Tianfeng Securities: Maintains "Buy" rating on Xiaomi Corporation-W with a target price of HKD 54.05

Tianfeng Securities released a research report stating that Xiaomi Corporation-W's YU7, which will be listed at the end of this month, has its ecological synergy capability verified for the first time, demonstrating Xiaomi's vehicle-home ecosystem closed loop, and is also a product that continues or surpasses the turnaround of SU7. The firm is optimistic about Xiaomi Corporation's development trend and maintains a target price of HKD 54.05 and a "Buy" rating. The firm expects that the group may accelerate upgrades in the new vehicle cycle, with total revenue projected to reach RMB 471.8 billion and RMB 679.6 billion in 2025-2026. Among them, revenue from electric vehicles and innovative businesses is expected to reach RMB 96.4 billion and RMB 250.6 billion, with adjusted net profit attributable to the parent company reaching RMB 42.9 billion and RMB 85.5 billion