花旗：小米-产品发布会关键要点

Investment Rating - The report rates Xiaomi shares as "Buy" with a target price of HK$73.00, indicating an expected return of 28.3% from the current price of HK$56.90 [5][32]. Core Insights - Xiaomi's recent product launch event showcased the YU7 electric vehicle (EV) with prices starting at Rmb253,500, which is nearly 4% lower than Tesla's Model Y. Initial orders for the YU7 reached 200,000 within 3 minutes and 289,000 within 60 minutes, exceeding market expectations [1][2][16]. - The company also introduced AI glasses priced at Rmb1,999, powered by Qualcomm's Snapdragon AR1 chip, and a range of new wearables and IoT products, indicating a strong push into the smart device market [3][11]. - The earnings forecast shows significant growth, with net profit expected to rise from Rmb19.3 billion in 2023 to Rmb77.5 billion by 2027, reflecting a robust growth trajectory [4]. Summary by Sections Product Launch - Xiaomi launched the YU7 EV with three models priced at Rmb253,500, Rmb279,900, and Rmb329,900. The basic model is Rmb10,000 cheaper than Tesla's Model Y. The company is offering Rmb55,000 in freebies for early orders [1][2][12]. - The AI glasses feature a 12MP camera, five microphones, and a battery life of 8.6 hours, with an estimated demand of around 300,000 units [3]. - A variety of new wearables and IoT products were introduced, including the Xiaomi Watch S4 and Xiaomi Buds Pro, which are expected to contribute significantly to revenue [11]. Financial Performance - The earnings summary indicates a projected increase in diluted EPS from Rmb0.763 in 2023 to Rmb2.978 in 2027, with a corresponding decrease in P/E ratio from 68.2x to 17.5x, suggesting improved valuation over time [4]. - The report highlights a positive outlook for the smartphone business and gross margin due to subsidy-driven demand in China and normalized component costs [32]. Valuation - The valuation of Xiaomi shares is based on a sum-of-the-parts (SOTP) approach, with a target set at 25.5x for core smartphone, IoT, and internet services business earnings, and 1.5x for smart EV sales, reflecting a favorable growth outlook [33].