XIAOMI(01810) 智通财经网·2025-05-09 02:54Group 1 - Morgan Stanley believes that Xiaomi Group's smartphone, AIoT, internet, and electric vehicle businesses will continue to expand market share, potentially leading to a stock price exceeding 100 HKD by 2030 [1] - The target price for Xiaomi Group has been raised by 38% from 45 HKD to 62 HKD, maintaining an "Overweight" rating [1] - The launch of the Xiaomi SU7 Ultra marks the beginning of its luxury car journey, with electric vehicles and smartphone + AIoT + internet sectors serving as dual growth engines [1] Group 2 - Morgan Stanley forecasts that Xiaomi's total revenue could exceed 100 billion RMB and net profit could surpass 100 billion RMB by 2030, potentially valuing the company at 2.5 trillion RMB [1] - The estimated enterprise value has been adjusted from 204 billion RMB to 497 billion RMB, indicating upward risks in product mix, average selling price, and profit margins [1] - The forecast for electric vehicle sales has been increased to 370,000 units in 2025 and 750,000 units in 2026, with gross margins rising to 20.7% and 22.2% respectively [2] - Cumulative gross profit from electric vehicles is projected to grow from 48.1 billion RMB to 67.6 billion RMB from 2024 to 2026 [2] - Revenue from three traditional business segments is expected to rise from 333 billion RMB in 2024 to 600 billion RMB by 2030, with profits increasing from 33.4 billion RMB to 70 billion RMB in the same period [2]