XIAOMI(HK:01810) Ge Long Hui·2025-08-20 05:47Group 1 - The core viewpoint of the report indicates that Xiaomi's Q2 revenue and adjusted profit largely met market expectations [1] - The gross margin for electric vehicles reached 26.4% in Q2, driven by higher average selling prices and economies of scale, with expectations for an increase to 28% in Q3 [1] - Xiaomi's electric vehicle business may achieve breakeven on a quarterly or monthly basis in the second half of the year [1] Group 2 - Due to a limited number of product launches, the company is cautious about Xiaomi's Q3 shipment volume, projecting it to be 42.2 million units, with an annual total of 172 million units [1] - This annual projection is slightly below Xiaomi's target of 170 to 175 million units [1] - Based on the revised gross margin forecast for electric vehicles, the company has raised its earnings per share estimates for Xiaomi for 2025 to 2027 by 2% to 9% [1] - The target price for Xiaomi has been increased from HKD 72 to HKD 76, maintaining a "buy" rating [1]