智通财经网·2025-08-13 09:43Group 1 - The core viewpoint is that Xiaomi Group's valuation has become attractive after a 16% pullback from recent highs, with a maintained "buy" rating and a slight target price adjustment from HKD 75.25 to HKD 74.4 [1] - The revenue forecast for Xiaomi's Q2 2025 has been slightly lowered from RMB 123 billion to RMB 114 billion, and the adjusted net profit forecast has been reduced from RMB 10.9 billion to RMB 10.4 billion, reflecting factors such as increased low-end product mix and rising storage costs [1] - Xiaomi's smartphone shipments are expected to be 42.5 million units, showing a slight quarter-on-quarter increase, but the gross margin is anticipated to decline slightly due to the aforementioned factors [1] Group 2 - Xiaomi's innovative business segments, including smart electric vehicles and AI, are expected to further reduce losses in Q2 and are projected to become profitable in the second half of the year [1] - The sales forecast for the electric vehicle segment has been slightly adjusted down to 400,000 units for 2025, while the 2026 forecast of 700,000 units has potential for upward revision [1] - The valuation method for Xiaomi's electric vehicle business will continue to use the price-to-sales (P/S) ratio due to capacity constraints and investments in new businesses, with a maintained valuation of HKD 30.4 per share based on a P/S ratio of 4 for 2026 [2]