大摩：料小米集团-W(01810)手机售价显著提升有助转嫁内存成本压力 评级“增持”

Core Viewpoint - Morgan Stanley believes that companies with better product structures and higher average selling prices will be more capable of passing on cost pressures due to significant increases in memory costs [1] Group 1: Company Performance - Xiaomi Group-W (01810) has shown the most significant average selling price growth among its peers using the Android system in mainland China since 2016 [1] - In the third quarter of this year, Xiaomi's average selling price in the mainland market has surpassed that of OPPO, vivo, and Honor [1] - The company is expected to more effectively pass on costs next year, supported by its ongoing strategy to promote high-end smartphones [1] Group 2: Market Strategy - Morgan Stanley anticipates that Xiaomi will focus more on average selling prices and profit margins in overseas markets rather than market share, which will also help the company cope with rising cost pressures [1]