智通财经网·2025-12-29 09:38Core Viewpoint - Citigroup has set a target price of HKD 50 for Xiaomi Group-W (01810) based on a solid long-term visibility and a sum-of-the-parts (SOTP) valuation method, rating it as "Buy" [1] Group 1: Valuation and Target Price - The SOTP valuation assigns an earnings multiple of 18.9x for core smartphone, IoT, and internet services, while the smart electric vehicle business is valued at a 1.5x sales multiple [1] - The target price is based on projections for 2026 [1] Group 2: Product Launch and Market Performance - Xiaomi held a product launch event during Christmas, introducing the Xiaomi 15 Ultra and AIoT products [1] - According to IDC data, the shipment volume of smartphones priced above USD 800 saw a 56% year-on-year growth in the first nine months of 2025, indicating significant breakthroughs in the ultra-high-end market above RMB 6,000 [1] Group 3: Cost Structure and Product Pricing - Citigroup believes that with rising memory prices, the cost structure for high-end smartphones remains superior to that of mid-to-low-end smartphones [1] - Xiaomi also launched several products with suggested retail prices: Buds6 at RMB 699, central air conditioning Pro at RMB 25,999, smart home panel 11 at RMB 1,299, Watch5 at RMB 1,999, and the Mijia diffuse ceiling light at RMB 1,899 [1]