小米-买入评级，逆风已可控

19 November 2025 Xiaomi (1810 HK) Equity Research Report Key takeaways from analyst call. Smartphone: Xiaomi expects pressure on smartphone's profitability in the near term due to the rising memory cost; the company is prioritising ASP improvement over shipment growth, expecting the continuous premiumisation strategy to help alleviate cost pressure. By lowering our gross margin forecast for Xiaomi's 2026e smartphone from 11.8% to 10%, we factor in a 15% memory cost hike. Smart EV: Xiaomi expects to attain i ...