美银：小米发布会解读

Investment Rating - The report maintains a "BUY" rating for Xiaomi Corporation with a price objective of HKD 63.00, while the current price is HKD 53.20 [1][7]. Core Insights - Xiaomi is focusing on high-end performance and branding through the development of in-house System on Chip (SoC) technology, with significant investments planned for the next decade [1]. - The YU7 SUV is positioned as a high-performance vehicle with competitive specifications, aiming for substantial shipment volumes in the coming years [2][15]. Financial Estimates - The adjusted net income is projected to grow from CNY 19.273 billion in 2023 to CNY 46.872 billion by 2027, reflecting a strong growth trajectory [3][9]. - Earnings per share (EPS) is expected to increase significantly, with a year-on-year change of 605.5% in 2023, followed by steady growth in subsequent years [3][9]. - Free cash flow per share is anticipated to rise from CNY 1.41 in 2023 to CNY 1.92 by 2027, indicating improving cash generation capabilities [3][9]. Product Developments - The in-house SoC XRING O1, based on a 3nm process, will be featured in the Xiaomi 15S Pro and Xiaomi Pad 7 Ultra, showcasing Xiaomi's commitment to high-end technology [1][14]. - The YU7 SUV features a 96.3 kWh battery with a driving range of 835 km, and it is equipped with advanced safety features and a new driving training program [2][20]. Market Positioning - Xiaomi's strategy includes a significant investment of CNY 50 billion over ten years in its SoC business, aiming to enhance its competitive edge in the high-end market [1][12]. - The YU7 is expected to account for 24% of Xiaomi's electric vehicle shipments in 2025, highlighting its importance in the company's EV strategy [19].