大行评级｜花旗：小米在6000元以上超高端市场取得显著突破 评级“买入”

Core Viewpoint - Citi's report indicates that Xiaomi has recently launched the Xiaomi 15 Ultra and AIoT products, highlighting significant growth in the high-end smartphone market [1] Group 1: Product Launch and Market Performance - Xiaomi's smartphone shipments priced above $800 experienced a 56% year-on-year growth in the first nine months of 2025, demonstrating a notable breakthrough in the ultra-high-end market above 6000 yuan [1] - The introduction of the Xiaomi 15 Ultra and AIoT products is expected to further strengthen Xiaomi's position in the high-end segment [1] Group 2: Financial Outlook and Valuation - Citi believes that with rising memory prices, the cost structure of high-end smartphones remains superior to that of mid-range and low-end devices [1] - Based on solid long-term visibility, Citi employs a sum-of-the-parts (SOTP) valuation method and sets a target price of 50 HKD for Xiaomi, with a "Buy" rating [1]