XIAOMI(HK:01810) Sou Hu Cai Jing·2025-11-10 10:52Core Insights - Xiaomi's automotive production capacity is expected to exceed 1 million vehicles by 2026, with a target of reaching 1.2 million vehicles [1] Production Capacity - The current production capacity utilization rate of Xiaomi's automotive factories is nearing 200%, significantly higher than the industry average [1] - The Beijing Phase I factory has a designed annual capacity of 150,000 vehicles, but actual output has been increased through double-shift operations [1] - Both the Beijing Phase I and Phase II factories, if operating at 200% capacity, could yield an annual output of 600,000 vehicles [1] - The Beijing Phase II Plus (Phase III assembly plant) is expected to commence production after the 2026 Spring Festival, while the Wuhan Phase I factory is scheduled to start in May 2026, aiming for a monthly capacity of 35,000 vehicles by October [1] - If production ramp-up proceeds smoothly, along with potential acquisition plans, annual capacity could reach between 1.17 million to 1.2 million vehicles [1] Profitability - Industry forecasts suggest that as scale effects are realized, the gross margin for Xiaomi's automotive business will remain above 20%, leading to a significant increase in profit contribution [1]