高盛：维持小米集团-W(01810)“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 attractive risk-reward potential over a 12-month investment horizon despite short-term stock price resistance [1] Group 1: Financial Projections - Goldman Sachs updates the optimistic valuation range for Xiaomi, suggesting a potential price of HKD 55, which corresponds to approximately a 56% upside potential [1] - The average selling price of Xiaomi smartphones is projected to increase by 6% in 2026 and 4% in 2027 [1] Group 2: Operational Focus - In the context of rising memory costs, increasing the average selling price of smartphones has become a primary operational focus for Xiaomi in 2026 [1] Group 3: Electric Vehicle Business - Goldman Sachs forecasts that Xiaomi's electric vehicle deliveries will reach approximately 670,000 units in 2026, exceeding the company's original guidance of 550,000 units [1] - The increase in delivery volume is expected to be driven by the revamped SU7 model, enhanced marketing for the YU7, and the upcoming launch of a third SUV model [1]