美银：小米-YU7 定价符合预期，乐观订单支撑股

Investment Rating - The report maintains a "BUY" rating for Xiaomi Corporation with a price objective of HKD 66.00, while the current price is HKD 56.90 [1][7]. Core Insights - Xiaomi's recent product launch event showcased the YU7 electric vehicle (EV) with pricing that aligns with market expectations, and initial orders exceeded 289,000 units, significantly outperforming the SU7's first-day orders of around 89,000 units [1]. - The company is focusing on enhancing its autonomous driving capabilities and expanding its IoT ecosystem, with significant investments in autonomous driving development [2]. - Xiaomi's strategy emphasizes price performance in its smartphone and IoT offerings, maintaining competitive pricing while improving specifications [3]. Financial Estimates - The report provides financial projections for Xiaomi, estimating net income growth from CNY 19.273 billion in 2023 to CNY 56.845 billion by 2027, with a corresponding EPS increase from 0.69 to 2.19 [4][9]. - Sales are projected to grow from CNY 270.970 billion in 2023 to CNY 672.111 billion by 2027, indicating a robust growth trajectory [9]. - The report highlights a significant improvement in free cash flow per share, expected to rise from 1.41 in 2023 to 2.37 by 2027 [4]. Market Position and Product Launches - Xiaomi's YU7 EV is positioned competitively against peers like Tesla Model Y, with better price-performance metrics [1][15]. - The company has launched new smartphone models and other IoT products, reinforcing its commitment to innovation and market competitiveness [3]. - The report notes that Xiaomi's EV shipments are expected to reach 350,000 units by 2025, with the YU7 accounting for 24% of this volume [17][19].