2025-05-22-Bernstein-小米集团（1810）_小米推出首款自研SoC芯片Xring01；将于7月推出的YU7_SUV更多细节揭晓_13页_629kb

Xiaomi Corp (1810.HK) Report Summary

• Company Update: Xiaomi launched its first in-house 3nm chip, Xring O1, and unveiled the YU7 SUV, set for July 2025 launch. The YU7 is a mid-sized SUV with competitive features, including an 835km range, fast charging capabilities, and advanced ADAS systems. It is positioned to rival the Tesla Model Y in the Chinese market.

• Rating and Price Target: Analysts rated Xiaomi as "Outperform" with a HK$55 price target, based on a sum-of-the-parts (SOTP) valuation of HK$53.20.

• Financial Highlights: Current share price is HK$53.20 (up 3% upside from PT). Projected EPS for 2024A/FYE is CNY 0.95, growing to CNY 1.35 in 2025E and CNY 1.78 in 2026E. Revenue is expected to reach CNY 365.9 billion in 2024A, rising to CNY 599.7 billion by 2026E (28.0% CAGR). Valuation metrics include a reported P/E of 51.3x in 2024A and EV/Sales ratio of 3.0x, declining to 1.8x by 2026E.

• Investment Risks: Key risks include missing hardware sales targets, unsuccessful premiumization at smartphones, competitive pressures in EVs, product quality issues, and weakening consumer demand due to macroeconomic factors.

• Competitive Landscape: YU7 competes in the B/C segment SUV market, where SUVs hold a larger market share (c.49% in 2024), growing at over 10% annually. Xiaomi's EV strategy includes long-term investments, with plans to spend RMB 6 billion in 2025 and total RMB 50 billion over a decade.