CICC: Mi Car Debuts; Human-vehicle Ecosystem Layout Creates Mobile Intelligent Space
CICC wrote in a report that $XIAOMI-W(01810.HK$ held a press conference on Mi Car's technology, releasing the Xiaomi SU7 series, which included SU7 and SU7 Max, two models of C-class sedan. Their exterior design, performance, range, safety and other details are publicised, with the broker noting that several of its core self-research technologies are industry-leading.
XIAOMI CEO Lei Jun commented at the conference that Mi Car's R&D investment has exceeded RMB10 billion, of which the total investment in the first phase of intelligent driving has been further increased to RMB4.7 billion. CICC believed that the industry-leading core technologies demonstrated at the technical conference reflect the technical strength of XIAOMI in the field of car-making, while the addition of Xiaomi HyperOS is expected to become an important point of difference for Mi Car, allowing it to create a full ecosystem of people, cars and homes, and to construct a mobile intelligent space.
CICC is optimistic about the income contribution by Mi Car after its cars enter formal mass production in 1H24, which would create a second growth curve for XIAOMI. CICC maintained its 2023 and 2024 profit forecasts on the group, as well as its target price of $19 and rating of Outperform.
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