关键要点：新一代SU7和新MiMo-V2型号发布

Key takeaways of new-gen SU7 andnewMiMo-V2 modelreleases Xiaomi hosted its flagship product launch eventyesterday,debuting the new-gen SU7 EVand introducing threenewMiMo-V2models(Pro/Omni/TTS).Weview the new-gen SU7'sfeature upgradeand enhanced battery range as highlycompetitive in the premium EV segment, continuing the strong momentum fromits previousgeneration, and thelaunchofthenewMiMo-V2modelsunderscoresXiaomi'scommitment to embedding AI seamlessly across its devices,reinforcing its "Human x Car x Home" ecosystem.In addition, mgmt. reiteratedXiaomi’s AI R&D investments of over RMB60bn in next three years, and webelieveXiaomi's premiumization progress in smart EVs andstrengthenedAIecosystem willbolster itsLTmargin outlook.Overall,we adjustourearningsestimates to reflect higher AI investmentsand recent industry headwinds. Ournew SOTP-based TPisHK$47.16, implying 28.8x FY26E P/E. Reiterate BUY. Target PriceHK$47.16(Previous TPHK$50.21)Up/Downside29.8%Current PriceHK$36.32 China Technology Alex NG(852) 3900 0881alexng@cmbi.com.hk Hanqing LIlihanqing@cmbi.com.hk New-gen SU7: competitive positioning with spec upgrades; expectpremium share gains to continue.Xiaomipositioned the new-gen SU7 asa benchmark in the premium EV market(with starting price of RMB219.9k)featuring an upgraded 800V silicon carbide high-voltage platform for ultra-fast charging and extended range(up to 902 km). Equipped with next-genLiDAR and computing chips(Snapdragon8Gen-3,NVIDIA DRIVE AGXThor), the new SU7 significantly outperformsits predecessor in urban NOAcapabilities. We expect it will gain strong traction and further enhanceXiaomi's brand equity and margin mix in the EV segment. Stock Data MiMo-V2 LLM models: AI empowerment and ecosystem integration.The models are segmented into threetiers:1) MiMo-V2-Pro:Xiaomi’sflagship foundation modelfor real-world agentic workload (1T+ parameters,42B active parameters,1mn context window).2) MiMo-V2-Omni:Xiaomi’somni foundation model uniting frontier multimodal understanding (image,video, audio) withstrong agent capabilities.3) MiMo-V2-TTS:Xiaomi’slarge-scalevoice synthesis modelthattargets natural, controllable speechgeneration.Overall, we believe the introduction of the three MiMo-V2modelscan enhanceXiaomi's“Human x Car x Home” ecosystem,which ispositive to its long-term growth and earnings visibility. MaintainBUY.We trim our FY25-27E EPS by 6-13%for higher AIinvestments and near-term industry headwinds,and our newSOTP-basedTP of HK$47.16implies 28.8x FY26E P/E. Upcomingcatalysts include4Q25 results, newSU7ordersand overseas expansion. Source: FactSet Focus Charts Source:Company data, CMBIGM Source:Company data, CMBIGM Source:Company data, CMBIGM Source:Company data, CMBIGM Source:Company data, CMBIGM Source:Company data, CMBIGM Earnings Revision Valuation Maintain BUY with new SOTP-based TP of HK$47.16 We derive our TP of HK$47.16based on the SOTP methodology in order to reflect differentgrowth profiles of Xiaomi’s various businesses. We assignthesame18x/23x/25xFY26EP/E to its smartphone/AIoT/Internet businesses,as we expect industry headwinds andmarket demand softness in smartphone and EV segment.For EV business, we assignthesame2.0x FY26E P/S. In addition, we believe our implied target multiple of28.8x FY26EP/Eis justifiedgivenglobalshare gains in smartphone market, premiumization strategy,IoToverseas expansion,resilient internet business,and EV shipment momentum.Upcomingcatalysts include 4Q25 results,new product launches,and EV capacityexpansion. Source: Bloomberg, CMBIGM Source: Bloomberg, CMBIGM Disclosures& Disclaimers AnalystCertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, theanalyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in thisreport; and (4) have any financial interests in the Hong Kong listed companies covered in this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 months: Stock with potential return of +15% to-10% overnext 12 months: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM