XIAOMI(01810) 格隆汇·2025-05-25 01:43Group 1: Product Launches - Xiaomi Group held its 15th anniversary strategic product launch event, introducing several new products including the Xiaomi 15S Pro smartphone, Xiaomi Civi 5 Pro, Xiaomi Pad 7 Ultra, Xiaomi Watch S4 eSIM version, and Xiaomi YU7 car, along with multiple IoT products [1] - The Xiaomi 15S Pro smartphone and Xiaomi Pad 7 Ultra are powered by the self-developed 3nm Xuanjie O1 processor, featuring a "ten-core four-cluster" architecture and the latest Arm Immortalis-G925 GPU [1] - The Xiaomi Watch S4 eSIM version is equipped with the Xuanjie T1 watch chip, which integrates Xiaomi's first 4G baseband [1] Group 2: Automotive Developments - The Xiaomi YU7, positioned as a luxury high-performance SUV, features a maximum power of 690PS and a top speed of 253 km/h, with a range of up to 835 km [2] - The YU7 includes advanced intelligent features such as a four-in-one domain controller, NVIDIA Thor chip for assisted driving, and multiple sensors for enhanced safety and performance [2] - Cumulative deliveries of the Xiaomi SU7 series have exceeded 258,000 units, with over 28,000 units delivered in April 2025 alone [2] Group 3: Strategic Vision and Market Position - Xiaomi's "human-vehicle-home ecosystem" strategy is now fully integrated, with significant growth in home appliances, achieving over 100% year-on-year sales growth in Q1 2025 [3] - The company has a comprehensive layout across multiple hardware categories, including smartphones, PCs, wearables, smart home devices, and automobiles, positioning itself favorably in the emerging edge AI era [3] - The integration of AI software capabilities, represented by the Super Xiao Ai, and AI core hardware capabilities, represented by the Xuanjie O1, is expected to enhance Xiaomi's market position [3] Group 4: Financial Outlook - The company maintains its existing profit forecasts, with the current stock price corresponding to a 2025/2026 adjusted net profit P/E ratio of 31.9/23.1 times [3] - The target price is set at HKD 70.0, reflecting a potential upside of 31.6% compared to the current stock price [3]