Investment Rating - The investment rating for Xiaomi is "Buy" with a target price of HK$73.50, implying an expected share price return of 47.1% [3][24]. Core Insights - Xiaomi's SU7 April delivery exceeded 28,000 units, slightly lower than March's 29,000+ due to fewer working days in April. Year-to-date EV delivery is estimated to exceed 104,000 units, representing 30% of its 2025 target of 350,000 units [1]. - The company plans to increase its store count from 269 to 298 by adding 29 stores and expanding into 8 new cities in April 2025 [1]. - The upcoming catalysts include the 1Q25 results, 2Q25 guidance, Mi 15S, AI smart glasses, and YU7 launch [1]. Financial Valuation - Xiaomi shares are valued at HK$73.50 using a sum-of-the-parts (SOTP) valuation based on 2026 estimates, with a P/E multiple of 27.1x for core businesses and 1.5x for smart EV sales, reflecting a strong growth outlook [12]. - The target price corresponds to a 30x adjusted EPS for 2026 [12]. Market Context - Xiaomi's market capitalization is approximately HK$1,296,059 million (US$167,113 million) [3]. - The report indicates a solid long-term visibility for Xiaomi's business segments, including smartphones, IoT, and internet services [12].