高盛：维持小米集团-W“买入”评级 目标价47.5港元

Core Viewpoint - Goldman Sachs maintains a "Buy" rating on Xiaomi Group-W (01810) with a target price of HKD 47.5, indicating that despite potential short-term stock price resistance, the risk-reward profile remains attractive over a 12-month investment horizon [1] Group 1: Stock Rating and Price Target - Goldman Sachs updates the optimistic valuation range for Xiaomi, suggesting a potential price of HKD 55, which corresponds to an upside potential of approximately 56% [1] Group 2: Smartphone Pricing and Strategy - The firm forecasts that the average selling price of Xiaomi smartphones will increase by 6% and 4% year-on-year in 2026 and 2027, respectively [1] - In the context of rising memory costs, enhancing the average selling price of smartphones has become a primary operational focus for Xiaomi in 2026 [1] Group 3: Electric Vehicle Business Outlook - Goldman Sachs predicts that Xiaomi's electric vehicle deliveries will reach approximately 670,000 units in 2026, exceeding the company's previous guidance of 550,000 units, driven by the revamped SU7 model, enhanced marketing for the YU7, and the upcoming third SUV model [1] - Despite a moderate overall industry backdrop, Xiaomi's strategy to improve average selling prices through higher-end models is expected to support an improvement in profit structure [1]