Bank of America Securities: Maintains "Buy" rating on Xiaomi Corporation-W, pricing of the Pengcheng series new cars provides support
I'm LongbridgeAI, I can summarize articles.Goldman Sachs released a research report stating that it maintains a "Buy" rating on Xiaomi Corporation (XIAOMI-W) with a target price of HKD 40. Xiaomi launched a new technology platform called "Xiaomi Kunlun Technology Architecture," as well as the group's first range-extended electric vehicle series "Pengcheng," simultaneously introducing two new models: the five-seat N70 Max and the seven-seat N90 Max. The biggest highlight of the new cars is that the Kunlun technology architecture features a flat rectangular vehicle floor design with an area of 4.4 square meters, which is extremely rare among SUVs of the same class, providing highly flexible and diverse usage scenarios. In terms of pricing, the pre-sale price of the N70 Max is RMB 259,900, which is about RMB 300,000 lower than market expectations; the pre-sale price of the N90 Max is RMB 299,900, also lower than the market expectation range of RMB 350,000 to RMB 400,000. The firm expects that the delivery volume of Xiaomi's electric vehicles will regain growth momentum in the second half of the year after the launch of the new models, supporting the group's gross margin and valuation performance. The pre-order situation and the upcoming announcement of the second-quarter results (August 18) are key factors to watch
According to the Zhitong Finance APP, Goldman Sachs released a research report maintaining a "Buy" rating on Xiaomi Corporation-W (01810) with a target price of HKD 40. Xiaomi launched a new technology platform called "Xiaomi Kunlun Technology Architecture," as well as the group's first range-extended electric vehicle series "Pengcheng," simultaneously introducing two new models: the five-seat N70 Max and the seven-seat N90 Max. The biggest highlight of the new cars is that the Kunlun technology architecture features a flat rectangular vehicle floor design with an area of 4.4 square meters, which is extremely rare among SUVs of the same class, providing highly flexible and diverse usage scenarios.
In terms of pricing, the pre-sale price of the N70 Max is RMB 259,900, which is below the market expectation of around RMB 300,000; the pre-sale price of the N90 Max is RMB 299,900, also below the market expectation of between RMB 350,000 and RMB 400,000. The firm expects that the delivery volume of Xiaomi's electric vehicles will regain growth momentum in the second half of the year after the launch of the new models, supporting the group's gross margin and valuation performance. The pre-order situation and the upcoming second-quarter performance announcement (August 18) are key factors to watch