FORYOU(SZ:002906) Hua Er Jie Jian Wen·2025-05-23 17:42Core Viewpoint - Xiaomi's second electric vehicle, the YU7 SUV, is set to launch in July 2025, with Morgan Stanley identifying key beneficiaries among A-share supply chain companies, particularly Huayang Group [1][2]. Group 1: Key Beneficiaries - Huayang Group (002906.SZ) is expected to be the biggest winner from the YU7 launch, as it will supply the "HyperVision" panoramic head-up display (P-HUD) for the vehicle, marking its first involvement in this capacity [2][3]. - Morgan Stanley estimates that this project could lead to an annual revenue growth of 10%-15% for Huayang Group [3]. - If other automakers follow Xiaomi and BMW in adopting P-HUD technology, Huayang Group may see even greater growth potential [5]. Group 2: Other Key Beneficiaries - Top Group (601689.SS) supplies air suspension systems for both the SU7 and YU7 models, contributing approximately RMB 6,000 to 8,000 per vehicle [6]. - Desay SV (002920.SZ) is likely to become the supplier of the autonomous driving domain controller for the YU7, as the vehicle will utilize the NVIDIA Thor chip for its autonomous driving capabilities [7]. - Xingyu Co., Ltd. (601799.SS) has not supplied for the YU7 but has a significant chance of receiving orders for future Xiaomi models [8]. Group 3: Market Outlook - Morgan Stanley suggests that if the YU7 performs better than expected, and if Xiaomi expands its offline channels and continues to grow its market share overseas, there could be upward surprises for Xiaomi's stock price [9].