Citigroup: Xiaomi Group-W (01810) delivered more than 40,000 electric vehicles in September, target price of HK$34

The Zhitong Finance App learned that Citi released a research report saying that Xiaomi Group-W (01810) announced that it had delivered more than 40,000 electric vehicles in September, and that the bank maintained a “buy” rating and a target price of HK$34.

The delivery period for the new Xiaomi YU7 GT model has been shortened to between 1 to 5 weeks, which is similar to the basic/long battery life/Pro/Max version; the delivery period for the new SU7 Basic/Pro/Max is between 5 to 8 weeks, while the Ultra is only delivered in 12 months.

The bank pointed out that Xiaomi officially launched the SkyNomad series on September 7, and the N70/90 delivered more than 10,000 units in the first month; the N70 Pro/Max was delivered in 6 to 8 weeks, and the N90 Max was delivered in more than 12 weeks. More than 286,000 vehicles were delivered from January to September, equivalent to 64% of the bank's projected delivery target of 450,000 vehicles in 2026.

The bank believes that Xiaomi's stock price may be under pressure recently before the announcement of the third quarter results, which is expected to be the weakest quarter of this year, but it also sees this as an attractive time to enter the market.