小米集团- 核心利润抵御智能手机 电动车利润率波动；AI 投入打造实体 AI 领先地位；更新估值情景，维持买入

9 March 2026 | 7:23PM HKT Equity Research BUY Xiaomi Corp. (1810.HK) Backbone profit to defend against smartphone/EV margin fluctuation; AI investments to build leadership in physical AI; Refresh valuation scenarios and stay Buy 1810.HK 12m Price Target: HK$41.00 Price: HK$33.42 Upside: 22.7% Surging upstream costs in the consumer electronics and automotive sectors, alongside softening demand caused by the taper-off of national subsidies and NEV incentives, represent the two primary headwinds weighing on Xi ...