Citi: Xiaomi (1810.HK) Quick Take: August 2026 EV Shipments Exceed 30k Units
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Citi's quick take on Xiaomi's August 2026 EV data: deliveries exceeded 30,000 units. YU7 delivery lead times across the range (Standard/Long Range/Pro/Max/GT) shortened slightly to 4–7 weeks, and the new SU7 Standard/Pro/Max held at 4–7 weeks, while SU7 Ultra deliveries extended into December. Xiaomi completed a Skynomad soft launch on July 30, and Citi expects formal N70/N90 launches within one to two weeks. Near term, the stock should trade on Skynomad expectations in the first half of September and the Xiaomi 18 launch in late September, though post-launch 3Q26 earnings expectations may weigh. Citi maintains Buy with a HKD 34.00 target price, implying 23.1% expected return from the HKD 27.62 close at 16:10 on August 31. The sum-of-the-parts valuation on 2H26–1H27E applies 18.1x earnings to core businesses (smartphones, IoT and internet services)—one standard deviation below the three-year average PE, reflecting the handset downcycle driven by rising memory prices—and 1.5x sales to the smart EV business, above peer averages on better ASP. Market cap is HKD 711,864m (about USD 90,813m). Key downside risks: sharper-than-expected smartphone competition, share gains from Huawei below expectations, higher new-store expansion costs, and multiple compression from rapid rate hikes.