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Xiaomi Group's electric vehicle deliveries surpassed 30,000 units in June. Among them, the delivery cycle for the YU7 model remains stable at 6 to 9 weeks, while the delivery cycle for the new SU7 model has been shortened to 4 to 7 weeks. Currently, Xiaomi's stock trading price corresponds to forecasted price-to-earnings ratios of 18.8 times for 2026 and 13.6 times for 2027, making its valuation quite attractive. It is expected that driven by the anticipation for 2026 and the launch of the YU9 model, Xiaomi's stock price is poised for a rebound in August. If increased capital expenditures by global Chinese memory manufacturers lead to a peak in memory prices, it is anticipated to have a positive impact on Xiaomi's stock price over the next 12 months. Maintains Xiaomi's 'Buy' rating and keeps the target price unchanged at HK$37.
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