麦格理：小米-YU7 热销如潮

Summary of Xiaomi Conference Call Company Overview - Company: Xiaomi Corporation (1810 HK) - Industry: Technology Hardware & Equipment Key Points and Arguments 1. Product Launch and Demand: Xiaomi's YU7 SUV has seen exceptional demand, with pre-orders reaching 289,000 units within the first hour of launch, significantly outperforming the SU7's 88,000 units in 24 hours [11] 2. Pricing Strategy: The YU7 is priced competitively, with the standard model starting at Rmb253,500, which is Rmb10,000-30,000 below comparable Tesla models. Additionally, Xiaomi is offering free options valued up to Rmb66,000 [11] 3. Market Positioning: The battery-electric vehicle (BEV) SUV segment in China is viewed as an accessible market for the YU7, given the significant volume gap between Tesla's Model Y and its competitors [11] 4. Product Features: The YU7 boasts a range of 835 km for the standard model, surpassing the Tesla Model Y's 593 km. It also features a quick charge capability of 620 km in 15 minutes compared to Tesla's 275 km [11] 5. Comfort and Technology Enhancements: The YU7 includes upgraded comfort features such as zero-gravity front seats, an intelligent suspension system, and advanced smart interactions with the XiaoAi assistant [11] 6. Financial Outlook: Xiaomi maintains an Outperform rating with a 12-month target price of HK$69.32, reflecting a potential total shareholder return (TSR) of 21.8% [6][5] 7. Revenue Projections: Revenue is projected to grow from Rmb365.9 billion in 2024 to Rmb742.8 billion by 2027, with a compound annual growth rate (CAGR) of 35% [7] 8. Profitability Metrics: Adjusted profit is expected to increase from Rmb27.2 billion in 2024 to Rmb77.8 billion in 2027, with an adjusted EPS growth of 40.3% in 2025 [7] 9. Market Capitalization: As of June 26, 2025, Xiaomi's market capitalization is approximately USD 188.056 billion [6] Additional Important Information - Competitive Landscape: Xiaomi's investments in core EV technologies are highlighted as key drivers for its success in the automotive sector [11] - Production and Delivery Timeline: Initial deliveries of the YU7 are expected to start in August, with a potential wait time of 20 to 30 weeks due to production ramp-up [11] - Stock Volatility: The stock is categorized with a medium volatility index, indicating a moderate risk profile for investors [6] This summary encapsulates the critical insights from the Xiaomi conference call, focusing on product performance, market strategy, financial outlook, and competitive positioning.