Goldman Sachs: Xiaomi-W (01810) new model SU7 sells out in the first 34 minutes with 15,000 orders. Rated as "Buy".

Goldman Sachs released a research report stating that it maintains a "buy" rating on XIAOMI-W (01810) with a target price of HK$41, based on the SOTP valuation method. Xiaomi officially launched the SU7 series of new models yesterday (19th), with the standard version, Pro version, and Max version priced at 219,900 yuan, 249,900 yuan, and 303,900 yuan respectively. Despite comprehensive upgrades in power performance, chassis control, endurance, intelligent cockpit, and assisted driving, the price is only 4,000 yuan higher than the first-generation model. The new SU7 sold out within 34 minutes, with confirmed orders reaching 15,000, showing strong performance. The bank believes that due to consumers having more stable expectations for delivery times, as well as Xiaomi expanding production capacity and optimizing delivery policies, the order momentum this time will not experience the extreme initial peak as seen with the YU7 model. The cost-effectiveness and configuration of the new SU7 standard version and Pro version have significantly improved, and it is expected that the Pro version will have the opportunity to become the best-selling model after the initial sales period. The Max version provides a higher value of upgrade consumer benefits, which will help increase order contributions in the initial sales period. Looking ahead, Goldman Sachs expects Xiaomi to officially launch the YU7 GT model around the middle of 2026, with the third model (full-size extended-range electric SUV) possibly being launched at the end of the third quarter. It is expected that new or revamped models will be launched every 2 to 3 months this year, which will help maintain brand popularity and consumer interest in Xiaomi's electric vehicles. In terms of artificial intelligence, Xiaomi announced that it will invest 60 billion yuan in the AI field over the next three years, with plans to invest 16 billion yuan in 2026. With its leading multimodal AI capabilities and the rich scenario of the "people-car-home" ecosystem, it is believed that Xiaomi can seize the huge market opportunities in the global AI model industry.