Goldman Sachs: Reiterates Xiaomi Group-W (01810) “Buy” Rating Report “SkyNoMAD” Catalysts Abundant

The Zhitong Finance App learned that Goldman Sachs released a research report stating that it reaffirmed the Xiaomi Group-W (01810) “buy” rating and maintained the target price of HK$40 for 12 months. The bank pointed out that Xiaomi has declared its second smart electric vehicle series “SkyNoMad” (models include N70 and N90) to the Ministry of Industry and Information Technology. It is positioned as an intelligent, configurable, and spacious extended-range electric SUV (EREV SUV) to meet diverse usage scenarios outside of home and business, complementing the previous SU7/YU7, which focused on driving dynamics.

The bank said that this began a rich catalytic period in the third quarter and provided a potential opportunity for stock prices to reverse the process at the narrative and financial levels. In terms of model configuration, the SkyNoMAD N90 is the flagship long-wheelbase 5 or 7-seater model, and the N70 is a standard 5-seater wheelbase model. Among them, the SkyNoMad N90 Max also offers innovative optional features, such as a built-in pop-up roof tent. In addition, the model is equipped with a high-capacity battery (52/76 kWh for the N70 and 76 kWh for the N90), a pure electric range of 265 to 370 km, the longest range of any model in the same class, and is equipped with a 1.5T range extender.

Goldman Sachs expects Xiaomi to officially release SkyNoMad by the end of August, and predicts that the series will deliver 110,000 units and 240,000 units in 2026 and 2027, respectively; under an optimistic scenario, the delivery volume is expected to reach about 500,000 units in 2027. In addition to electric vehicles, the bank believes that Xiaomi's recent progress in the AI field has also been underestimated by the market. Its large language model “MiMo” currently has an average daily token operation volume of about 6 trillion to 7 trillion, guided by code and intelligent tasks. With the launch of the v2.5-Pro-UltraSpeed version, Xiaomi is also beginning to show pricing rights.