Citi: XIAOMI-W (01810) September EV Deliveries Exceed 40,000 Units; Target Price HK$34

Citi issued a research report stating that XIAOMI-W (01810) announced September EV deliveries exceeding 40,000 units, and the bank maintains its "Buy" rating and target price of HK$34. The delivery lead time for the new XIAOMI YU7 GT model has been shortened to between 1 and 5 weeks, similar to the base/long-range/Pro/Max versions; the delivery lead time for the new SU7 base/Pro/Max ranges from 5 to 8 weeks, while the Ultra is only available for December delivery. The bank noted that Xiaomi officially launched the SkyNomad series on September 7, with first-month deliveries of the N70/90 exceeding 10,000 units; the delivery lead time for the N70 Pro/Max is 6 to 8 weeks, while the N90 Max exceeds 12 weeks. Cumulative deliveries from January to September exceeded 286,000 units, equivalent to 64% of the bank's 2026 forecast delivery target of 450,000 units. The bank believes that Xiaomi's share price may come under pressure ahead of the third-quarter results, which are expected to be the weakest quarter of the year, but also views this as an attractive entry point.