BOCOM INTL: Raised target price for XIAOMI-W (01810) to 67 Hong Kong dollars, maintains "buy" rating.

BOCOM INTL released a research report stating that they have raised the target price of XIAOMI-W (01810) to 67 Hong Kong dollars and maintained a "buy" rating. On the evening of June 26, 2025, Xiaomi held a launch event for its whole ecosystem of products, officially introducing products such as Xiaomi YU7, Xiaomi MIX Flip2, and Xiaomi AI Glasses. The bank raised Xiaomi's car sales forecast for 2025/2026 to 400,000/700,000 units. Therefore, the income forecast for 2026/2027 has been raised to 646.2/778.5 billion yuan (same below), and the adjusted earnings per share forecast for 2026 has been raised to 2.17 yuan (formerly 2.14 yuan). The bank pointed out that the luxury high-performance Xiaomi YU7 has been officially launched. The starting prices for YU7/YU7 Pro/YU7 Max are 25,350/27,990/32,990 yuan respectively. Within one hour of YU7 going on sale, over 289,000 units were reserved, exceeding market expectations. The first AI Glasses have long-term growth potential. The basic version/color-changing electrochromic version/color electrochromic version of the AI Glasses are priced at 1,999/2,699/2,999 yuan respectively. The bank believes that this pricing is slightly higher than market expectations, and the release of AI Glasses is expected to further strengthen its ecosystem of products.