the market, and believed that the short-term catalytic factors included Investor Day (June 3), the official listing of YU7 (June/July), the increase in YU7 orders, the listing of AI smart glasses, etc., which started the 90-day upward catalytic observation, reiterated the "buy" rating, and the target price was HK $73.5.

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