Goldman Sachs: Xiaomi's new model SU7 had a strong performance in the first 34 minutes of sales, maintaining a "buy" rating.

Goldman Sachs released a report stating that Xiaomi has officially launched the SU7 series of new facelift models, with the Standard version, Pro version, and Max version priced at 219,900 yuan, 249,900 yuan, and 303,900 yuan respectively. Despite comprehensive upgrades in power performance, chassis control, battery life, smart cabin, and assisted driving, the selling price is only 4,000 yuan higher than the first-generation model. Within 34 minutes of the new SU7 going on sale, confirmed orders had reached 15,000 units, showing strong performance. The bank believes that the cost-effectiveness and configuration of the new SU7 Standard and Pro versions have significantly improved, and the Pro version is expected to become the best-selling model after the initial sales period. The Max version offers a higher total upgrade consumer benefit, which helps to increase order contributions during the initial sales period. Looking ahead, Goldman Sachs expects Xiaomi to officially launch the YU7 GT model around mid-2026, and the third model may be launched by the end of the third quarter. There will be a new or facelift model launched every 2 to 3 months this year, which will help maintain the brand's popularity and consumer interest in Xiaomi electric cars. In terms of artificial intelligence, Xiaomi announced plans to invest 60 billion yuan in the AI field over the next three years, with 16 billion yuan planned for 2026. With its leading multi-modal AI capabilities and a rich array of scenarios in the human-vehicle-home ecosystem, it is believed that Xiaomi can seize the huge market opportunities in the global AI model industry. Goldman Sachs maintains a "buy" rating on Xiaomi, with a target price of 41 Hong Kong dollars based on the SOTP valuation method.