Citi: Maintains "Buy" rating on XIAOMI-W (01810) with a target price of HK$34.

Citi issued a research report maintaining a "Buy" rating on XIAOMI-W (01810) with a target price of HK$34. Citi also expects that shipment data in the coming months and third-quarter 2026 results will become the next catalysts for the stock price. The report mentioned that Xiaomi launched its latest flagship smartphones, the 18 Pro and 18 Pro Max series, on September 18, featuring the world's first batch of 2nm Snapdragon 8 Elite/Extreme chips, equipped with hardware-level privacy screens, an evolved AI multi-functional rear display, larger 7000mAh (Pro) and 8500mAh (Pro Max) batteries, as well as a dual 200-megapixel Leica camera system. The starting prices of the two phones are RMB 5,999 and RMB 6,999 respectively, priced lower than peers in the same tier, yet their specifications can match or exceed competitors, demonstrating a clear cost-performance advantage. The report noted that the Xiaomi 18 Fold achieved a 300% year-on-year increase in retail volume during its initial sales period, indicating strong momentum for its high-end foldable phone products in the market and reflecting consumer recognition of Xiaomi's brand premiumization. Citi believes that this new product launch further strengthens Xiaomi's positioning in the high-end market and its cost-performance proposition.