Goldman Sachs has released a research report reiterating its "Buy" rating on Xiaomi Group-W (HKEX: 01810), maintaining a 12-month target price of HK$40.
The report notes that Xiaomi has submitted its second smart electric vehicle series, named "SkyNomad" (models include N70 and N90), to China's Ministry of Industry and Information Technology for approval. Positioned as a smart, configurable, and spacious extended-range electric SUV (EREV SUV), the series aims to cater to diverse usage scenarios beyond family and business needs, complementing the previously launched SU7/YU7 models which focus more on driving dynamics.
According to the firm, this initiates a period rich with catalysts in the third quarter, offering potential inflection points for the stock's narrative and financial trajectory.
In terms of model configuration, the SkyNomad N90 is the flagship long-wheelbase model with 5 or 7 seats, while the N70 is the standard-wheelbase 5-seat version. The SkyNomad N90 Max offers innovative optional features, such as a built-in pop-up roof tent.
Furthermore, the series is equipped with large-capacity batteries (52/76 kWh for the N70 and 76 kWh for the N90), achieving a pure electric range of 265 to 370 kilometers, which is reportedly the longest in its segment. The vehicles also feature a 1.5T range extender.
Goldman Sachs anticipates that Xiaomi will officially launch the SkyNomad series before the end of August, projecting deliveries for the series to reach approximately 110,000 units in 2026 and 240,000 units in 2027. Under an optimistic scenario, deliveries in 2027 could potentially reach around 500,000 units.
Beyond electric vehicles, the report suggests that Xiaomi's recent progress in the field of artificial intelligence is currently undervalued by the market. Its large language model, "MiMo," is reportedly processing approximately 6 to 7 trillion tokens daily under the guidance of code and agent tasks.
With the launch of the V2.5-Pro-UltraSpeed version, Xiaomi is also beginning to demonstrate pricing power in this domain.