Source: Securities Times
The first Xiaomi SU7 is about to be delivered.
On April 2, Lei Jun posted on Weibo that tomorrow (April 3) will be in Yizhuang, Beijing$XIAOMI-W (01810.HK)$The automobile factory held a delivery ceremony for the first batch of Xiaomi SU7. Delivery centers in 28 cities across the country will also simultaneously begin delivery tomorrow.
On March 28, the Xiaomi SU7 was officially launched. At the press conference, Lei Jun announced that in order to thank rice fans for supporting Xiaomi cars, a special limited edition of 5,000 units was launched, which is the first version of the Xiaomi SU7. In addition to the standard version and the basic configuration of the Max version, the original version also has exclusive car logos, accessories, etc. Since it is produced ahead of time and cannot be selected, the relevant models can be delivered first.
The new Xiaomi SU7 is divided into three versions, and the price ranges from 215,900 yuan to 299,900 yuan. According to official data from Xiaomi Auto, the number of Xiaomi SU7 units reached 88,898 units in 24 hours.
According to the First Financial Report, Xiaomi recently requested suppliers to increase production capacity to 10,000 vehicles per month. Among them, high-spec models were requested to focus on increasing production capacity.
According to the original production plan, the monthly production of Xiaomi cars was over 3,000 vehicles by March of this year; by April, this figure climbed to 4,000-5,000 vehicles. Since then, the monthly production capacity has stabilized to the level of 6,000 vehicles by the end of the year. However, recent market sales of Xiaomi cars have exceeded expectations. If the previous production plan is followed, the delivery cycle of the Xiaomi SU7 can only be continuously extended.
In response, Xiaomi Auto said that the company is making every effort to increase production capacity and speed up delivery. Earlier, several agencies released research reports saying that the delivery volume of Xiaomi cars this year is expected to be between 60,000 and 80,000.
According to a research report published in Lyon, the Xiaomi Group officially released the first electric vehicle, the Xiaomi SU7, last week. It can also be linked to the Group's Internet of Things (IoT) products and intelligent voice assistant Xiaoai, etc., and is equipped with assisted driving functions. The price ranges from 215,900 to 299,900 yuan, which is lower than the original target. The bank predicts that Xiaomi can deliver 60,000 Xiaomi SU7s within this year, and is expected to deliver 300,000 units by 2026. It believes that the group can compete with new Chinese car builders, and has the potential to open up the global market and give it a purchase rating.
Influenced by the popularity of Xiaomi cars, the Hong Kong stock market of Xiaomi opened higher. At one point, it rose by about 16% to HK$17.34, then the stock price declined somewhat. As of press release, it rose 9.64% to HK$16.38.
Goldman Sachs, an international investment bank, raised the target price of the Xiaomi Group. In view of Xiaomi's sales growth and strong profit prospects, the stock's target price was raised from HK$18.9 to HK$20, maintaining the buying rating. According to the bank, the number of pre-orders for the SU7 broke through industry records, reaching 89,000 vehicles within 24 hours of launch. In addition, the balance of orders for the three versions indicates that the potential in terms of sales volume and average price is stronger than expected. Goldman Sachs raised the Xiaomi Group's revenue forecast for 2024-2026 by 2% to 6%, mainly benefiting from higher smart electric vehicle sales estimates; the focus of attention in the next two months may be the increase in production capacity. In the long run, SU7 is of greater strategic importance to the Xiaomi Group.
J.P. Morgan Chase published a report saying that the price of the Xiaomi Group's electric vehicle SU7 is attractive. Coupled with strong specifications and equipment, it is believed that the SU7 had a strong start and that the pre-sale had already received 50,000 orders in 27 minutes (in contrast, the Zeekr 007 only reached 50,000 on the 40th day). J.P. Morgan said that although Xiaomi's electric vehicle business will lose money in the first few years, investors are expected to focus their attention on the electric vehicle sales momentum to prove that its electric vehicle development strategy is becoming more and more accepted, so it maintains its holdings increase rating. The target price is HK$21.
However, Nomura lowered the target price of the Xiaomi Group to HK$17. According to a report published by Nomura, the Xiaomi Group's electric vehicle model SU7 has exceeded expectations; the company's electric vehicle market share is expected to grow rapidly; and factors such as the company's ability to integrate its ecosystem through HyperOS and become a strong competitor to Huawei, all have opportunities to respond positively to Xiaomi's stock price in the short term. However, at the same time, the electric vehicle market is facing a decline in valuation. Coupled with weak electric vehicle market sentiment, there is still uncertainty, which may have an impact on Xiaomi's business performance. As a result, Nomura lowered the target price for Xiaomi from HK$18.6 to HK$17, giving it a neutral rating.
editor/tolk