小米获花旗买入评级，目标价50港元，SU7改款涨价3.3%至6.5%

Core Viewpoint - Citigroup updated its investment outlook on Xiaomi Group, maintaining a "Buy" rating and setting a target price of HKD 50 [1] Group 1: Automotive Business Developments - Xiaomi recently launched the first facelift model of its car SU7 and has begun pre-sales, with the new car's pre-sale price increased by RMB 10,000 to 14,000, representing a price adjustment of approximately 3.3% to 6.5% [1] - The upgraded model features enhancements in multiple specifications, and Citigroup assesses that this pre-sale is expected to drive an increase in Xiaomi's car orders [1] - Positive factors anticipated include the official launch of the SU7 and the introduction of another new model, YU7 GT, to the market [1] Group 2: Management Insights and Future Projections - Xiaomi's management indicated that due to specification upgrades and increased costs, the likelihood of a significant price reduction of RMB 10,000 to 20,000 at the official launch is low [1] - Citigroup previously provided insights on Xiaomi's electric vehicle business for 2026, suggesting that the annual delivery target of 550,000 units set by Chairman Lei Jun is relatively conservative [1] - Based on a monthly delivery rate exceeding 50,000 units in December 2025, the company's production capacity is likely sufficient to support deliveries exceeding 600,000 units [1] - Citigroup expects that order conditions will improve again following the release of the new YU7/SU7 models in the second quarter [1]