Goldman Sachs: Xiaomi's AI and electric vehicle expansion overseas are bright spots, rated as "Buy".

Goldman Sachs released a research report, stating that at XIAOMI-W's (01810) Investor Day held in Beijing yesterday (27th), the company outlined its strategy for dealing with the dynamic and challenging market environment in the smart phone and AIoT field in the year 2026. The bank believes that key highlights include Xiaomi's comprehensive AI strategy and clear overseas expansion path for electric vehicles. The bank set a target price of HK$41 for Xiaomi with a "Buy" rating. The report mentioned that Xiaomi attributes its unique competitive advantage to its full-stack internal capabilities and cross-layer synergy in the era of smart agents, covering infrastructure (such as device-side chips), data (EB-level proprietary ecosystem data), models (such as MiMo), development frameworks (such as miclaw and Miloco), and application ecosystem (i.e. a massive device agent ecosystem spanning "people, cars, and homes"). Management anticipates potential AI monetization pathways, including higher product pricing and subscription services for high-value scenarios, with a current conversion rate of paid users reaching 35%.