Goldman Sachs: It is expected that Xiaomi-W (01810) will be released as planned in June or July, maintaining a "buy" rating.

Goldman Sachs released a research report stating that taking into account the macroeconomic uncertainty brought by U.S. tariffs and their impact on overseas business, Goldman Sachs has lowered its adjusted net profit forecast for XIAOMI-W (01810) non-electric vehicle business for the years 2025 to 2027 by 4% to 9%. The target price has been reduced from HK$63 to HK$59, but the "buy" rating is maintained. The second phase of the Xiaomi electric vehicle factory is ready for production and is likely to start trial production next month. Due to the recent recovery of orders for Xiaomi SU7 to a more normal level, it is expected that the production capacity of Xiaomi in the Xiaomi SU7 and YU7 series of electric vehicles will be effectively enhanced with the production of the second phase factory. The bank believes that YU7 is still expected to be officially launched as planned in June to July, with sales forecast for YU7 in the current and next two years remaining at around 85,000 and 360,000 vehicles, respectively. In addition, according to data from Canalys and IDC, global smartphone shipments in the first quarter of this year increased by 1% year-on-year. Xiaomi's global market share remained stable at 14% year-on-year, with shipments reaching 41.8 million units, of which smartphone shipments in China increased by 40% year-on-year. Goldman Sachs believes this is due to support from national subsidy programs and the continued high-end development strategy since the release of the Xiaomi 15 series in the fourth quarter of last year.