研报掘金｜华泰证券：看好小米在硬科技上的持续投入 维持“买入”评级

Group 1 - The core viewpoint of the report is that Xiaomi's continued investment in hard technology (chips, AI, systems) is expected to lay a solid foundation for the development of its ecosystem encompassing vehicles and homes [1] - The target price for Xiaomi is maintained at HKD 65.4, corresponding to a 30 times price-to-earnings ratio for 2026, with a "Buy" rating upheld [1] - The forecast for Xiaomi's net profit attributable to shareholders for 2025, 2026, and 2027 is maintained at CNY 44.31 billion, CNY 52.63 billion, and CNY 67.12 billion respectively, reflecting a stable improvement in the gross margin of its automotive business [1]