Goldman Sachs: Reiterates "Buy" rating on Xiaomi Corporation-W, declares abundant "SkyNomad" catalysts
Goldman Sachs reiterated its "Buy" rating on Xiaomi Corporation, with a target price of HKD 40. Xiaomi has submitted its second smart electric vehicle, the SkyNomad series (N70/N90), positioned as a range-extended electric SUV, expected to be released at the end of August. Goldman Sachs predicts that the series will deliver 110,000 and 240,000 units in 2026 and 2027, respectively, with an optimistic scenario reaching 500,000 units in 2027. In addition, the progress of Xiaomi's AI large model MiMo is underestimated, demonstrating pricing power
According to the Zhitong Finance APP, Goldman Sachs released a research report reiterating a "Buy" rating for Xiaomi Group-W (01810) with a 12-month target price of HKD 40. The bank pointed out that Xiaomi has submitted its second smart electric vehicle series "SkyNomad" (models include N70 and N90) to the Ministry of Industry and Information Technology, positioning it as a smart, configurable, and spacious extended-range electric SUV (EREV SUV) to meet diverse usage scenarios beyond family and business, complementing the previously dynamic-driving-focused SU7/YU7.
The bank stated that this opens up a rich catalyst period in the third quarter and provides potential opportunities for a turnaround in the stock price on both narrative and financial levels. In terms of model configuration, the SkyNomad N90 is a flagship long-wheelbase 5 or 7-seater model, while the N70 is a standard wheelbase 5-seater model. Among them, the SkyNomad N90 Max also offers innovative optional configurations, such as a built-in pop-up rooftop tent. Additionally, the model is equipped with a large-capacity battery (N70 with 52/76kWh, N90 with 76kWh), with a pure electric range of 265 to 370 kilometers, the longest in its class, and is equipped with a 1.5T range extender.
Goldman Sachs expects Xiaomi to officially launch the SkyNomad by the end of August and predicts that the series could achieve delivery volumes of 110,000 and 240,000 units in 2026 and 2027, respectively; in an optimistic scenario, deliveries in 2027 could reach approximately 500,000 units. In addition to electric vehicles, the bank believes that Xiaomi's recent progress in the AI field is also underestimated by the market, with its large language model "MiMo" currently achieving a daily token operation volume of about 6 trillion to 7 trillion tokens under code and agent task guidance. With the launch of the V2.5-Pro-UltraSpeed version, Xiaomi is also beginning to demonstrate pricing power
