大行评级丨花旗：小米汽车全年出货量有望接近40万辆 评级“买入”

Core Viewpoint - Citi reports that Xiaomi's electric vehicle (EV) deliveries exceeded 40,000 units in October, indicating strong momentum towards its 2025 delivery target of 350,000 units, with year-to-date deliveries estimated to surpass 308,000 units, achieving 88% of the target [1] Group 1: Delivery Performance - Xiaomi's estimated year-to-date EV deliveries have reached over 308,000 units, achieving 88% of its 2025 target of 350,000 units [1] - The current weekly delivery rate exceeds 10,000 units, suggesting that total annual shipments could approach 400,000 units [1] - The order volume has stabilized recently, with the delivery cycle shortened to 28 to 38 weeks [1] Group 2: Retail Expansion - As of October 2025, Xiaomi operates 424 stores across 125 cities, with plans to add 17 new stores and expand into 8 new cities in November [1] Group 3: Investment Outlook - Citi maintains a "Buy" rating on Xiaomi, setting a target price of HKD 65, with short-term catalysts including rising EV deliveries/orders, the Double 11 shopping festival, Q3 earnings, Q4 outlook, and updates on new EV models [1]