According to the report released by Futu Securities, Goldman Sachs believes that the recent decline in the stock price of Xiaomi Group-W (01810) provides investors with an opportunity to increase their shares. In 2024, the market-earnings ratio of the group's core business (excluding smart electric vehicles) is only 13 times, and the sales ratio of Xiaomi's smart electric vehicles is only 1 time. Based on the SOTP valuation method, Xiaomi is rated as a "buy" with a target price of HKD 23. During the 6.18 shopping festival, the total transaction volume (GMV) of Xiaomi's online and offline channels reached CNY 26.3 billion.

Goldman Sachs predicts that the revenue from Xiaomi's smart phones and Internet of Things in China will increase by 9% annually and 13% quarterly in Q2 2024. Goldman Sachs believes that Xiaomi is building a leading global comprehensive technology and Internet platform. The brand value of its "people-car-home ecosystem" system is constantly rising, and it has successfully penetrated into the field of smart electric vehicles and high-end smartphones. At the same time, under the support of Xiaomi's overseas expansion and the increase in global monthly active users (MAUs), there are structural growth opportunities in global Internet of Things/Internet revenue. This will reduce the customer acquisition cost of ecosystem products and provide better profit visibility or higher profit margins.