The Mi 15 supports enhanced artificial intelligence (AI) capabilities and features performance/specifications comparable to the iPhone 16 Pro+, demonstrating Xiaomi’s advancement into the premium market, which could expand its market share in the 4,000 yuan to 6,000 yuan price range, the bank said.
The new SU7 Ultra electric vehicle has made a strong impression, and Xiaomi’s achievements at the Nürburgring racetrack in Germany have bolstered its standing in the high-end EV market, which not only strengthens its brand image but could also drive shipments of the SU7 Max, it said.
Citi raised Xiaomi’s adjusted earnings per share estimates for 2025 and 2026 by 11% and 16%, respectively, to 1.06 yuan and 1.2 yuan, reflecting improvements in the smartphone and EV businesses.
The target price was raised from HK$22.7 to HK$30.6, with a “buy” rating reiterated.
The bank also raised Xiaomi’s smartphone shipment forecasts for 2024–2026 to 168 million units, 176 million units, and 182 million units, respectively, with gross margins for smartphones projected at 12.5%, 12.2%, and 11.9% over the same period. EV shipment forecasts were also raised to 122,000, 250,000, and 400,000 units, with gross margins for cars projected at 18%, 19.8%, and 19.8%.