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[Big Bank Rating | Citi: Start 90-day upward catalytic observation of Xiaomi and list a number of short-term catalytic factors] Citi issued a report indicating that Xiaomi's first quarter performance exceeded expectations, the prospects of IoT and electric vehicle business are encouraging, and the large-scale home appliance business is still in a high growth stage. The management believes that self-built factories and self-developed core components have the potential to improve gross profit. The management is confident in the competitiveness of Xiaomi's 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 forecasts that Xiaomi will ship 175 million smartphones in 2025, with a gross profit margin of 12.7%; From 2025 to 2027, EV shipments were 400,000, 700,000 and 1 million units, respectively, with gross profit of 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 3rd), the official listing of YU7 (June/July), the increase of YU7 orders, and the listing of AI smart glasses. It started 90-day upward catalytic observation and reiterated the "buy" rating with a target price of HK$ 73.5.

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