Core Insights - Xiaomi held a comprehensive ecosystem launch event on June 26, introducing flagship products including the Xiaomi YU7 SUV, Xiaomi MIXFlip 2, and Xiaomi AI glasses, along with various other new products [1][3] Product Launch and Specifications - The Xiaomi YU7 SUV achieved over 208,900 pre-orders within the first hour, with pricing set at 253,500, 279,900, and 329,900 CNY for the Standard, Pro, and Max versions respectively [1] - The YU7 is positioned as a mid-to-large SUV, featuring dimensions of 4999mm x 1996mm x 1608mm and a wheelbase of 3000mm, offering more spacious interior compared to competitors like XPeng G7 and Model Y [1] - Performance-wise, the YU7 offers dual-motor all-wheel drive versions with total power outputs of 496Ps and 690Ps, surpassing the XPeng G7 (296Ps) and Model Y (450Ps) [1] - The standard version boasts a CLTC range of 835km with a 96.3kWh battery, outperforming the XPeng G7 (702km, 80.8kWh) and Model Y (593km, 62.5kWh) in terms of range [1] Intelligent Features - All versions of the YU7 are equipped with Qualcomm Snapdragon 8 Gen 3 cockpit chips and NVIDIA Thor autonomous driving chips, providing a computing power of 700 TOPS, comparable to XPeng G7 and Model Y [2] - The YU7 features standard hardware including Hesai AT128 lidar and a 4D millimeter-wave radar, enabling urban Navigation on Autopilot (NOA) capabilities [2] AI Glasses Specifications - The Xiaomi AI glasses emphasize a blend of fashion and technology, with lenses available in four color-changing options and a lightweight design of only 40g [3] - Pricing for the glasses is set at 1,999 CNY for the standard version, 2,699 CNY for the single-color electrochromic version, and 2,999 CNY for the color-changing version [3] - The glasses are powered by Qualcomm Snapdragon AR1 Gen1 and feature a dual-chip architecture for high performance and long battery life, with a standby time of 21 hours and typical usage of 8.6 hours [3] - They include a 12MP IMX681 camera supporting 2K video recording, dual speakers, and a five-microphone array for enhanced audio capabilities [3] - Software features include comprehensive AI interaction based on Xiao Ai, supporting various applications and functionalities such as real-time translation and smart home control [3] Financial Outlook - The company maintains its revenue forecasts for 2025-2027 at 483.6 billion, 580.8 billion, and 688.9 billion CNY, with adjusted net profits of 42.7 billion, 48.4 billion, and 58.6 billion CNY respectively [3] - The projected price-to-earnings ratios for 2025 and 2026 are 33X and 29X respectively, indicating a positive outlook based on the strong product capabilities and competitive pricing of the YU7 and AI glasses [3]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810) [2][19] Core Views - The report highlights the strong product capabilities and competitive pricing of the Xiaomi YU7 SUV and AI glasses, predicting they will create new blockbuster products [7] - Revenue forecasts for 2025-2027 are maintained at RMB 483.6 billion, RMB 580.8 billion, and RMB 688.9 billion respectively, with adjusted net profits of RMB 42.7 billion, RMB 48.4 billion, and RMB 58.6 billion [7] Financial Data and Profit Forecast - Revenue (RMB billion): 2023: 271.0, 2024: 365.9, 2025E: 483.6, 2026E: 580.8, 2027E: 688.9 [6][10] - Year-on-year growth rates for revenue: 2023: -3%, 2024: 35%, 2025: 32%, 2026: 20%, 2027: 19% [6] - Net profit (RMB billion): 2023: 19.3, 2024: 27.3, 2025E: 42.7, 2026E: 48.4, 2027E: 58.6 [6][10] - Earnings per share (RMB/share): 2023: 0.76, 2024: 1.07, 2025E: 1.68, 2026E: 1.90, 2027E: 2.30 [6] - Price-to-earnings ratio (PE): 2025: 33, 2026: 29, 2027: 24 [6] Product Launch Insights - Xiaomi launched the YU7 SUV with over 208,900 pre-orders in the first hour, with competitive pricing and specifications compared to rivals like Xpeng G7 and Tesla Model Y [7][8] - The AI glasses feature a lightweight design and advanced technology, with various pricing tiers and capabilities that enhance user interaction and connectivity [7][9]

Core Insights - The recent Xiaomi launch event showcased a wide range of products, indicating the company's ambition to expand beyond just smartphones into a comprehensive ecosystem of devices [1][14] - Xiaomi's new YU 7 SUV is priced at 253,500 RMB, undercutting Tesla's Model Y by 10,000 RMB, suggesting aggressive competition in the electric vehicle market [3] - The MIX Flip 2 features advanced technology, including a Snapdragon 8 Gen 2 processor and a foldable design that can withstand 72,000 folds, highlighting Xiaomi's focus on innovation in the smartphone sector [5] - The Xiaomi Pad 7S Pro and Redmi K80 Supreme Edition were also introduced, emphasizing high performance and competitive pricing, with the Pad starting at 3,299 RMB and the K80 at 2,599 RMB [7] - The launch included various smart home devices and wearables, reinforcing Xiaomi's strategy of creating an interconnected ecosystem for consumers [13] Product Highlights - The YU 7 SUV offers three variants with prices ranging from 253,500 RMB to 329,900 RMB, featuring impressive specifications such as a 0-100 km/h acceleration in 3.23 seconds and a top speed of 253 km/h [3] - The MIX Flip 2 starts at 5,999 RMB and includes a 50 MP main camera with Leica optics, showcasing Xiaomi's commitment to high-quality imaging in its devices [5] - The Xiaomi Pad 7S Pro boasts a 10,610 mAh battery and supports 120W fast charging, positioning it as a powerful option for mobile productivity [7] - The K Pad, priced at 2,799 RMB, is highlighted as a compact yet powerful tablet, catering to users seeking performance in a smaller form factor [9] - The AI glasses, priced at 1,999 RMB, serve as a multifunctional device, integrating AI capabilities and appealing to tech-savvy consumers [12] Market Positioning - Xiaomi's strategy appears to be a direct challenge to competitors like Apple and Tesla, as evidenced by the aggressive pricing and feature-rich offerings across multiple product categories [1][14] - The company's focus on creating a "human-vehicle-home" ecosystem suggests a long-term vision to dominate the smart device market [13] - The diverse product lineup, including home appliances and wearables, indicates Xiaomi's intent to capture a larger share of the consumer electronics market [1][14]