2024Week14人工智能AI：小米集团-W-01810.HK-Xiaomi EV SU7’s pricing and pre-order above expectations; Raise TP to HK$22.19

Xiaomi officially launched its SU 7 Series electric sedans on 28 Mar, which are priced at RMB 215.9k/245.9k/299.9k for SU7/SU7 Pro/SU7 Max models. Its competitive pricing strategy was well-received by the market, and the initial preorders of 50k/89k units in first 27min/24hr are above market expectations, mainly due to its competitive specs, self-developed autonomous driving technology (Xiaomi Pilot), and unique integrated AIoT ecosystem. In the near term, we believe investors will focus on pre-order momentum, shipment ramp-up and consumer feedback in next two months. Looking ahead, we remain positive on Xiaomi’s unique “Human-car-home” ecosystem as major differentiation from other brands. We adjusted our forecasts to factor in EV shipment of 80k/150k/200k in FY24/25/26E, and assigned SOTP-based TP of HK$22.19 (49% upside).