Core Viewpoint - JPMorgan's report indicates that Xiaomi Group-W (01810) has exceeded 40,000 electric vehicle deliveries in September, leading to over 100,000 electric vehicle shipments in Q3. If the monthly delivery rate remains above 40,000 in Q4, Xiaomi is likely to surpass its annual target of 350,000 units [1] Summary by Categories Delivery Performance - Xiaomi's electric vehicle deliveries in September surpassed 40,000 units [1] - The total electric vehicle shipments for Q3 reached over 100,000 units [1] Future Projections - Maintaining a monthly delivery rate of over 40,000 units in Q4 will enable Xiaomi to easily exceed its annual target of 350,000 units [1] Analyst Ratings - JPMorgan maintains Xiaomi on the positive catalyst watch list and continues to assign a "neutral" rating to the stock with a target price of HKD 60 [1]

智通财经APP获悉，周四，Rivian Automotive(RIVN.US)跌超7%，现报13.47美元。消息面上，Rivian公 布的第三季度交付量为13,201辆，同比增长近32%，超出分析师预计的12,000辆。不过，该公司将今年 电动车交付量指引下调至41,500至43,500辆，低于早前预期最高46,000辆，中间值亦略低于分析师预估 的42,730辆。Rivian早在5月已将全年交付量从原先的51,000辆下调，这回再次缩减目标，反映其在美国 市场失去部分消费者补贴后，需求与增长面临挑战。 ...

Core Viewpoint - Xiaomi Group's stock price has recently declined, reaching a two-month low, primarily due to downward revisions in smartphone shipment forecasts, particularly in the Indian market [1][2] Group 1: Smartphone Market Performance - Xiaomi's smartphone shipment volume for Q2 2025 is expected to be slightly lower than previous forecasts, with a 25% year-on-year decline in the Indian market impacting overall performance [1] - The global smartphone market experienced a 1% decline in shipments compared to the same period last year, marking the first drop in six consecutive quarters [1] - Despite a stable performance, Xiaomi achieved a historical high of 15% market share globally in Q2 2025, although this was accompanied by a decrease in gross margin [1] Group 2: Financial Projections - Total revenue for Xiaomi in Q2 2025 is projected to be 112.6 billion RMB, slightly below market expectations, while adjusted net profit is forecasted at 10.2 billion RMB, aligning with market expectations [1] - Forecasts for IoT revenue in the second half of 2025 have been revised downward due to changes in national subsidy policies [1] Group 3: Electric Vehicle Business - Xiaomi's electric vehicle deliveries are expected to reach 82,000 units in Q2 2025, benefiting from the delivery of the SU7 Ultra, with an average selling price of 242,000 RMB and an improved gross margin of 25% [1] - The company has initiated deliveries of the YU7 in July, with the second-phase factory expected to commence production by the end of September [1] Group 4: Analyst Ratings and Price Targets - Due to downward revisions in smartphone gross margin forecasts, analysts have lowered Xiaomi's earnings per share estimates for 2025 to 2027 by 2% to 7%, and reduced the target price from 78 HKD to 72 HKD [2] - Nomura has raised Xiaomi's target price by 79% to 61 HKD based on SOTP valuation but downgraded the rating from "Buy" to "Neutral" due to limited upside potential [2] - Analysts expect Xiaomi to face challenges in the coming quarters, including lower-than-expected smartphone shipments and high market expectations for its electric vehicle business [2]