Deutsche Bank released a research report stating a "Buy" rating for XIAOMI-W (01810) with a Target Price of HKD 43. The bank expects the annual production capacity of Xiaomi Autos' Peking factory phase one to reach 300,000 units this year. Given that Xiaomi Autos is constructing the second phase of the Peking factory, the bank estimates there may be potential for an upward adjustment in Xiaomi Autos' delivery guidance for 2025 based on the upcoming supply from the second phase.

Xiaomi Autos achieved a record high delivery volume in December last year, exceeding market expectations, with deliveries of electric vehicles in December surpassing 25,000 units (compared to 23,143 units in November last year, setting a new monthly delivery record). On a weekly basis, the delivery volume of Xiaomi's electric vehicles in December last year was approximately 5,400 units, 5,800 units, 6,000 units, and 6,700 units for the first to fourth weeks. The bank estimates that Xiaomi's overall delivery volume in December last year increased by 10% month-on-month and launched a new high level of deliveries for the fourth quarter last year, resulting in Xiaomi Autos' total annual delivery of 135,000 units, consistent with the bank's estimate of 137,000 units.

Deutsche Bank stated that the delivery target for XIAOMI Autos for the entire year of this year, set at 300,000 vehicles, is relatively conservative, representing more than a doubling compared to the delivery volume of over 135,000 vehicles in 2024. The bank estimates that XIAOMI's electric vehicles will continue to face supply shortages due to a backlog of orders on hand and strong inflow of new orders each month. It is expected that the delivery volume of XIAOMI electric vehicles this year will be determined by their supply capacity rather than by demand.