Core Viewpoint - Xiaomi Group-W (01810) recently held a product launch event showcasing its flagship Xiaomi 17 series smartphones, Xiaomi Pad 8 series tablets, and a range of high-end home appliances, along with the introduction of customized services for Xiaomi cars YU7 and SU7 Ultra, indicating a strategic shift towards high-end products in both smartphones and AIoT, reinforcing its "people, vehicles, and home ecosystem" strategy [1] Group 1 - The launch event highlighted Xiaomi's focus on high-end development in smartphones and AIoT products [1] - Xiaomi 17 series starts at a competitive price of 4,499 RMB, which is lower than the starting price of iPhone 17 at 5,999 RMB, showcasing a pricing advantage [1] - The starting prices for Xiaomi 17 Pro and Max are 4,999 RMB and 5,999 RMB respectively, which are lower than the previous year's 15 Pro and Pro Ultra pricing [1] Group 2 - The introduction of features like the "wonderful back screen" and direct compatibility with the Apple ecosystem reflects Xiaomi's strategy to directly compete with iPhone [1] - The report from CMB International maintains a target price of 62.96 HKD for Xiaomi and reiterates a "buy" rating [1]

Core Viewpoint - Xiaomi Group's stock has seen a significant decline, dropping over 3% in a bearish market following an 8% drop in the previous trading day, indicating investor concerns about the company's recent product launch and future plans [1] Group 1: Stock Performance - As of the latest update, Xiaomi's stock is down 2.74%, trading at 53.15 HKD, with a trading volume of 12.477 billion HKD [1] Group 2: Product Launch and Market Reaction - On September 25, Xiaomi held a product launch event where it introduced the flagship Xiaomi 17 series smartphones, Xiaomi Pad 8 series tablets, and a range of high-end home appliances [1] - Nomura's report highlighted that CEO Lei Jun did not provide updates on the launch of the玄戒 chip or the timeline and capacity expansion plans for new electric vehicle models, suggesting a lack of excitement from the event [1] - The Xiaomi 17 series went on sale across all channels on September 27, with the company's public relations manager announcing that the series set a record for first-day sales and revenue for new smartphone series in the domestic market within 5 minutes of launch [1] Group 3: Marketing and Public Perception - Xiaomi's promotional materials for the new Xiaomi 17 Pro smartphone featured slogans that sparked online discussion, with some interpreting them as "wordplay" due to the small print clarifying the product's design goals [1] - The customer service team clarified that the term "逆光之王" (King of Backlight) refers to the phone's capability to perform well in backlight photography, emphasizing the technology and features of the device [1]

Group 1 - Xiaomi Group-W (01810) experienced a decline of over 3% in the market, following an 8% drop in the previous trading day, with the current price at 53.15 HKD and a trading volume of 12.477 billion HKD [1] - On September 25, Xiaomi held a product launch event where it introduced the flagship Xiaomi 17 series smartphones, Xiaomi Pad 8 series tablets, and a range of high-end home appliances. However, Nomura's report indicated that CEO Lei Jun did not provide updates on the launch of the玄戒 chip or the timeline and capacity expansion plans for new electric vehicle models, leading to a lack of highlights in the event [1] - On September 27 at 10 AM, the Xiaomi 17 series became available for sale across all channels, and within 5 minutes, it set a record for the highest sales volume and revenue for a new smartphone series in the domestic market for 2025, as stated by Wang Hua, the General Manager of Xiaomi Group's Public Relations Department [1] Group 2 - Xiaomi's promotional materials for the new Xiaomi 17 Pro smartphone featured slogans such as "King of Backlight," which sparked discussions among netizens regarding the use of small print that indicated these were design goals rather than definitive claims. Xiaomi's customer service clarified that "King of Backlight" refers to the phone's capability to perform well in backlight photography, emphasizing the technology and features of the device [1]

Core Viewpoint - Xiaomi Group recently held a product launch event, introducing the flagship Xiaomi 17 series smartphones, Xiaomi Pad 8 series tablets, and a range of high-end home appliances, along with custom services for Xiaomi cars YU7 and SU7 Ultra [1] Group 1: Product Launch and Pricing - The starting price for the Xiaomi 17 is set at 4499 yuan, which is competitive compared to the iPhone 17's starting price of 5999 yuan [1] - The Xiaomi 17 Pro and Max have starting prices of 4999 yuan and 5999 yuan respectively, which are lower than the previous year's 15 Pro and Pro Ultra pricing [1] - The new models feature innovative elements such as the "Miao Xiang" back screen and direct compatibility with the Apple ecosystem, reflecting the company's strategy to directly compete with the iPhone [1] Group 2: Strategic Implications - The product launch demonstrates Xiaomi's advancement in high-end smartphones and AIoT products, reinforcing its comprehensive ecosystem strategy across vehicles, homes, and personal devices [1] - The target price for Xiaomi is maintained at 62.96 HKD, with a reiterated "Buy" rating from the research report [1]

Core Viewpoint - Xiaomi is focusing on high-end market expansion with the launch of the Xiaomi 17 series smartphones and a range of new IoT products, aiming to compete directly with Apple’s iPhone by 2025 [1][2][4]. Mobile Phones - Xiaomi launched the Xiaomi 17 series, including three models: Xiaomi 17, 17 Pro, and 17 Pro Max, all equipped with the fifth-generation Snapdragon 8 chip and starting prices of 4499, 4999, and 5999 yuan respectively [1]. - The Xiaomi 17 features a 6.3-inch display, a 7000mAh battery, and a Leica triple-camera system [1]. - The Xiaomi 17 Pro series includes advanced features such as a new back screen and enhanced camera capabilities, while the 17 Pro Max boasts a 6.9-inch display and a 7500mAh battery [1]. IoT Products - Xiaomi introduced several high-end IoT products, including the Xiaomi Pad 8 series starting at 2199 yuan, featuring the Snapdragon 8 chip and a 9200mAh battery [2]. - The S Pro Mini LED 2026 series television was launched with advanced specifications, including 2880 backlight zones and a peak brightness of 5200 nits, starting at 5199 yuan [2]. - The company also released a high-end French refrigerator and a washing machine, further enhancing its AIoT ecosystem [2]. Automotive - Xiaomi's YU7 model has delivered over 40,000 units, and the company has launched a customization service for its vehicles, allowing for personalized options [3]. - The customization includes various exterior colors, interior designs, and unique features, enhancing consumer experience [3]. - The company anticipates increased delivery rates as production capacity ramps up at its Beijing factory [3]. Financial Outlook - Xiaomi is projected to achieve total revenues of billions for the years 2025, 2026, and 2027, with adjusted net profits also expected to grow significantly [4]. - The company aims to rank among the top five global automotive manufacturers by 2035, supported by its expanding vehicle lineup and international market growth [4].

Investment Rating - The report maintains a "Strong Buy" rating for Xiaomi Group [1] Core Views - Xiaomi has launched the Xiaomi 17 series, which includes significant upgrades across all models, aiming to compete directly with the iPhone in the high-end market [5] - The company is expanding its IoT product line with new high-end devices, including tablets, TVs, and smart home appliances, enhancing its AIoT ecosystem [5] - Xiaomi's automotive segment is gaining traction, with over 40,000 units of the YU7 model delivered and the introduction of customized services for its vehicles [5] - The report forecasts substantial revenue growth for Xiaomi, projecting total revenues of 489.9 billion, 660.3 billion, and 823.3 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 43.1 billion, 63.5 billion, and 86.6 billion yuan for the same years [6][9] Summary by Sections Company Overview - Xiaomi Group is positioned as one of the top three smartphone manufacturers globally and the largest AIoT smart hardware platform [5] Financial Performance - The report provides a detailed financial forecast, estimating total revenue growth of 34% in 2025 and 35% in 2026, with net profit growth of 66% and 54% respectively [6][9] - Key financial metrics include a projected PE ratio of 35.7 for 2025, decreasing to 16.7 by 2027, indicating improving valuation over time [6][10] Product Development - The Xiaomi 17 series features three models with advanced specifications, including the Snapdragon 8 processor and significant battery capacity [5] - The introduction of high-end IoT products, such as the Xiaomi Pad 8 series and the S Pro Mini LED TV, reflects Xiaomi's strategy to enhance its product offerings [5] Automotive Segment - The automotive division is expected to grow, with the YU7 model's delivery numbers indicating strong market acceptance and the potential for further expansion through customized services [5]