Goldman Sachs has reaffirmed its "Buy" rating on XIAOMI-W (01810), with a target price of HK$41 based on a sum-of-the-parts valuation. Xiaomi officially launched its new SU7 series models on March 19th, with prices for the Standard, Pro, and Max versions set at 219,900 yuan, 249,900 yuan, and 303,900 yuan, respectively. Despite comprehensive upgrades in powertrain performance, chassis control, driving range, smart cabin features, and assisted driving capabilities, the new models are priced only 4,000 yuan higher than the first-generation versions. The new SU7 series demonstrated strong market reception, securing 15,000 confirmed orders within just 34 minutes of sales commencement. Goldman Sachs believes that with more stable consumer delivery expectations, coupled with Xiaomi's production capacity expansion and optimized delivery policies, order momentum for this launch will be more sustained compared to the extreme initial peak seen with the YU7 model. The Standard and Pro versions of the new SU7 offer significantly enhanced value and specifications, with the Pro version expected to potentially become the best-selling model after the initial sales period. The Max version provides substantial upgrade benefits, which should help boost order contributions during the early sales phase. Looking ahead, Goldman Sachs anticipates that Xiaomi will officially launch the YU7 GT model around mid-2026, with a third model (a full-size extended-range electric SUV) potentially debuting by the end of the third quarter. The company plans to release new or updated models approximately every two to three months throughout this year, which should help maintain brand momentum and consumer interest in Xiaomi's electric vehicles. In the artificial intelligence sector, Xiaomi has announced plans to invest 60 billion yuan in AI over the next three years, with 16 billion yuan earmarked for 2026. Leveraging its leading multimodal AI capabilities and extensive agent scenarios within the "Human-Vehicle-Home" ecosystem, Xiaomi is well-positioned to capture significant opportunities in the global AI model industry.