Core Viewpoint - Deutsche Bank maintains a buy rating on Xiaomi and raises the target price from HKD 71.50 to HKD 74.00 [1] Group 1: Electric Vehicle Business - Xiaomi's electric vehicle business saw a month-on-month decline in new orders in April [1] - The reduction in advertising for autonomous driving may have contributed to the pressure on new orders [1] - The second electric vehicle factory is expected to commence production in the second half of 2025, with an anticipated support for sales of 50,000 to 150,000 vehicles this year [1] Group 2: Profitability Expectations - Deutsche Bank forecasts that the gross margin for Xiaomi's electric vehicle business may further increase to approximately 22% in the first quarter [1] - The annual gross margin is expected to rise to 24.7% [1]