XIAOMI(01810) 天风证券·2025-02-27 13:35Investment Rating - The investment rating for Xiaomi Group-W (01810) is "Buy" with a target price yet to be specified [3][11]. Core Viewpoints - The upcoming Ultra launch event is seen as a significant milestone in Xiaomi's five-year journey towards high-end product offerings, marking a cross-departmental collaboration between automotive and mobile sectors [1]. - The SU7 Ultra is expected to set new benchmarks in the automotive industry, showcasing impressive specifications such as a 0-100 km/h acceleration in 1.98 seconds and a top speed of 350 km/h, indicating Xiaomi's capability to compete in the high-end automotive market [1]. - The Ultra product line is anticipated to enhance Xiaomi's research and development momentum, driving core technologies down to more accessible product tiers [2]. Summary by Sections Company Overview - Xiaomi's total share capital is approximately 25,108.13 million shares, with a total market capitalization of around 1,333,241.63 million HKD [4]. - The net asset value per share is 7.88 HKD, and the debt-to-asset ratio stands at 49.33% [4]. Financial Projections - Revenue forecasts for Xiaomi from 2024 to 2026 are projected at 353.4 billion, 439.2 billion, and 512.4 billion HKD respectively, with electric vehicle and innovative business revenues expected to reach 29 billion, 72.3 billion, and 111.6 billion HKD [2]. - The adjusted net profit for the same period is estimated at 26.1 billion, 30.7 billion, and 36.1 billion HKD [2]. Product Strategy - The Ultra concept is expected to transition from mobile devices to the entire product line, enhancing sales of volume versions as the market shifts from growth to saturation [6]. - The SU7 Ultra is projected to exceed initial order expectations, with a target of 10,000 units, driven by its luxury features and performance capabilities [6].