《大行》高盛：小米 SU7Pro/Max 提車週期縮短 提升產能持續展現出卓越執行力

Goldman Sachs' research report points out that Xiaomi Group (01810.HK) has significantly shortened the delivery cycle for the SU7 Pro and SU7 Max, reducing it from about 30 weeks a week ago and about 34 weeks a month ago to 6 to 9 weeks, while maintaining the estimated delivery cycle for the SU7 base model at about 30 weeks. In other words, consumers who order the SU7 Pro/Max are likely to receive their vehicles by the end of 2025, before the electric vehicle purchase tax takes effect in mainland China in 2026. Additionally, Xiaomi's total payment amount (GMV) during the Double Eleven promotion period reached RMB 29 billion, a 9% year-on-year decrease from RMB 31.9 billion in the same period last year.

Goldman Sachs believes that the shortening of the delivery cycle for the Xiaomi SU7 Pro/Max demonstrates its continuous and robust execution in enhancing manufacturing capabilities, confirming Goldman Sachs' previous view that the tax subsidy announced on October 24 reflects Xiaomi's confidence in improving manufacturing capacity. Goldman Sachs believes that Xiaomi's capacity expansion will achieve more official progress in the coming months, and that the potential new model release window for the SU7 is finally approaching in the next few months, which should create a favorable product cycle for the SU7 as one of Xiaomi's star electric vehicle products as it enters 2026.

Goldman Sachs maintains a "Buy" rating on Xiaomi, with a 12-month target price of HKD 56.5. Although Goldman Sachs expects the stock price may face resistance in the short term, it believes that the risk-reward ratio is attractive over a 12-month horizon, and there is a positive skew between the optimistic valuation (HKD 67.4) and the pessimistic valuation (HKD 39).

In the long term, Goldman Sachs believes that Xiaomi's robust balance sheet, strong ecosystem integration capabilities, and cost advantages arising from its scale and deep involvement in the electric vehicle supply chain will enhance its competitiveness and attractiveness in the electric vehicle sector. Moreover, Xiaomi has the ability to leverage its interconnected consumer terminals to establish one of the largest consumer-grade smart ecosystems globally