Core Insights - Xiaomi Auto announced a record monthly delivery of over 40,000 units by September 2025 [2] - The company has opened 32 new stores, bringing the total to 402 across 119 cities, with plans to add 22 more stores in October [2] - The company’s CTB (Cell to Body) technology has achieved several innovations, enhancing structural strength and safety features [2] Delivery and Store Expansion - Xiaomi Auto's monthly delivery target of over 40,000 units by September 2025 marks a significant milestone [2] - The total number of stores has reached 402, with a plan to enter six new cities including Chenzhou and Dazhou in October [2] - As of September 30, the company has 209 service outlets covering 125 cities [2] Technological Innovations - The CTB technology integrates the battery pack cover with the vehicle's floor and seat beam, achieving a 95% usage of high-strength and ultra-high-strength steel in high-load areas [2] - The vehicle's torsional rigidity is rated at 47610 N·m/deg, placing it at a leading level in the industry [2] - Safety features include downward-facing pressure relief valves for battery cells, preventing heat transfer to the passenger cabin during thermal runaway [2] - The CTB solution offers a battery volume efficiency exceeding 80%, with the Xiaomi YU7 model achieving a maximum CLTC range of 835 km and a total thickness of only 120 mm for the battery and floor [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Insights - The company has launched a new stock incentive plan aimed at binding the core team and focusing on revenue growth, with a target compound annual growth rate (CAGR) of approximately 40% for revenue from 2025 to 2027. The projected net profits for 2025, 2026, and 2027 are estimated at 384 million, 596 million, and 772 million yuan respectively, with corresponding earnings per share (EPS) of 2.20, 3.42, and 4.43 yuan [7][8] - The company is expected to benefit from an increase in market share due to a faster product launch cycle and the introduction of differentiated new products, particularly in the mobile home storage segment, which is anticipated to see significant volume growth in 2026 [9] Financial Summary - The company's total revenue is projected to grow from 2,314 million yuan in 2023 to 9,367 million yuan in 2027, reflecting a year-on-year growth rate of 25.1% in 2027 [11][14] - The gross profit margin is expected to stabilize around 42.3% by 2027, with net profit margins improving from -7.5% in 2023 to 8.2% in 2027 [11][14] - The price-to-earnings (P/E) ratio is projected to decrease from -65.7 in 2023 to 14.8 in 2027, indicating an improving valuation as profitability increases [11][14]