Goldman Sachs: Maintains "Buy" rating on Xiaomi-W (01810) with a target price of HK$47.5.

Goldman Sachs released a research report stating that it maintains a "buy" rating on XIAOMI-W (01810) and gives a target price of 47.5 Hong Kong dollars. The bank believes that although the short-term stock price may face resistance, the risk-return remains attractive over a 12-month investment period. The bank also updated the valuation range in an optimistic scenario to reach 55 Hong Kong dollars, corresponding to an approximately 56% upside potential. Goldman Sachs predicts that the average selling price of Xiaomi's smartphones will increase by 6% and 4% year-on-year in 2026 and 2027 respectively. The bank points out that in the context of rising memory costs, increasing the average selling price of smartphones has become Xiaomi's primary operational focus in 2026. In terms of the electric vehicle business, Goldman Sachs expects the delivery volume in 2026 to be around 670,000 vehicles, higher than the company's original guidance of 550,000 vehicles, driven mainly by the SU7 facelift model, the strengthened marketing of the YU7, and the upcoming third SUV model. Despite the overall mild industry background, Xiaomi's strategy of increasing average selling prices through higher-end models is expected to support the improvement of its profit structure.