Citi has released a research report noting that Xiaomi Group-W (01810) reported electric vehicle deliveries exceeding 40,000 units in September, and the firm maintains its "Buy" rating with a target price of HK$34.

The delivery wait time for Xiaomi's new YU7 GT model has been shortened to between 1 and 5 weeks, similar to the base, long-range, Pro, and Max versions; the delivery period for the new SU7 base, Pro, and Max variants ranges from 5 to 8 weeks, while the Ultra is only available for December delivery.

The report pointed out that Xiaomi officially launched the SkyNomad series on September 7, with first-month deliveries of the N70 and N90 surpassing 10,000 units; the delivery wait for the N70 Pro and Max is 6 to 8 weeks, while the N90 Max exceeds 12 weeks.

Cumulative deliveries from January to September exceeded 286,000 units, equivalent to 64% of the firm's 2026 forecast delivery target of 450,000 units.

Citi believes that Xiaomi's share price may come under pressure ahead of its third-quarter results, which are expected to be the weakest quarter of the year, but views this as an attractive entry point.